Potassium potassium phosphite is manufactured by neutralizing phosphonic acid and an alkali salt; naturally potassium hydroxide (KOH). It is an active ingredient in magellan, vital sign, alude, vital, resyst, and other phosphonate fungicides. Potassium phosphite is used as a key ingredient in numerous phosphite fertilizer products such as K-Phite, Ele-Max Foliar Phosphite, and Nutri Phite P + K. Potassium phosphite is also known as monopotassium phosphite, potassium phosphonate, and potassium salt of phosphorous acid. It is widely used in modern agriculture as a strong fungicide. Potassium phosphite is absorbed by plants and incorporated into their cells as phosphite ions.
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Global Potassium Phosphite Market: Segmentation
The global potassium phosphite market can be segmented in terms of type, application, and region. Based on type, the market can be bifurcated into liquid and solid. Liquid potassium phosphite is extensively consumed in the agrochemical industry. Easily solvent properties of liquid potassium phosphite fuels the demand in the forthcoming years. In terms of application, the potassium phosphite market can be segregated into fungicide, fertilize, and others. The potassium phosphite is widely consumed as a fertilizer in the agriculture industry. Growth of the agriculture industry primarily in emerging economies such as India, China, Brazil, and Denmark propel the demand for fertilizers. This, in turn, propels drives the global market. The fungicide segment is expected to account for a large share of the market during the forecast period.
Global Potassium Phosphite Market: Trends & Developments
Demand for potassium phosphite has been increasing due to the rise in its consumption in various industries. Potassium phosphite is a type of high-end fertilizer. The cost value is high and there is no large-scale application. Growth of end-use industries of potassium phosphite and technological advancements in the field are factors driving the market. Agricultural production has been rising despite the decrease in arable land. Application of potassium phosphite activates defense mechanism in plants. Additionally, it is compatible with almost all types of pesticides and fungicides. However, due the ill effects to human beings in the processing and rise in preference of organic and environment friendly fertilizers are likely to inhibit the potassium phosphite market in the next few years. Potassium phosphite significantly increases crop yield. This, in turn is projected to boost the market.
Global Potassium Phosphite Market: Regional
Based on region, the global potassium phosphite market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for a major share of the the global market owing to the development of the agriculture industry. This, in turn, is propelling the demand for agrochemicals in the region. The market in North America and Europe is anticipated to expand at a significant pace during the forecast period. Key companies dominate the high-end market. As the technology level in potassium phosphite is a bit high. The market in Middle East & Africa and Latin America is projected to expand at a moderate pace in the near future due to the presence of emerging economies in these regions.
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Global Potassium Phosphite Market: Key Players
Key players operating in the global potassium phosphite market include Van Iperen, Phoenix Environmental Care, Suzhou Coonit Fine Chemical Technology Co. Ltd., Luxembourg-Pamol Inc., Plant Food Company inc., Growth Products, Australian Agricultural Chemicals, Rudong Huayun Chem, Currie Chemical, AGRI Nova, Agrowchem, Plant Food Systems, and Pacific Agriscience.