Rising fertilizer consumption in order to improve soil fertility is expected to augment DAP demand over the forecast period. Fertilizer production is the foremost application and accounts for more than two-thirds of the DAP consumption, whereas other applications including water treatment chemicals, food additives, pesticides, livestock feed supplements and detergents account for the remaining market share. Decreasing arable land coupled with the ever growing demand for food has resulted in rising need for good quality soil to increase crop yield. In addition, rising demand of firefighting products and growth in wine industry are anticipated to be key factors driving market growth. However, rising awareness concerning use of bio-based eco-friendly fertilizers, fluctuating raw material prices and access to natural gas & phosphate rock are expected to fuel fertilizer production and in turn drive DAP market growth over the forecast period.
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Asia Pacific is expected witness growth in demand of fertilizers on account of growing agriculture sector in India & China. North America and Latin America are expected witness tremendous growth over the forecast period owing to development of the agricultural and its associated sectors coupled with growing food requirements. Significant investment for over 220 projects within the next five years is anticipated to reduce fertilizer demand supply-demand gap in emerging economies. North America and Europe are expected to limit the use of DAP owing to rising environmental concerns. In addition, development of eco-friendly substitutes is expected to hinder DAP market growth. Africa is also expected to witness high demand for fertilizers due to presence of large agricultural and cultivable land in the region.
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