Phosphorus Trichloride Market Burgeoning At A Cagr Of 5.20% During The Period Of 2016-2024
Global Phosphorus Trichloride Market: Snapshot
The global phosphorus trichloride market has been exhibiting a substantial rise over the last few years. The phenomenal progress in the chemical industry and the escalating global population, leading to an expanding need for food, have emerged as the main factors behind the significant growth of this market. With the increasing demand for food across the world, the usage of pesticides, insecticides, and herbicides in the agriculture industry is on a surge, specifically in emerging economies, which is likely to boost this market further in the years to come.
The opportunity in the global phosphorus trichloride market is anticipated to rise at a CAGR of 5.20% between 2016 and 2024, rising from US$1.23 bn in 2015 to US$1.92 bn by the end of 2024. Although the future of this market looks thriving, the upswing in the processing cost on the production of phosphorus trichloride, affecting its final cost, may hamper the market’s growth to some extent over the next few years.
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Pure Grade Phosphorus Segment to Retain Dominance
There are two grades of phosphorus trichloride available in the global market: Pure grade and analytical reagent. With a share of nearly 94%, the pure grade phosphorus segment led the global phosphorus trichloride market in 2015. Analysts predict the scenario to remain same over the next few years, owing to the widespread usage of pure grade phosphorus in the production of agrochemicals, phosphorus oxychloride, and plasticizers. The demand for analytical reagent, however, is expected to rise at a faster pace than pure grade phosphorus in the near future.
Phosphorus oxychloride, chemical intermediates, agrochemicals, plasticizers, pharmaceuticals, oil additives, and surfactants are the key application areas of phosphorus trichloride. Among these, agrochemicals segment has been registering a higher demand for phosphorus trichloride. With it being an important component in the production of pesticides, herbicides, and insecticides, the trend is likely to remain so in the years to come. Apart from agrochemicals, the demand for phosphorus trichloride is anticipated to witness a substantial rise in the pharmaceuticals segment over the next few years.
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Asia Pacific to Continue Dominating Global Phosphorus Trichloride Market
The global phosphorus trichloride market reports its presence across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific dominated this market in 2015 with a share of more than 44% and is expected to maintain its dominance over the forthcoming years, thanks to the significant expansion in the key end-use industries, such as the agrochemicals and the pharmaceuticals sectors. The rising consumption of phosphorus trichloride in China is also projected to support the Asia Pacific market in the near future.
North America, which stood second in the global market for phosphorus trichloride in 2015, is predicted to retain its position in the years to come. The U.S. and Canada are likely to surface as the key contributors to this regional market over the next few years. Amongst others, Germany and France is projected to drive the Europe market for phosphorus trichloride and the Latin American market is anticipated to be led by Brazil.
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