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The food-grade segment is more attractive, but entry barriers are higher due to certification and quality control costs. For traders, the arbitrage between industrial and food-grade prices can be interesting, but it requires reliable sourcing and documentation. Watch for changes in food safety regulations that could tighten supply or alter demand patterns.
The substitution trend is real, but don't overlook the price advantage. TSP remains a low-cost option for many industrial users, especially in price-sensitive regions. The real question is whether stricter environmental regulations will force a faster switch to phosphorus-free alternatives in boiler treatment, which could accelerate demand erosion beyond current expectations.