Seoul, South Korea, July 22, 2022 (GLOBE NEWSWIRE) -- The global ammonium sulfate market is forecast to expand at a 3.6% value CAGR from 2022-2032, reaching a valuation of US$ 4.9 Billion, concludes a recently concluded Fact.MR study. According to the report, the industry is poised to be valued at US$ 3.43 Billion by the end of 2022. Extensive applications in fertilizer and agrochemical manufacturing are expected to open opportunistic doors in the forthcoming decade.
From 2015 to 2021, sales of ammonium sulfate rose at a CAGR of 3.8%, closing in at a valuation of US$ 3.31 Billion. Ammonium sulfate is mainly produced as a by-product of caprolactam and coke oven processes. Caprolactam is widely used for the manufacturing of nylon fibers. Nylon fibers have a wide range of applications including textiles, carpets, industrial yarn, and fishing lines and nets.
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Increasing customer traction from agriculture intensive economies coupled with favorable statutory regulations regarding use of alternative nitrate fertilizers are central drivers of ammonium sulfate adoption. Asian regions will play a vital role as developing countries in these regions witness increasing demand for agricultural products that employ ammonium sulfate as key fertilizers.
What is the Growth Outlook for Ammonium Sulfate in the Asia Pacific?
Asia Pacific region dominated the ammonium sulphate market by holding 34.8% of the share of the global market and is anticipated to continue its dominance during the forecast period. Increasing demand for agricultural yield and food crops due to the increasing population in China, India, Bangladesh, Indonesia, Pakistan, and Japan is expected to boost the demand for fertilizers and agrochemicals, further supporting regional growth. Additionally, the presence of an ample number of manufacturers in the region is likely to foster growth rate.
Constant innovations in the field are expected to create significant growth opportunities, accounting for more than a quarter of the total market value. This region's developing economies are experiencing a rapid increase in food consumption, which is causing an increase in agricultural production and a need for more ammonium sulfate.
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Key Segments Covered in the Ammonium Sulfate Industry Survey
- By Form
- Solid
- Liquid
- Solid
- By Application
- Fertilizers
- Pharmaceuticals
- Food & Feed Additives
- Water Treatment
- Others
- Fertilizers
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
- North America
Competitive Landscape
The ammonium sulfate market is highly competitive, with major international brands focusing on long-term relationships with end-users. With the expansion of water treatment operations and the expansion of the pharmaceutical sector, competition is expected to increase in the coming years.
- In 2019, Arkema has completed its acquisition of Arrmaz, a producer of specialty surfactants for crop nutrition, infrastructure, and the mining industry. This acquisition is another step forward in Arkema's journey toward specialty chemicals, and it is expected to strengthen the company's product profile.
- In April 2019, the four leading producers, namely BASF, Domo Chemicals, Lanxess, and Fibrant, joined forces to form Ammonium Sulfate Producers Europe (ASPE) under the guidance of the European Chemical Industry Council (Cefic) to promote the benefits of their products.
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Key players in the Ammonium Sulfate Market
- BASF SE
- Evonik Industries
- Nouryon
- Akamai
- OCI Nitrogen
- SABIC
- Lanxess Corporation
- Novus International
- Sumitomo Chemical
- Honeywell International
- Royal DSM
Key Takeaways from Ammonium Sulfate Market Study
- By form, solid ammonium sulfate is expected to yield over 90% revenue in 2022
- 7 out of 10 ammonium sulfate product sales to occur in the fertilizer manufacturing industry
- Asia Pacific to emerge as the most lucrative ammonium sulfate manufacturing hub, accumulating 34.8% revenue
- Europe to be the 2nd most opportunistic market, flourishing at a CAGR of 4% until 2032
- Global ammonium sulfate market to expand 1.3x from 2022 to 2032
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