June 10, 2020
Single Triple Phosphate Market Research Report 2019-2027
Single Triple Phosphate (STPP) Market: Overview
- Single triple phosphate (STPP) is a rich source of phosphorous and an important compound in the process of photosynthesis. Since the compound is water soluble, it becomes easily and rapidly available for plant uptake. Additionally, it is a low-cost source of phosphorous. STPP contains small amounts of calcium, which acts as an additional source of nutrition for plants.
- Single triple phosphate (STPP) is formed from phosphate rock and phosphoric acid. Due to high phosphorous content, it is used in horticultural blends to some extent. Efficiency of STPP is high and it has strong soil adaptability. Owing to this, STPP accelerates sprouting, rooting, fruit bearing, and ripening capacities of crop plants.
- STPP is widely used as a high-concentration, water-soluble, single-source phosphate fertilizer. STPP is primarily suitable for the soil with low phosphate content. For the maximum level of effect, STPP is applied either during or after planting and seeding. As a fertilizer, STTP is the best choice for rapidly growing, short-season crops with restricted root systems.
- In terms of application, the global single triple phosphate (STPP) market can be segmented into agricultural fertilizers, animal feed, food processing, and others
Key Drivers and Restraints of Global Single Triple Phosphate (STPP) Market
- Growth of the agro-based industry is one of the primary drivers of the global market for single triple phosphate (STPP). STTP is considered a rich source of phosphorus, which is the most widely used fertilizer nutrient after nitrogen. Demand for STTP-based fertilizers is increasing worldwide, as STTP eliminates the deficiency of phosphorous in arable lands. Thus, rapidly increasing demand for single triple phosphate (STPP) from the agriculture sector, especially in agrarian economies, is expected to fuel the global single triple phosphate (STPP) market during the forecast period.
- Demand for phosphates, particularly to develop phosphate additives, has witnessed consistent growth over the last few years. Single triple phosphate (STPP) derivatives, such as calcium dihydrogen phosphate, are used as leavening agents in the bakery industry. Rising demand for STPP derivatives in the food processing sector is anticipated to drive the global single triple phosphate market during the forecast period.
- On the other hand, availability of substitutes for STPP-based fertilizers, such as ammonium phosphate fertilizers, is expected to hamper the global single triple phosphate (STPP) market in the near future
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Global Single Triple Phosphate (STPP) Market, by Application
- Based on application, the global single triple phosphate (STPP) market can be segmented into agricultural fertilizers, animal feed, food processing, and others
- Single triple phosphate (STPP) is primarily used in the agriculture sector as a fertilizer. It helps in acceleration of sprouting, rooting, fruit bearing, and ripening capacities of crop plants.
- Single triple phosphate (STPP) derivatives are widely used in food processing, especially in the bakery industry, as leaving agents. The compound is also used in animal feeds.
Asia Pacific to be a Key Region of Global Single Triple Phosphate (STPP) Market
- In terms of region, the global single triple phosphate (STPP) market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific, followed by Latin America, is expected to dominate the global market for single triple phosphate (STPP) during the forecast period, owing to growth of the agriculture sector and increase in agricultural activities in the region.
- Growing population and increasing gross domestic product (GDP) of Brazil, Russia, India, and China are expected to augment the demand for single triple phosphate worldwide during the forecast period
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Key Manufacturers Operating in Global Single Triple Phosphate (STPP) Market
The global single triple phosphate (STPP) market was highly fragmented in 2019. Major players have prominent presence in the market in developing countries. Key manufacturers operating in the global single triple phosphate (STPP) market are:
- Coromandel International Ltd.
- OCP
- The Mosaic Company
- PhosAgro Group of Companies
- Yara International ASA
- Nutrien Ltd.
- EuroChem Group
- ICL
- Bohra Industries Ltd.