Single Superphosphate (SSP) Market Analysis
Single superphosphate (SSP) was the first commercial mineral fertilizer, and it led to the development of the modern plant nutrient industry. SSP is composed of two compounds: monocalcium phosphate (MCP) or calcium dihydrogen phosphate and gypsum. It is an important fertilizer product, which has P2O5 concentration between 15% and 22%. It has high water-soluble chemical, which is enriched with nutrients such as sulfur (10%–12% sulfur in the form of sulfate) and calcium. SSP helps in treating lack of sulfur shortage of soil and enhances crop yield at a cost-effective way. It is generally applied and used before propagating of crops to ensure enough supply of phosphorus at the early stage of plant growth.
COVID-19 scenario analysis:
- The global market for single superphosphate is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic led to a decline in the economic growth in almost all major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of single superphosphate, which negatively impact the market growth.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Single superphosphate contains micronutrients, for example, Zinc, Manganese, Copper, Boron, and Molybdenum. SSP is lower in cost than different composts. This makes it one of the most favored composts among small and minor farmers. Owing to its lower cost, SSP is relied upon to observe demand in the following years. Rapidly developing population in economies has activated food demand and subsequently there is a need to improve harvest yield or creation. The patterns will drive SSP demand as it is viewed as better option due to it enriches in nutrients. SSP can be combined with all other fertilizer products, except urea and diammonium phosphate (DAP). It’s storage duration is longer than other fertilizers. SSP faces stiff competition; as the alternatives present with rise in use of high-analysis Potassium fertilizers including ammonium phosphates and diammonium phosphate (DAP), owing to high potassium and nitrogen concentration. This hampers the global single superphosphate market in the next few years. In addition, SSP is replaced with other fertilizers, owing to its lower phosphorus components than other fertilizers.
New product launches to flourish the market
CoromandelNSE International, India’s second largest phosphatic fertiliser player with interests in fertilisers, crop protection, organic fertilisers, has signed a term sheet to acquire the Bio-Pesticides business from E.I.D. Parry together with its wholly owned subsidiary Parry America, Inc, USA through a slump sale. The transaction was a part of the strategic plan of the company to expand its Crop Protection business. The motive is that need for natural/microbial pest control solutions have been gaining traction. Through this acquisition coromandel is strengthening its position in the market.
Surge in usage in agricultural applications
SSP is broadly applicable in the agribusiness to promote root arrangement. It is additionally utilized when plants are starting to bear natural fruit, as it gives supplements to support the fruits production. Besides, it is broadly applied to support field production as it is enriched in phosphorus and sulfur content. With rise in need to improve the harvest yield to meet the consistently expanding food demand in the nations. With more urbanization, need for agricultural and food demand is also rising which boost the Single Superphosphate (SSP) market.
Key benefits of the report:
- This study presents the analytical depiction of the global single superphosphate market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global single superphosphate market.
- The current market is quantitatively analysed to highlight the global Single Superphosphate (SSP) market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global single superphosphate market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the single superphosphate market research report:
- Which are the leading market players active in the single superphosphate market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the single superphosphate market?
- What are the projections for the future that would help in taking further strategic steps?
Single Superphosphate (SSP) Market Report Highlights