A prominent research firm, Cognizance Market Research added a cutting-edge industry report on the “Phosphoric acid Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2020 to 2028.
Phosphoric acid Market Analysis
According to cognizance market research, the Phosphoric acid Market was valued at USD 45.85 Billion in 2019 and expected to register a CAGR of 3.7% from 2021 to 2028.
What is Phosphoric acid?
Phosphoric acid’s dominant use is for fertilizers, consuming approximately 90% of production. It is used for manufacturing different kinds of phosphate fertilizers. Diammonium phosphate (DAP), Monoammonium phosphate (MAP), NPKs, and SSP are the most widely used phosphatic fertilizer. Commercial phosphate fertilizers are made up of phosphate rocks. And about two-thirds of these are made up of deposits of aquatic and sedimentary rocks. But those having lower phosphorus content in native fibre, high transport cost, and limited crop responses failed to fulfil the needs of farmers across the globe. This leads to an increase in the use of phosphorus-based fertilizers.
Phosphoric acid Market Outlook
In the Phosphoric acid report, the market outlook segment mainly includes important dynamics of the market which include drivers, restraints, opportunities and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
DAP having moderately high nutrient content and exceptional physical properties is the most commonly used fertilizer. It is a significant source of nitrogen and phosphorus. As it helps in increasing soil fertility and crop production the demand for it increases around the globe. The numerous benefits associated with wine are ultimately boosting the growth of phosphoric acid demand globally.
Usage of phosphoric fertilizers is harmful to the consumers of the crop as well as Detroit’s soil’s basic properties over a certain time period. The government regulatory authorities have come up with some stringent rules and regulations for the use of fertilizers which has had a massive impact on the industry.
The increasing demand for food additives is a major reason for the growth of the industry as pure food grade phosphorus acid is a food additive in sauces, mayonnaise, and juices. The demand for these products has created an opportunity for the growth of this industry simultaneously
The decline in per capita arable land around the globe due to an increase in urbanization and population. This is further forcing the farmers to yield more output to cope with growing food demand. This is possible only with the use of phosphoric fertilizers making the soil more fertile and yielding a high amount of crops.
The report offers the revenue of the Phosphoric acid market for the period 2018-2028, considering 2018 and 2019 as a historical year, 2020 as the base year and 2021 to 2028 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the Phosphoric acid market for the forecast period. The Phosphoric acid market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the Phosphoric acid market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the Phosphoric acid market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global Phosphoric acid market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the global Phosphoric acid market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Phosphoric acid market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the Phosphoric acid market. The subsequent section of the Phosphoric acid report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Asia Pacific region is considered to dominate the market as the chemical industry and the agricultural sector is a major contributor to the GDP of these countries. India and China are seen to have major chemical production industries in a few years. Due to high phosphate rock reserves in China, which is also a leading producer of phosphoric acid, the Asia Pacific region is expected to maintain its leading position over the years. Phosphate fertilizers and yellow phosphorus are also abundant in the region. North America and Europe also have a leading market of Phosphoric acid. In this region, an increase in the use of phosphoric acid as a food additive and animal feed will boost demand.
Phosphoric acid Market Competitive Landscape
The “Phosphoric acid Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Nutrien, The mosaic company, OCP, EuroChem Group, Solvay S.A., Arkema, Grasim Industries Limited, and Brenntag among others.
The report explores the competitive scenario of the Phosphoric acid market. Major players operating in the phosphoric acid market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the phosphoric acid market report.
Key Questions Answered in Phosphoric acid Market Report
- What are the major players operating in the phosphoric acid market?
- What are trends, drivers, opportunities, and challenges in the phosphoric acid market?
- Which is the leading country in the phosphoric acid market?
- What are the revenue share forecasts of key sections of the phosphoric acid during the estimated timeframe?
- Which segment is expected to lead the phosphoric acid market in terms of revenue by 2030?
- How partnerships & alliances among companies operating in the market are broadening the scope of the phosphoric acid market?
- Who are the top 5 leaders of the phosphoric acid market?
- Which unmet needs will remain unaddressed over the projected period?
The Phosphoric acid Market has been segmented as below:
Phosphoric acid Market, by Application
- Mono-Ammonium Phosphate (MAP)
- Diammonium Phosphate (DAP)
- Triple Superphosphate (TSP)
Phosphoric acid Market, by process
- Wet Process
- Thermal Process
Phosphoric acid Market, by end-user
Phosphoric acid Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa