The estimated size of the ammonium thiosulfate market in 2022 was close to USD 345.4 million. The same market is likely to have produced USD 719.6 million by 2033, alongside a CAGR of 6.9% from 2023 to 2033. The market is expected to grow further due to an increase in the packaged food demand, especially across the United States and India. This will result in increased demand for fertilizers to cope up with the demand for food crops production for better yields and quality of crops.
Increased government spending by various other economies, especially in India, for further agricultural development will also support the market growth during the forecast period. Decreasing cultivation area and need to high yields per unit land area, owing to increasing urbanization and shrinking cultivation unit land sizes, will boost the demand for fertilizers in the near future.
Decreasing nutrition values of the soil will increase the need for increased nitrogen, phosphorous, and potassium (NPK) nutrition for the crops productivity. This will fuel the market growth over the forecast period as ammonium thiosulfate is beneficial for the crop productivity and increases NPK nutrition values.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 345.4 million |
| Expected Market Value (2023) | USD 369.23 million |
| Projected Forecast Value (2033) | USD 719.6 million |
| Anticipated Growth Rate (2023 to 2033) | 6.9% CAGR |
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Future Market Insights forecasts, the global ammonium thiosulfate demand is expected to enjoy year-on-year (YoY) growth of 5.5% in 2021, totaling 462,575.8 tons.
As per FMI, steady rise in the agriculture & agrochemicals sector coupled with rapid urbanization globally will drive the ammonium thiosulfate market's growth. Over the past few years, strong growth has been witnessed in the agricultural sector across the globe.
This is due to increasing demand for food and other cash crops from the growing population. Growth in the agricultural sector led to increasing demand for fertilizers, thereby aiding the market growth.
Government Initiatives and Subsidies to Fuel Market Growth
Governments across the globe aims to reduce the usage of pesticides, trying to increase support towards production of harmless fertilizers, which can increase the productivity of the soil. For instance, government in the Netherland support program GENEOG aims at identifying effective products and assists in funding for registration, as well as helps in increasing grower knowledge for sustainable crop protection products.
The Indian government has approximately 200 labs producing crop protection products, and also allocates funding for crop protection products. India is an emerging market in the South Asia region where contribution of the agricultural sector to overall GDP growth is significant. Therefore, there are several government initiatives that promotes growth of the agricultural sector. One such initiative offers subsidies on fertilizers, such as N, P and K fertilizers, to enhance production and maximize output.
Increasing Demand for Food to Shape the Ammonium Thiosulfate Market
Growing population, rising disposable income, and increased food demand are the macroeconomic factors driving the global ammonium thiosulfate market.
According to Food and Agriculture Organization (FAO), world population is expected to grow by over a third, or 2.3 billion people, between 2009 and 2050, wherein urban areas will account for 70% of world population in 2050.
At the same time, per capita income in 2050 is projected to be a multiple of today’s levels. This in turn will raise multiple challenges for the agriculture industry such as producing crops for increasing population with shrinking rural labor force and slower rate of crop yield.
Inorganic compounds such as ammonium thiosulfate could be used to meet these challenges and at the same time cater to the rising food demand. As it is soluble in water, ammonium thiosulfate provides a yield increase on crops due to its composition of 26% sulfur and act as a favorable return of investment for farmers.
Principal Consultant
Global Restrictions, such as the Covid-19 Lockdown, may Stifle Growth.
The global economy witnessed a significant downfall due to the sudden outbreak of COVID-19. Global shutdown halted trade activities, resulting in disruption of supply-chain network. Industrial sector, mining sector and construction sector suffered the most.
Agricultural sector showed a stable trajectory during the pandemic, as it falls under essential services category and agricultural produce being categorized as critical commodities, thus exempting them from restrictions.
Demand and supply of certain fertilizers decreased due to the pandemic. Ammonium thiosulfate is produced from sulfur and is extracted from oil & gas refineries. Due to pandemic, production of ammonium thiosulfate decreased due to supply chain disruption and reduction in the oil & gas demand.
Demand for Liquid Form in Ammonium Thiosulfate has been Continuously Rising
Liquid form type is witnessing a considerable growth in the global market. Liquid form segment is expected to account for over 77.1% of the global volume consumption in East Asia in 2023.
Liquid form type is the top choice due to its blending nature. Based on its diverse characteristic such as fertilizer, herbicide safener, bleaching agent, and reducing agent, liquid form will witness high demand.
The Fertilizers Segment is expected to Make Most Use of these Products
Revenues in the fertilizer segment are expected to grow at a 4.7% CAGR from 2023 to 2033. Demand of mining segment is expected to increase by 4.5% between 2023 and 2033, according to FMI.
The rise in agricultural activities in major regions, increased government spending on agricultural development and rising demand of food are the key factors for the segment growth. Consumption of ammonium thiosulfate is growing as a fertilizer as it provides better crop yields, and has high amount of sulfur and nitrogen which is essential for crops. Further, the decreasing nutrition values from the soil is boosting the demand for nutrients based fertilizers, which will improve the adoption of ammonium thiosulfate.
Industrial Grade Products to Gain the Lion’s Share
The industrial grade segment is estimated to account for around 97.2% in the North America in 2022 owing to increasing application in agriculture, pharmaceutical, mining and metallurgical industries.
