Phosphoric Acid Market

Phosphoric Acid Market worth $56.8 billion by 2027

The report "Phosphoric Acid Market by Process Type (Wet, Thermal), Application (Fertilizers, Feed & Food Additives, Detergents, Water Treatment Chemicals, Metal Treatment, Industrial Use) and Region ( North America, Europe, APAC, RoW) - Global Forecast to 2027", will grow to  USD 56.8 billion by 2027, at a CAGR of 4.1% from USD 46.4 billion in 2022

Browse 244 market data Tables and 63 Figures spread through 235 Pages and in-depth TOC on "Phosphoric Acid Market by Process Type (Wet, Thermal), Application (Fertilizers, Feed & Food Additives, Detergents, Water Treatment Chemicals, Metal Treatment, Industrial Use) and Region ( North America, Europe, APAC, RoW) - Global Forecast to 2027"
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This growth is primarily triggered by the growing demand for phosphate fertilizers. Phosphoric acid is used as a raw material for fertilizers production as it is an excellent nutrient to the crops. In recent years, the agriculture industry across the world is showing a strong growth, supported by the increased demand for food. This provoked the farmers to manufacture high-quality yield, which in turn increases the demand for fertilizers. Phosphorus is an important plant growth nutrient. It is consumed by plant roots, usually as a H2PO4- (dihydrogen phosphate ion) from phosphoric acid.

Wet Process is estimated to be the largest process type of phosphoric acid market in 2021

Wet process accounted for the largest share of the global phosphoric acid market, in 2021. In wet process low phosphorous content rock can also be used as a raw material. The diminishing supply of rock phosphate is a major concern in the phosphoric acid market. As there is no alternative available for phosphate, it is important to take adequate measures to ensure the future supply for phosphates. Even though phosphate recycling from wastewater is possible, it does not seem economically feasible yet. The high growth in fertilizers demand is the major factor driving the wet process phosphoric acid.

Fertilizers is estimated to be the largest application of phosphoric acid market in 2021

The fertilizers application accounted for the largest share of the global phosphoric acid market, in 2021. Fertilizers are chemical compound which are mainly comprised of nitrogen, phosphorus, and potassium. They are vital for the growth and development of plants and crops. Phosphoric acid is an intermediate product in the process of fertilizers production using phosphate rock. Phosphate fertilizers are essential for successful root development. They are produced from phosphate rock.

Asia Pacific is projected to be the fastest growing market for phosphoric acid during the forecast period.

Asia Pacific is projected to be the fastest-growing market, in terms of value, during the forecast period. Asia Pacific has high consumption of fertilizers because of growing production capacities, competitive manufacturing costs, and high economic growth rates; these factors are also expected to favor the growth of the phosphoric acid market during the forecast period. As Asia Pacific is the largest as well as the most populated continent, the consumption of phosphoric acid, especially in terms of fertilizers and food additives, is high in the region. In addition, growth of the food & beverage, home care, water treatment, metal finishing industries in the region has triggered the demand for phosphoric acid.

The key market players profiled in the report include ICL Group Ltd. (Israel), OCP Group S.A. (Morocco), The Mosaic Company (US), Nutrien Ltd. (Canada), Eurochem Group AG (Switzerland), Phosagro Group of Companies (Russia), and IFFCO (India) among others.

Don’t miss out on business opportunities in Phosphoric Acid Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

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Phosphoric Acid Market Size,  Share & Growth Report
Report Code
CH 8160
PR Published ON
8/30/2022
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