Dublin, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The "Phosphoric Acid Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The phosphoric acid market was evaluated at US$44.404 billion for the year 2020, growing at a CAGR of 3.58%, reaching a market size of US$56.788 billion by the year 2027.
Phosphoric acid is a type of inorganic acid that is primarily derived from phosphate rocks. This acid is colourless and odourless, and non-toxic in nature. Phosphoric acid is often considered a non-volatile and crystalline liquid. There are wide applications of phosphoric acid that include fertilizer production and as an additive in food and beverages, along with some uses in pharmaceutical applications. The market for phosphoric acid is primarily driven by the globally growing demand for food due to the constantly increasing global population has led to an upsurge in agricultural output.
This, in turn, acts as a catalyst for market growth as the majority of the phosphoric acid that is produced globally is used for manufacturing fertilizers. Additionally, the wide application of phosphoric acid in processed food and beverages as an additive for the enhancement of taste, along with the globally growing market for processed foods and beverages, is also a key factor playing a significant role in shaping the phosphoric acid market growth during the next five years.
The strict rules and regulations by the governments across several countries have led to increased adoption of phosphate fertilizers for the safety of food, which is also positively impacting the market growth throughout the forecast period.
However, the demand for phosphoric acid may be restrained because many countries are now increasingly adopting sustainable agricultural practices, which have further led to the adoption and development of sustainable options such as micronutrients and organic chemicals, among others. Thus, the increase in the adoption of organic products will further slow down the demand for phosphate fertilizers.
Globally Growing Food Demand
One of the prime factors supplementing the constantly growing demand for phosphoric acid is the globally growing food demand. Simultaneously, with the growing demand for food, the demand for fertilizers has also increased globally. The growing population, along with significant growth in the urban population in both developed and developing economies, are some of the key factors bolstering the growing food demand globally. According to the data provided by the United Nations, the global population is expected to reach 9.7 billion by the year.
The growing population is increasing the pressure on limited available resources as rapid industrialization and urbanization has been creates a deterioration in the quality and the quantity of the available resources such as land, air, and water, among others.
Thus, with limited resources, the output required is more. This has increased the propensity of farmers toward an increasing production output which can be done in two possible ways, which are the expansion of agricultural land and enhancement of crop productivity on the existing lands.
However, due to industrialization and urbanization, the expansion of agricultural land is considered comparatively tougher, which has led to an increased usage of urban farming practices, which further leads to an increase in the adoption of fertilizers and other nutrients required for the enhancement of crop growth. Thus, playing a significant role in shaping the demand for phosphoric acid for fertilizer production.
Key Developments
There is a significant volume of companies working in the phosphoric acid market. However, some have solidified their position as the leading providers in this industry. These players are involved in a plethora of investments, product launches, and R&D as a part of their growth strategies to strengthen their position further and provide better products and services to their customers worldwide, which is expected to propel the growth of the market in the coming years.
For instance, recently, in August 2020, OCP, one of Morocco's phosphates and fertilizers manufacturing companies, announced a partnership with German and Belgian partners, Budenheim and Prayon, to build a new plant for the production of purified phosphoric acid to enhance the production output for meeting the growing demand.
Segmentation
By Application
- Fertilizers
- Food and Beverages
- Pharmaceutical
By Process
- Wet Process
- Thermal Process
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- Germany
- France
- UK
- Italy
- Middle East and Africa
- UAE
- Saudi Arabia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Phosphoric Acid Market Analysis, by Application
6. Phosphoric Acid Market Analysis, by Process
7. Phosphoric Acid Market Analysis, by Geography
8. Competitive Environment and Analysis
9. Company Profiles
Companies Mentioned
- OCP Group
- novaphos corporation
- Nutrien Ltd.
- Aditya Birla Chemicals (India) Limited
- Prayon
- PhosAgro Group
- Ma'aden
- Agropolychim
- Spectrum Chemical Manufacturing Corp
- ICL Fertilizers
- Febex (Arkema Group)
- Foskor (Pty) Ltd
For more information about this report visit https://www.researchandmarkets.com/r/9y7r5p
Attachment
