The global monoammonium phosphate market is expected to post a CAGR of more than 2% during the period 2019–2023, according to the latest market research report by Technavio.
Other than in fertilizers, monoammonium phosphate is widely used in leavening agents, electronics, flame retardants, and various other applications. The continuous research and product developments are also increasing the functionalities of monoammonium phosphate as a preservative, flavoring agent, and coloring agent in F&B. Further, it is used as a nutritional supplement and buffering agent for yeast formation, winemaking, and mead brewing. Furthermore, monoammonium phosphate is used to formulate ABC dry chemical for fire extinguishers. It reduces the intensity and spread of fire in flame retardants applications. Such diverse applications of monoammonium phosphate will propel its demand during the forecast period.
As per Technavio, the adoption of precision farming will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global monoammonium phosphate market 2019–2023 research report also analyses other significant trends and market drivers that will affect market growth over 2019–2023.
Global monoammonium phosphate market: adoption of precision farming
Precision agriculture is gaining immense popularity in the global agriculture industry. The technique involves the use of information technology systems such as smart sensors and high-precision positioning systems to increase crop productivity. The growing use of precision farming is optimising the use of monoammonium phosphate fertilizers. The techniques allow farmers to use monoammonium phosphate in precise amounts for fertilizer application, thereby reducing the overall fertilizer cost and improving the profitability of farmers. Thus, the growing adoption of precision farming in developed and developing countries will be a positive trend in the global monoammonium phosphate market during the forecast period.
“Apart from the increasing use in applications, factors such as growth in the fertilizer industry, the growing investments to increase production capacity, and the increasing preference for backward integration among vendors will drive the growth of the monoammonium phosphate market during the forecast period,” says a research analyst at Technavio.
Global monoammonium phosphate market: segmentation analysis
This market research report segments the global monoammonium phosphate market by application (fertilizers, flame retardants, food and beverages, and others) and geographic regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The market growth in APAC can be attributed to a reduction in arable land, the increasing population, rise in per capita income, and the rising demand for food grains in the region.
Read the article online at: https://www.worldfertilizer.com/nitrogen/17052019/global-monoammonium-phosphate-market-20192023/