Triple Superphosphate Market to Partake Significant Development by 2020
|PRIYANKA THAKARE||07-11-2019||comment profile send pm notify|
Triple superphosphate is a rich source of phosphorous. It is an important compound for the process of photosynthesis. It is water soluble hence it becomes rapidly available for plant uptake. Triple superphosphate is a low cost source of phosphorous. Additionally, it is used in horticultural blends with high phosphorous content. Triple superphosphate has minor quantity of calcium present in it which is an additional source of nutrition to the plants. Triple superphosphate is formed from phosphate rock and phosphoric acid. It finds some usage as a leavening agent in the food industry.
Triple superphosphate can be used as a top dressing, base fertilizer and seeding fertilizer. It is weakly acidic and quick acting phosphate fertilizer. It finds widespread use as a high concentration water soluble, single source phosphate fertilizer. The efficiency of triple phosphate is high and it has strong soil adaptability. The use of triple phosphate accelerates the sprouting, rooting, fruit bearing and ripening capacity of the crop plants. For maximum effect, triple superphosphate is applied either during or after planting and seeding. Diammonium phosphate is a widely used phosphate fertilizer; however it is expensive. The low prices of triple superphosphate are anticipated to increase its market manifold within the coming years. Triple superphosphate is internationally traded as it is produced in very few countries in Lain America and Asia Pacific regions. Triple superphosphate is the fertilizer of choice for fast growing, short season crops with restricted root systems. Prior to the use of triple superphosphate extensive soil testing is carried out, in order to find the level of phosphate in the soil.
The growing agro based industry is one of the primary driver for the market of triple superphosphate. The agrarian economies of South and Central America, China and India are the main markets for triple superphosphate. Triple superphosphate is used in these countries to meet the deficiency of phosphorous in the arable lands here. Furthermore, the growing food industry is an important driver for the market of triple superphosphate. Its derivatives such as calcium dihydrogen phosphate are used as leavening agents in the bakery industry; it causes the baked products to rise, on reaction with an alkali ingredient. Triple superphosphate is gradually losing its market share to ammonium phosphate fertilizers, which is expected to impede the market of triple superphosphate in the coming years. The growing population and GDP of BRICS nations is expected to augment the demand for triple superphosphate and open new areas of opportunity for this market within the forecast period.
The developing nations such as South and Central America, China and India are the largest producers and exporters of triple superphosphate. The production of triple superphosphate has shown a slump in Western Europe, the U.S and South East Asia in the past few years. The agrarian economies of China, India, Pakistan, Brazil, Argentina and Bangladesh among others are major consumers of triple superphosphate. Countries such as U.S and Europe import triple superphosphate and other phosphate fertilizers from China, India and Brazil.
The triple superphosphate market is highly consolidated with major fertilizer companies dominating the market. Some of the key players in this market are Coromandel International Ltd. (India), CF Industries Holdings Inc. (U.S.), OCP (Morocco), Mosaic(U.S.), Phosagro (Russia), Yara International ASA (Norway), Potash Corporation of Saskatchewan (Canada), Agrium Inc., (Canada), Eurochem (Russia) and ICL (Israel) among others.