The phosphonates market is expected to showcase robust growth through 2027 on account of surging product demand in various end-use verticals.
Following the COVID-19 outbreak, major healthcare agencies advised the use of cleaning agents to clean surfaces regularly in order to reduce the risk of exposure to the novel coronavirus. As a result, soaring demand for detergents and cleaning products has been favorable for the product landscape during the pandemic.
The phosphonates market has been bifurcated in terms of product, function, end-use industry, and region. Based on product, the market has been categorized into BHMT, DTPMP, ATMP, HEDP, and others. The phosphonates industry share from the others sub-segment is expected to grow at a CAGR of about 6.5% through the assessment timeline to reach a valuation of over USD 110 million by 2027.
From the function perspective, the phosphonates market has been segregated into metal chelating agents, chemical intermediates, scale inhibitor, concrete retarder, bleach stabilizer, and others. The metal chelating agents sub-segment is anticipated to register substantial growth at around 9% CAGR over the analysis timespan owing to mounting product adoption in the oil & gas industry.
The scale inhibitor sub-segment is projected to grow steadily at a CAGR of approximately 8.5% through the review period on account of surging product uptake in the water treatment sector. The phosphonates industry size from the others sub-segment is speculated to expand at over 7% CAGR throughout the study timeframe to garner a notable valuation by the end of 2027.
With respect to end-use industry, the market has been segmented into pharmaceutical, oil & gas, water treatment, construction, detergents & cleaning agents, agriculture, textile, paper & pulp, and others. The oil & gas sub-segment is primed to surpass USD 110 million in revenue by 2027, delivering a CAGR of nearly 8.5% over the forecast period.
In 2020, the phosphonates industry share from the construction sub-segment was valued at about USD 40 million and is calculated to record nearly 8.5% CAGR over the review timespan. The others sub-segment is foreseen to grow at a CAGR of more than 6% through the forecast period to exceed a valuation of USD 25 million by the end of 2027.
In the regional landscape, the Latin America phosphonates market was valued at around USD 55 million in 2020 and is poised to progress at a healthy growth rate of above 8.2% between 2021 and 2027. Increasing product usage in the manufacturing of agrochemicals, detergents, and cleaning agents is likely to stimulate market development in LATAM in the coming years. Meanwhile, the Middle East & Africa phosphonates industry is estimated to attain a valuation of over USD 65 million by 2027, growing at about 6.8% CAGR through the assessment period.