Phosphine Fumigation Market Anticipated to Reach USD 988.4 Million by 2028

Market Summary:

The Phosphine Fumigation Market is expected to reach USD 988.4 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.1% from 2022 to 2028, owing to the growing insect population because of climatic changes, phasing out of methyl bromide fumigants and increasing awareness towards the usage of fumigation technology is anticipated to witness the growth of Phosphine Fumigation Market over the projected years.

Type Segment Outlook:

On the basis of type segment, the Phosphine Fumigation Market has been categorized into calcium phosphide, magnesium phosphide, aluminum phosphide, and others. The aluminum phosphide segment holds the maximum share of the Phosphine Fumigation Market in 2021. This surge is due to the increasing use of aluminum phosphide fumigant over methyl bromide fumigant and it is less costly than methyl bromide. In addition, increasing demand for the agrochemical industry also increases the demand for the Phosphine Fumigation Market in the coming years.

Application Segment Outlook:

On the basis of the application segment, the Phosphine Fumigation Market has been categorized into raw agricultural commodities, stored processed food, warehouse, and others. The warehouse segment is the fastest-growing segment than another segment. The warehouse is highly influenced by insect infestations because it is majorly used to store processed foods or food grains. And this is the key reason for driving the growth of the Phosphine Fumigation Market in the years to come.

Regional Outlook:

North America projected to hold the largest share in the Phosphine Fumigation Market in 2021. Factors such as increasing advancement in storage technologies and high development in the production of grains and cereal are responsible for propelling the growth of the Phosphine Fumigation Market in this region.

Competitive Landscape:

The major players involved in the development of Phosphine Fumigation Market are Syensqo, Nufarm, UPL, Sumitomo Chemical, Degesch America Inc, Nippon Chemical Industrial Co. Ltd. (NCI), National Fumigants Pty Ltd, Intech Organics Limited, Ecotec Fumigation, Douglas Products.

Market Summary:

Phosphine Fumigation technology is used to reduce pests such as moths, beetles, weevils, mites from processed and raw materials. In addition, fumigation pest control has lots of potential to act on all insects and it can pierce each and every corner of the area that needs to be fumigated. Therefore, it is responsible for augmenting the high growth of the Phosphine Fumigation Market in past few years. Furthermore, various advancement in the usage methodology of fumigation technology is bolstering the growth of the Phosphine Fumigation Market in upcoming years. On the other side, stringent regulations imposed in various countries are hindering the growth of the Phosphine Fumigation Market. Whereas, increasing agrochemical industry is expected to provide various growth opportunities in the development of the Phosphine Fumigation Market in the coming years.

COVID Impact Analysis

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the sand control solutions market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.

Recent Developments:

May 2021: UPL Ltd. announced to sign a license agreement with Meiji Seika Pharma Co., Ltd., a Japanese company, in Southeast Asia for exclusive access to Flupyrimin for rice.

March 2021: UPL Ltd. announced a long-term strategic partnership with FMC Corporation. This agreement allows UPL to commercialize Rynaxypyr active, FMC’s leading insecticide, in key markets before the patent expires.