Phosphorus Pentachloride is Estimated to Witness High Growth Owing to Increasing Demand in Agriculture Industry
Phosphorus pentachloride is an inorganic compound used as a starting material in the manufacturing of pesticides, flame retardants, and pharmaceuticals. It has yellow or amber oily liquid form which reacts violently with water.
The global phosphorus pentachloride market is estimated to be valued at US$ 546.63 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for phosphorus pentachloride from agriculture industry is one of the major driver for the growth of Global Phosphorus Pentachloride Market Size over the forecast period. Phosphorus pentachloride is a key raw material in production of agrochemicals like herbicides, insecticides and fungicides. The growth in population has increased agricultural production which inturn fueled the demand for agrochemicals and their raw materials like phosphorus pentachloride. According to Food and Agriculture Organization, the population is expected to reach around 9.7 billion by 2050 which will require huge food production and hence boost the demand for agrochemicals. The growing agricultural production to cater rising population will propel the growth of phosphorus pentachloride market during the forecast period.
SWOT Analysis
Strength: The phosphorus pentachloride market is expected to grow at a CAGR of 12% during the forecast period. Phosphorus pentachloride has a wide range of applications in agricultural chemicals and pharmaceuticals. It is used as a catalyst during the production of several industrial chemicals.
Weakness: Regulations regarding the usage of phosphorus pentachloride are becoming stricter due to its hazardous nature. The manufacturing process of phosphorus pentachloride can release toxic gases which needs specialized equipment for safe handling.
Opportunity: Growing demand for flame retardants from the construction and automotive industries will drive the growth of the phosphorus pentachloride market. It is also used in the production of the P4O10 during the manufacturing of semiconductors and integrated circuits.
Threats: Availability of substitute products and volatility in raw material prices can hamper the growth of the phosphorus pentachloride market. Environmental concerns regarding the disposal of phosphorus pentachloride may lead to additional compliance costs.
Key Takeaways
The global phosphorus pentachloride market is expected to witness high growth over the forecast period owing to increasing demand from industrial applications. The market size was valued at US$ 546.63 Bn in 2024 and is projected to reach over US$ 1 trillion by 2031, expanding at a CAGR of 12%.
The Asia Pacific region currently dominates the global phosphorus pentachloride market with a share of over 35% in 2024. Countries like China, India, and Japan are the major consumers as well as producers of phosphorus pentachloride. Growing manufacturing industry and increasing agricultural production in these countries is favoring the market growth. North America and Europe are other prominent regions for phosphorus pentachloride due to the large industrial base. Stimulus packages to boost the economy post COVID-19 are likely to drive the demand.
Key players operating in the phosphorus pentachloride market are Siemens Healthineers AG, Medline Industries, Inc., Owens Corning, Stericycle, Inc., Philips Healthcare, Trane Technologies plc, Johnson Controls International plc, Hitachi, Ltd., Honeywell International Inc., Schneider Electric SE. These players are focusing on capacity expansion and partnerships to gain a competitive advantage in the market.
Get More Insights On This Topic: https://www.newsanalyticspro.com/phosphorus-pentachloride-market-analysis-growth-forecast-outlook-2023-2030/
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