Global Single Superphosphate (SSP) Market 2019-2023
About this market
Single Superphosphate (SSP) is one of the type of phosphate fertilizers. It is one of the conventionally used chemicals in fertilizers. It is preferred to other fertilizers owing to their low price and easy availability. Less stringent regulatory mandates on SSP can increase the use of SSP based fertilizers during the forecast period. Technavio’ s analysts have predicted that the single superphosphate (SSP) market will register a CAGR of nearly 3% by 2023.
Growing demand for SSP in China
China is the largest producer and consumer of SSP in the world. SSP is used as fertilizers which is used in agriculture, horticulture and pasture. The increasing demand for fruits in China will drive the demand for SSP as fertilizers during the forecast period.
Alternatives to SSP fertilizers
Alternatives to SSP fertilizer pose a major challenge to the growth of the market. The agriculture industry uses substitutes like triple superphosphate, sulphur based fertilizers and NPK fertilizers in large volumes which impede the market growth.
For the detailed list of factors that will drive and challenge the growth of the single superphosphate (SSP) market during the 2019-2023, view our report.
The market appears to be fairly concentrated and with the presence of few companies including Coromandel International Limited and GNFC the competitive environment is quite intense. Factors such as the growing demand for SSP in China will provide considerable growth opportunities to single superphosphate (SSP) manufactures. Coromandel International Limited, GNFC, ICL, Jubilant Industries Ltd, and The Mosaic Company are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Single Superphosphate (SSP) Market 2019-2023
Technavio recognizes the following companies as the key players in the global single superphosphate (SSP) market: Coromandel International Limited, GNFC, ICL, Jubilant Industries Ltd, and The Mosaic Company.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the reduction in arable lands.”
According to the report, one of the major drivers for this market is the growing demand for SSP in China.
Further, the report states that one of the major factors hindering the alternatives to SSP fertilizers.
Coromandel International Limited
Jubilant Industries Ltd
The Mosaic Company
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