Diammonium Phosphate (DAP) Market Size Set Grows at Steady CAGR of 4.09%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global diammonium phosphate (DAP) market size at USD 43.1 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global diammonium phosphate (DAP) market size to grow at a CAGR of 4.09% reaching a value of USD 54.8 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global diammonium phosphate (DAP) market size at USD 43.1 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global diammonium phosphate (DAP) market size to grow at a CAGR of 4.09% reaching a value of USD 54.8 billion by 2029. Major growth drivers for the global Diammonium Phosphate (DAP) market include the rising income levels, evolving weather patterns and soil conditions, heightened fertilizer use due to shrinking arable land, and the necessity for increased agricultural production to support a growing global population. Also, increased demand for firefighting products, driven by various policies aimed at environmental, health, and safety preservation in commercial, industrial, and residential settings, is contributing to market expansion. The agricultural sector is experiencing a surge in diammonium phosphate demand, with manufacturers favoring synthetic agents over biological ones in the food and agriculture industries to attain economic efficiency. Another driving force is the growing investments in food and agriculture endeavors in developing nations are expected to further propel the diammonium phosphate market's growth. However, price volatility is anticipated to restrain the overall market growth during the forecast period.
Global Diammonium Phosphate (DAP) Market – Overview
The global Diammonium Phosphate (DAP) market refers to the worldwide industry and market space related to Diammonium Phosphate, a compound with the chemical formula (NH4)2HPO4. DAP is a type of fertilizer that contains both nitrogen and phosphorous, making it essential for plant growth and agriculture. This market encompasses the production, distribution, and trade of DAP products used primarily in the agricultural sector to enhance crop yields and promote plant health. The demand for DAP is driven by the need to improve agricultural productivity and feed the growing global population. Factors such as changing farming practices, food security concerns, and environmental sustainability also influence the dynamics of the global DAP market.
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Impact of COVID-19 on Global Diammonium Phosphate (DAP) Market
COVID-19 pandemic had mixed impact on the global diammonium phosphate (DAP) market. Initially, disruptions in the supply chain, labor shortages, and logistical challenges hindered the production and distribution of DAP fertilizers, causing temporary shortages and price fluctuations. Lockdowns and economic uncertainties led to reduced purchasing power among farmers, affecting fertilizer demand. However, as agriculture was deemed an essential sector, DAP usage rebounded in the mid-term, driven by the need to maintain food production. Long-term implications include an increased focus on food security and sustainable agriculture practices, potentially reshaping DAP market dynamics and driving innovations in production and distribution to enhance resilience in the face of future disruptions.
Global Diammonium Phosphate (DAP) Market – By Application
Based on application, the global diammonium phosphate (DAP) market is bifurcated into Fire Retardant and Food Fertilizers segments. The food fertilizers segment holds a higher share in the global DAP market by application during the forecast period. Diammonium hydrogen phosphate, an inorganic phosphate and ammonium salt of phosphoric acid, dissolves in water and is synthesized through the chemical reaction between ammonia and phosphoric acid. Widely employed in agriculture to enhance soil pH levels, its demand is rising, energizing the diammonium phosphate market. However, prolonged use leads to soil acidification due to ammonium nitrification. Also, escalating demand stems from diminishing arable land and the imperative for high-quality crop yields to sustain the growing populace.
Competitive Landscape
Major players operating in the global diammonium phosphate (DAP) market include Wuhan Waking Lion Chemicals, OCP Group, RPC, Wengfu Chemical, Mississippi Phosphates, Lanjian Chemical, Nutrien, Innophos, PhosAgro, Mosaic, Lifosa, and SinoFert. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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