Future Market Insights (FMI) has projected the ammonium thiosulfate market to expand at a robust CAGR of 6.8% through 2031. Driven by rising demand from diverse end-use industries such as agriculture and agrochemical industries, the market will reach US$ 367,590.1 Thousand by 2031-end.
The global ammonium thiosulfate market will exhibit a year-on-year (YoY) growth of 5.4% in 2021. Regionally, North America is expected to dominate the global market, accounting for over 68.8% of market share in 2031.
Ammonium thiosulfate has witnessed a considerable increase in demand from diverse end use industries such as agrochemicals, pharmaceuticals, water treatment, agriculture and mining sector among others.
Owing to the growing demand for crop production across the globe, demand for nitrogen & phosphate based fertilizers is anticipated to increase in the coming years. Rising need for more nutrients in the soil, adoption of ammonium thiosulfate will increase.
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As ammonium thiosulfate fertilizers provides certain vital elements for the plant and crops growth, adoption within agriculture sector will increase, spurring sales. Moreover, decreasing land area worldwide due to growing urbanization and industrialization will also fuel demand for ammonium thiosulfate.
The market for ammonium thiosulfate witnessed moderate growth during FQ-20, due to the sudden outbreak of Covid-19. Decrease in demand within the industrial sector resulted in slight decline of sales.
However, the market is expected to witness positive growth outlook backed by the increasing demand for ammonium thiosulfate from the agriculture sector. According to Future Market Insights, the global ammonium thiosulfate market is anticipated to grow at a healthy CAGR of 6.6% during the forecast period of 2021 and 2031.
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Key Takeaways from Ammonium Thiosulfate Market Study
- In terms of end use, photochemical and water treatment are expected to witness high growth during the forecast period.
- The global ammonium thiosulfate market is anticipated to reach a value of US$ 367.5 million by the end of the forecast period.
- Industrial grade will be the preferred grade type among end-users, accounting for lion’s share in the global market
- Powder form is expected to remain the key form type of owing to substantial demand of the inorganic compound for various other industries including mining and treatment of industrial wastewater.
- The U.S. is projected to remain the lucrative market owing to the presence of key producers and steady expansion of agriculture industry in the region.
“Prominent manufacturers of ammonium thiosulfate are specifically emphasizing on capacity expansions and agreements with the sole purpose to cater demand and gain more regional presence, especially in India and the U.S.,” said a lead analyst at FMI.
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Ammonium Thiosulfate Market: Participant Insights
Key market participants in the global ammonium thiosulfate market are Tessenderlo Kerley, Inc., Koch Nitrogen International Sarl, Kugler Co., Martin Midstream Partners, TIB Chemicals AG, Esseco Srl, PCI Nitrogen, Shakti Chemicals.
Key players are focusing on strategic expansions by expanding production capacity, in emerging economies by setting up of new production units, collaborations and mergers and acquisitions of other market participants to provide to increase their market presence.
They are further focusing on strengthening of their product portfolio and developing stronger distribution network.
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