(MENAFN- ChemAnalysts) According to ChemAnalyst report, “Global Phosphoric Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, 2015-2032”. Phosphoric Acid market witnessed a steady growth in the historical years and is estimated to reach market volume of 72 million tonnes with a CAGR of 4.04% until 2032 owing to its constant demand from Agriculture sector as majority of the total Phosphoric acid is consumed for the production of Phosphoric Acid which is further used to produce Phosphate fertilizers.
Phosphoric Acid is a weak mineral acid. By using a wet method or a thermal process, phosphate ores can be converted into phosphoric acid, or H3PO4. These two ores are Fluorapatite and Francolite. The use of phosphoric acid in the fertilizers industry is the main key element boosting market expansion. The chemical reaction of phosphoric acid with ground rock phosphate results in triple superphosphate (TSP). MAP and DAP are other fertilizers which are produced by reaction between phosphoric acid and ammonia.
Phosphoric Acid find applications in various industries. Fertilizer production is the market driver of the Phosphoric Acid market. Rising pressure on farmers to increase the crop yield to meet the surging demand for food following growing population across the globe would generate the need for fertilizers which is expected to fuel the total demand for Phosphoric Acid in the forecast period. The ideal ratio of phosphorus and nitrogen is supplied by growing cereals like grain, fruits, cereals, and veggies. In foods with sugary beverages, phosphoric acid suppresses the formation of mold and germs. This extends the food or beverage's shelf life, improving affordability. Thus, its application as a food additive is anticipated to further propel the market in the forecast period.
The global Phosphoric Acid market is segmented based on end-use, sales channel, and region. Based on the end-user industry, the global Phosphoric Acid market is segregated into Fertilizers, Feed and Food Additives, and Others. The Fertilizers industry is dominating the Phosphoric Acid market. In 2021, this industry accounted for approximately 80% of the global market.
Asia-Pacific region holds the maximum share of consumption for Phosphoric Acid. It is expected to dominate the Phosphoric Acid market in the forecast period. In Asia Pacific, upsurge in the demand of this acid due to growing population resulting in the flourishing Agriculture sector will most likely lead to the expansion of Phosphoric Acid market in countries such as China and India. Additionally, the presence of leading producers of Phosphoric Acid are in Middle East region
“Global Phosphoric Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, 2015-2032”, The major players operating in the global Phosphoric Acid market are OCP Group, Mosaic Company, IFFCO, Nutrien, Ma’aden, J.R. Simplot Company, ICL-YTH Group, Wengfu Group Co., Ltd., ICL(Rotem), Indorama (Industries Chimiques du Senegal), PhosAgro, Foskor Group, Rotem Amfert Negev Ltd., Yara, Coromandal International limited, JIFCO, and Indo Maroc Phosphore SA (IMACID).
“Phosphoric acid is utilized mainly for the manufacturing of phosphate-based fertilizers worldwide. The demand for crops is expected along with rising population, which would lead to an increase in fertilizers like diammonium phosphate (DAP), which needs phosphoric acid as a feedstock. With rapid industrialization, the area for farming is reduced thus the demand of fertilizers is bound to increase, anticipated to swell the global Phosphoric acid market in the forecast period. Additionally, the application of phosphoric acid as food additive to prevent microbial and mould growth in sugary drinks also contributes finely to the market growth. said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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