PUBLISHER: Allied Market Research | PRODUCT CODE: 1239561
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239561
The global dimethyl phosphate market was valued at $2.2 billion in 2021, and is projected to reach $3.9 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
Dimethyl phosphate is an organophosphorus compound with the formula of having CH3O)2P(O)H. The phosphorus molecule is tetrahedral and it is a colorless liquid. It is a reagent that is used for generating organophosphorus compounds. It is synthesized by methanolysis of phosphorus trichloride or by heating dimethyl phosphite in others. Dimethyl phosphate has a wide range of applications in various end-use industries including agriculture, flame retardant, petroleum additive, and others.
The pharmaceutical sector is experiencing rapid growth owing to the rise in population, increase in R&D activities, advancement in technology, and government support for this sector. For instance, according to a report published by India Brand Equity Foundation in May 2022, India's domestic pharmaceutical market is at $42 billion in 2021 and is likely to reach $65 billion by 2024 and further expand to reach ~$120-130 billion by 2030. These factors are expected to boost the overall demand for dimethyl phosphate with 95.0% of purity ratio where it is used as an antiseptic agent in the formulation of various drugs, lotions, ointments, creams, and others.
Furthermore, developments in the agriculture industry have enhanced the performance of dimethyl phosphate by 95.0%. It is widely used as an herbicide which is used to control oats in cereal crops. This is expected to act as one of the key elements responsible for the growth of the market during the forecast period. In addition to this, the increase in scarcity of potable water has surged the water treatment activities where dimethyl phosphates are used as a corrosion inhibitor to prevent metal dissolution from a water pipe into the treated water.
For instance, according to a report published by World Wildlife Fund, around 1.1 billion people lack access to fresh water, and 2.7 billion experience water scarcity every year. This factor may propel the growth of dimethyl phosphates in the water treatment sector. The increase in the severity of diseases has led the pharmaceutical sector to witness significant growth where sodium-based dimethyl phosphate substrates are widely used for the chemical intermediates in the synthesis of hemoglobin. This factor is predicted to drive the demand for dimethyl phosphate chemicals in the pharmaceutical sector. However, side effects associated with the use of dimethyl phosphate may restrain the growth of the dimethyl phosphate market.
On the contrary, the increase in global energy demand has surged the crude oil exploration and drilling activities in the oil-rich countries where dimethyl phosphates are widely used as scale and corrosion inhibitors to avoid the scale and corrosion formation in pipelines and other drilling equipment. In addition, an increase in sales of automobiles has surged the need for refined fuel which in turn has led the global oil & gas refineries to surge their refining capacities where dimethyl phosphates are employed in pipelines and distillation columns to avoid damage due to scale and corrosion.
For instance, according to an article published by the Economic Times in December 2021, Numaligarh Refinery Limited (NRL) under a mega-integrated refinery expansion project has increased its refining capacity from 3 million metric tons per annum (MMTPA) to 9 million metric tons per annum (MMTPA). This event is anticipated to increase the demand for dimethyl phosphates in the growing oil refineries; thus, creating remunerative opportunities for the market.
The dimethyl phosphate market is segmented on the basis of purity, application, and region. On the basis of type, the market is categorized into 95.0% and 98.0%. On the basis of application, it is divided into agrochemicals, corrosion inhibitors, petroleum additives, others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global dimethyl phosphate market profiles leading players that include Otto Chemie Pvt. Ltd., Merck KGaA, Lanxess, Fisher Scientific, Toronto Research Chemicals, AccuStandard, Inc., Alfa Chemistry, Biosynth, BLDpharm, Clearsynth. The global dimethyl phosphate market report provides in-depth competitive analysis as well as profiles of these major players.