MarketAccording to analysts at Vantage Market Research, the Global Phosphine Gas (Ph3) Market was valued at USD 3655.8 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 4% between 2021 to 2028.
Phosphine gas is an odorless and colorless gas which is used as an insecticide owing to the toxic effects it possesses on insects that are exposed to it by farmers over the years to protect crops and enhance the productivity of crop yield production. Phosphine gas has side effects or adverse effects on humans and animals too but only if inhaled in high concentrations and for longer period of time.
The market is driven by the increasing demand for the growth in organophosphorus chemistry, phosphorus and other microelectronics and increasing demand for the insecticides containing phosphorus that have complimentary level of fungicidal activity against fungi with the toxic effect against insects. Moreover, the property of showing a PH serves as an effective measure because the owe not to leave any residue on the food crops.
During the Covid-19 pandemic the market has seen a decline due to the halted production of phosphine gas which has resulted due to the restriction aiming to mitigate the infection caused by the virus. Manufacturers have been working with limited workforce which has in turn decreased the operational activity.
Furthermore, the Increasing awareness regarding the fumigation techniques and the increasing demand for the advanced insecticide formulations is expected to serve as an opportunity for the growth of the market. Whereas, the adverse effects on the health of animals and humans after inhalation of phosphine gas has hampered the growth of the market.
Globally, North American region is expected to be the market leader owing to the increasing demand for the phosphorus and an increasing demand for the application of phosphine gas into the synthesis of specific compounds in organophosphorus chemistry and microelectronics.
Moreover, the Asia Pacific region is also expected to show high growth owing to the increasing awareness regarding the fumigation techniques and the benefits that are offered by using phosphine gas in the agricultural production.
Major key Players in the global phosphine gas market are Bhagwati Chemicals, BASF Intermediates, Nippon Chemical Industrial and Air Products.