A recent report published by Infinium Global Research on the phosphoric acid market provides an in-depth analysis of segments and sub-segments in global as well as regional phosphoric acid market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional phosphoric acid market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global phosphoric acid market. According to a report the global phosphoric acid market is projected to grow at a CAGR of 3.5% over the forecast period of 2018-2024.
The Phosphoric acid is a crystalline corrosive inorganic acid with chemical formula H3PO4. It is produced by two industrial methods, wet and thermal. The phosphoric acid is also known as Orthophosphoric acid or o-Phosphoric acid. The phosphoric acid is the non-toxic, colorless acid and generally available in the solid form at room temperature. The Phosphoric acid is the second most used inorganic acid after sulfuric acid. The phosphoric acid produced from the wet process is used in fertilizer production whereas, thermally produced phosphoric acid is used in the formation of high-grade chemicals, pharmaceuticals, food and beverages, and other non-fertilizer products. Triple superphosphate (TSP), diammonium hydrogen phosphate (DAP) and monoammonium dihydrogen phosphate (MAP) are three types of fertilizers that can be derived from the phosphoric acid.
The rapidly growing demand for phosphoric acid to form the phosphate fertilizers and government subsidies on fertilizers are the primary factors driving the growth of Phosphoric acid market. Fertilizers play an important role in crop production. As the population is increasing worldwide, the demand for food will also increase, which in turn creates the demand for fertilizers. However, the harmful impact of Phosphoric acid on the environment and the human body is restraining the market growth of Phosphoric acid as the usage of Phosphoric acid affects the water system and the human body. Alternatively, the ongoing awareness about the use of Phosphoric acid to improve the quality of crops among the farmers is anticipated to create several opportunities in Phosphoric acid market in upcoming years.
Among the regions, Asia Pacific dominates the market of Phosphoric acid. In the Asia-pacific region, the use of Phosphoric acid to manufacture various products including fertilizers, food additives chemicals and so on is rising rapidly among countries like China and India. In addition, strong favorable agricultural conditions in Asian countries to create a huge demand for phosphoric acid in this region. The Middle East and Latin American countries are expected to grow at a fast pace during the forecast period.
The report on global phosphoric acid market covers segments such as applications. On the basis of applications, the global phosphoric acid market is categorized into fertilizers, food additives, animal feed and other.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global phosphoric acid market such as PhosAgro, Nutrien, The Mosaic Company, Sinofert Holdings, OCP, Israel Chemical Ltd., United Phosphorus Ltd., Innophos Holdings inc., Prayon S.A. and Solvay.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global phosphoric acid market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the phosphoric acid market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the phosphoric acid market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight on the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the phosphoric acid market to understand the present and future trends in this market and formulate their strategies accordingly.