Phosphoric Acid Market Poised to Grow at a CAGR of 3.5% by 2024: Infinium Global Research
Infinium Global Research has added a new report on Phosphoric Acid Market. The report presents an analysis of global as well as regional markets of a phosphoric acid market over the period of 2016 to 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 of 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
Moreover, the growth matrix presented by Infinium Global Research identifies the key investment markets in the near future, this will not only help the companies to understand the competitive position in the global phosphoric acid market but also make strategic decisions to capture the most lucrative markets in the near future. The market size is presented in terms of value for the historic year 2016 and estimated for the forecast period of 2018-2024.
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The recent report identified that dominated the global phosphoric acid market over the last couple of years while emerging markets of Asia-Pacific and Latin America are anticipated to contribute significantly to the growth in the phosphoric acid market worldwide.
The report segments the global phosphoric acid market on the basis of Applications.
Global Phosphoric Acid Market by Applications
· Food Additives
· Animal Feed
Companies Profiled in the Report
· The Mosaic Company
· Sinofert Holdings
· Argium inc.
· Israel Chemical Ltd.
· United Phosphorus Ltd.
· Innophos Holdings Inc.
· Mosaic Company,
· Prayon S.A.
About Infinium Global Research
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