Ammonium thiosulfate prevents ammonium (NH4) as a nitrification inhibitor from being converted to nitrate and is also a sulfur source that aids in improving crop yields and quality. These characteristics are expected to fuel the demand for industrial grade ammonium thiosulfate.
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Rising Government Investments Within the Agricultural Sector is Likely to Aid Growth
India’s ammonium thiosulfate market is anticipated to witness fastest growth during the forecast period. Demand for ammonium thiosulfate in India is set to rise at a 5.3% CAGR through 2033, estimates FMI.
Increased government investments in the Indian agriculture sector is one of the main factors supporting the market growth. One of the key driver propelling the use of ammonium thiosulfate is the lower current market penetration rates and growing awareness of sustainable farming methods.
Agriculture sector accounts for the major chunk of India’s economy. Adoption of ammonium thiosulfate is expected to double with increasing crop production as country’s largest work force is dedicated to the agriculture sector. Increasing use of nitrogenous fertilizers and rising food production in the country will create lucrative growth opportunities for ammonium thiosulfate manufacturers.
Presence of Key Players will support the Entire Regional Market Growth
In 2022, the United States ammonium thiosulfate market is expected to grow by 4.8% year-on-year, contributing over 93.5% of the market share in North America. The United States is projected to account for more than 60% of worldwide production and consumption due to presence of leading companies in the region, which in turn is set to drive the growth of ammonium thiosulfate market.
Increasing consumption of ammonium thiosulfate in the United States as a fertilizer due to its wide array of benefits such as its nitrification inhibitor properties and increased soil fertility will spur the sales. Increasing production of corn and soya crops in United States will result in increased adoption of ammonium thiosulfate, accelerating the demand.
Immense Growth in the Agricultural Sector has Pushed the Demand to New Heights
China is expected to be the key consumer of ammonium thiosulfate and will account for 84.7% of the market share in 2022. China has largest agricultural sector with abundant agricultural resources, and is the largest importer of agricultural products in the world. Over the past decade, China witnessed strong growth in the agricultural sector.
China’s agricultural sector generates more than one trillion dollar of economy in the country. Due to the high crop production in the country, adoption of ammonium thiosulfate will continue to increase. Consequently, boosting the demand for fertilizers including ammonium thiosulfate.
Manufacturers in the country have a competitive advantage as they have access to cutting-edge technologies and researches to address the unmet challenges. They are constantly investing in research & development activities to expand product lines and develop efficient fertilizers and pesticides. Favorable government policies to improve agriculture sector’s performance, decreasing arable land, extensive use of fertilizers and pesticides, and increasing concern for food security are major factors driving the market growth.
Demand for Macro Nutrient Fertilizers to Propel the Demand in the Market
Germany is expected to account for around 31.4% of the global ammonium thiosulfate sales. Germany and France are major agricultural producers across Europe and holds considerable market share.
Key factors such as rising demand for water soluble macro nutrient fertilizers, compatibility of ammonium and thiosulfate fertilizer with various crop protection agents, and the wide range of uses for these products, results in high demand for ammonium thiosulfate in the country, boosting market growth.
Key manufacturers in the country are aiming to extend their business through major capacity expansions. For instance, In October 2020, TIB Chemicals launched into operation newly built storage tanks for TIB THIO ATS (Ammonium Thiosulfate), which has contributed to the safekeeping of large quantities of the chemical.
Companies operating in ammonium thiosulfate market are aiming at strategic collaborations and strategic partnerships with other manufacturers to expand their product manufacturing and address the demand of an expanding patient pool. Key players are also expanding their production capacities by establishing new production units, especially in the USA and Europe.
The key players in this market include:
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.9% from 2023 to 2033 |
| Market value in 2023 | USD 369.23 million |
| Market value in 2033 | USD 719.6 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Form Type, End Use, Grade, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, Japan, China, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Tessenderlo Kerley, Inc.; Koch Nitrogen International Sarl; Kugler Co.; Martin Midstream Partners; TIB Chemicals AG; Esseco Srl; PCI Nitrogen; Hydrite Chemical; Rentech Nitrogen; Koch Fertilizer; Shakti Chemicals |
| Customization & Scope | Available on Request |
The ammonium thiosulfate market is slated to attain USD 719.6 million by 2033.
The market is expected to expand at a CAGR of 6.9%.
Surging demand from the agriculture sector and increasing preference for convenience foods.
Growing government investments and increasing awareness about sustainable farming methods.
TIB Chemicals AG, Esseco Srl, and PCI Nitrogen are the leading manufacturers.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form Type 5.1. Powder 5.2. Liquid 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Grade 6.1. Industrial Grade 6.2. Photo Grade 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Fertilizer 7.2. Photochemical 7.3. Mining 7.4. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Tessenderlo Kerley, Inc. 18.2. Kugler Co. 18.3. Martin Midstream Partners 18.4. TIB Chemicals AG 18.5. Esseco Srl 18.6. PCI Nitrogen 18.7. Hydrite Chemical 18.8. Rentech Nitrogen 18.9. Koch Fertilizer 18.10. Shakti Chemical 19. Assumptions & Acronyms Used 20. Research Methodology
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Ammonium Thiosulfate Market
