Sodium Diethyl Dithiophosphate Market - Forecast(2023 - 2028)

Sodium Diethyl Dithiophosphate Market size is forecast to reach US$ 1.5 billion by 2026, after growing at a CAGR of 3.5% during 2021-2026. Along with other thiophosphates like sodium monothiophosphate and sodium trithiophosphate, sodium diethyl dithiophosphate is supplied as a hydrated solid or aqueous solution. Globally, the rising use of sodium diethyl dithiophosphate salt as a flotation agent in molybdenite mineral concentration from ores that is formed by the reaction of phosphorus pentasulfide to sodium hydroxide is estimated to drive the market growth. Increasing usage of sodium diethyl dithiophosphate as raw materials in the products and end use industries is anticipated to surge the growth of the sodium diethyl dithiophosphate industry over the forecast period. Moreover, with the rising consumption of fertilizers or agrochemicals in various regions sodium diethyl dithiophosphate market will boost in the projected time frame.

The COVID-19 pandemic and its disruption to several manufacturing activities declined the growth of the sodium diethyl dithiophosphate market in the year 2020. The agrochemical business has been greatly impacted by the outbreak of COVID-19 in several parts of the world since the pandemic began. During the initial lockdown, shipments were hampered by a labor shortage and the closure of a few fertilizer units in the integrated chemical complexes. Also, the production of metal, cosmetics, and dye declined due to the shortage of raw materials such as sodium diethyl dithiophosphate. Thus, the market for sodium diethyl dithiophosphate faced huge challenges in the year 2020 due to the above mentioned factors.

The reports: “Sodium Diethyl Dithiophosphate Market Report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the sodium diethyl dithiophosphate market.

By Application: Agrochemicals (Pesticides, Herbicides, and Others), Metal Production, Chemical Manufacturing, Cosmetics, Pharmaceutical, Dye Production, and Others

By Geography: North America (U.S., Canada, and Mexico), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Asia Pacific (China, Japan, India, South Korea, ANZ, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), Europe (U.K., Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), and RoW (Middle East and Africa)

Agrochemicals sector held the largest share in the sodium diethyl dithiophosphate market in 2020 and is projected to grow at a CAGR of 3% during 2021-2026. In the agrochemicals or fertilizer industry sodium diethyl dithiophosphate is increasingly being used. Sodium diethyl dithiophosphate substances are used in agrochemicals such as pesticides, insecticides, and others, for preventing, destroying or mitigating pests. The increasing production of fertilizers is thus anticipated to drive the growth of the sodium diethyl dithiophosphate. For instance, according to the Ministry of Chemicals and Fertilizers (Department of Fertilizer), the actual demand and production of P&K Fertilizers were 23.2 million MT (232.88 lakh MT) and 17.4 million MT (174.85 lakh MT) in the year 2018-2019, respectively. P&K Fertilizer consumption and production increased by 0.2 million MT (2.02 lakh MT) and 0.1 million MT (1.47 lakh MT), respectively. Thus, with the rising growth of the agrochemical and fertilizer sector the market for sodium diethyl dithiophosphate is predicted to rise in the projected period.

The Asia Pacific region held the largest share of more than 39% in the sodium diethyl dithiophosphate market in 2020. The demand for sodium diethyl dithiophosphate is dominated by the Asia-Pacific region due to the rising agrochemical, metal, and cosmetic production. For instance, according to the International Trade Administration, the total production of cosmetics products in Mexico was found to be US$ 7.15 billion in 2019 which was US$ 6.9 billion in 2017. Also, the increasing government investments in the agrochemical, chemical, and other end-use sectors in countries such as China, India, Japan, and South Korea, is projected to drive the market for sodium diethyl dithiophosphate to grow. Thus, the rising demand for sodium diethyl dithiophosphate as raw materials in the various end-use industries will raise the demand for the market in the forecast period.

Increasing usage of sodium diethyl dithiophosphate for the production of metals such as silicon, titanium, tantalum, and others, have raised the growth of the market. Also, in the metal industry, sodium diethyl dithiophosphate is often employed as a flotation agent for molybdenite mineral concentration. This substance is employed in the flotation processing of complicated metals and metal ores because it is commercially and technologically vital. When additional sulphides are present, sodium diethyl dithiophosphate demonstrates higher flotation rates and selectivity for galena and other precious metals. In the recent years, the rising production of metals such as titanium and tantalum has raised the demand for sodium diethyl dithiophosphate. For instance, according to United States Geological Survey (USGS) in 2019 the export values of titanium was found to be 1,000 MT, up by 500 MT in 2018. Similarly, the export values of tantalum was 681 MT in 2018 as compared to 549 MT in 2017. With the rising export of metals such as titanium and tantalum, the production has also inclined in recent years. Hence, the rising demand for sodium diethyl dithiophosphate in the metal industry is estimated to drive the growth of the industry over the forecast period. 

Sodium diethyl dithiophosphate produces severe skin burns, is toxic if swallowed, causes substantial eye damage, and is harmful if inhaled, according to the categorization submitted by firms to European Chemical Agency (ECHA) in REACH registrations. Accidental intake of sodium diethyl dithiophosphate can cause toxic effects; animal investigations show that ingestion of less than 40 grams can be lethal or cause major harm to the individual's health. Furthermore, long-term exposure to respiratory irritants can cause airway illness, which can cause difficulty breathing and other systemic issues. Repeated or long-term occupational exposure can have cumulative health consequences on organs or biochemical systems. Thus, rising health effects due to the usage of sodium diethyl dithiophosphate is anticipated to create hurdles for the growth of the market in the upcoming years.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the sodium diethyl dithiophosphate market. Major players in the sodium diethyl dithiophosphate market are Angene International Limited, Advanced Technology Industrial Co, Ltd., Boc Science, A.B.Enterprises, Haihang Industry Co, Ltd., International Laboratory USA, Jinan Haohua Industry Co, Ltd., Conier Chem Pharma Limited, Neostar United Industrial Co, Ltd., and Simagchem Corporation among others.