According to the report, the global dimethyl phosphate industry generated $2.2 billion in 2021, and is anticipated to generate $3.9 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.
An increase in the young population, adoption of western culture, and rise in fashion consciousness among individuals of both developed and developing economies drive the growth of the global dimethyl phosphate market. However, the lack of awareness and benefits regarding use of dimethyl phosphates, fluctuations in the prices and unavailability of raw materials restrict the market growth. Moreover, growth and expansion of the agricultural industry especially in developing economies coupled with increasing personal disposable income present new opportunities in the coming years.
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Based on type, the 98% segment held the highest market share in 2021, accounting for nearly three-fifths of the global dimethyl phosphate market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 5.9% from 2022 to 2031. Factors such as the rise in urbanization, increased focus on the agriculture sector and others are key market trends responsible for the surge in demand for dimethyl phosphate purity, 98.0% in the agriculture sector where it acts an as a good source of fertilizer that helps in increasing the crop yield.
Impact Of Covid-19 On the Dimethyl Phosphate Market:
- The outbreak of the Covid-19 pandemic had a negative impact on the global dimethyl phosphate market, owing to the disruptions in the supply chain for various chemical and industrial products.
- The COVID-19 resulted in the shutdown of various chemical manufacturing plants for a long period, especially in Europe and Asia-Pacific, owing to which, manufacturers had faced shortages in labor units, and production losses.
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Based on application, the agrochemicals segment held the highest market share in 2021, accounting for nearly half of the global dimethyl phosphate market, and is estimated to maintain its leadership status throughout the forecast period. The production rate for pesticides has increased across the globe. For instance, according to an article published by Down-to-Earth in February 2020, the global pesticide production rate is projected to reach a value of $31.6 billion by 2024, growing at a compound annual growth rate of 8.1% from 2019 to 2024. This is expected to increase the potential sales of dimethyl phosphate during the forecast period. However, the corrosion inhibitor segment is projected to manifest the highest CAGR of 6.0% from 2022 to 2031.
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The major players operating in the Dimethyl Phosphate Market:
- BLDpharm,
- Clearsynth,
- AccuStandard, Inc.,
- Merck KGaA,
- Lanxess,
- Fisher Scientific,
- Alfa Chemistry,
- Biosynth,
- Toronto Research Chemicals,
- Otto Chemie Pvt. Ltd.
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