Pune, India, Feb. 26, 2021 (GLOBE NEWSWIRE) -- The global phosphoric acid market is set to gain traction from the decreasing per capita farmland. The population is surging rapidly worldwide. The FAO declared that in South Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa, only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a new report, titled, “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2021-2028.” The report further states that the market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Effect of COVID-19 Pandemic on Fertilizers Market to Obstruct Growth
The outbreak of the COVID-19 pandemic has resulted in a wide range of economic consequences, such as the shutdown of workplaces, halt of manufacturing processes, and the collapse of trading practices. Governments of several countries are taking multiple initiatives to help agriculturists and food production chains. It is hampering the fertilizers market. We are providing detailed research reports to help you better understand the current scenario of the phosphoric acid industry.
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How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Key Drivers & Restraints-
Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid Growth
Phosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly used phosphatic fertilizers as they possess excellent physical properties and relatively high nutrient content. It is also an important source of nitrogen and phosphorus for plant feeding applications. At the same time, it is extensively utilized for the farming of grains, such as vegetables, fruits, barley, and wheat. However, the rising implementation of stringent norms on the usage of fertilizers may hinder the phosphoric acid market growth in the near future.
Segment-
Fertilizers Segment to Dominate in the Near Future
Based on the application, the fertilizers segment is set to retain its leading position throughout the forthcoming years by procuring the largest phosphoric acid market share. The International Fertilizer Association (IFA), for instance, mentioned that by 2024, the demand for fertilizers is expected to surge by an average rate of 0.7 percent. It will reach approximately 197.1 Mt of nutrients.
List of the Leading Companies Profiled in the Global Market are:
- Nutrien (Saskatoon, Canada)
- The Mosaic Company (Tampa, Florida, United States)
- OCP (Casablanca, Morocco)
- Ma’aden (Riyadh, Saudi Arabia)
- EuroChem Group AG (Zug, Switzerland)
- Solvay S.A. (Brussels, Belgium)
- Arkema (Colombes, France)
- Other Key Players
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Regional Insights-
Rising Agricultural Activities to Help Asia Pacific Lead in Upcoming Years
Geographically, Asia Pacific is anticipated to remain at the forefront in the upcoming years. It generated USD 16,801.5 million in 2020 in terms of revenue. This growth is attributable to the rising consumer spending, agricultural activities, expansion of the chemical industry, and government initiatives. In emerging nations, such as China, the demand for this acid would increase because of the presence of numerous end-use industries.
On the other hand, in 2020, Europe and North America together held more than 20% of the global market. The surging usage of phosphoric acid as animal feed and food additives in both regions would accelerate growth.
Competitive Landscape-
Key Players Focus on Mergers and Acquisitions to Compete with Their Rivals
The global market contains several renowned companies that are presently adopting the strategy of merger and acquisition to gain a competitive edge. A few others are signing new agreements to supply their in-house products to local and international firms.
Below are the two latest industry developments:
- July 2018: Innophos Holdings, Inc. entered into a purified phosphoric acid (PPA) supply agreement with Nutrien. It is a three-year-old agreement that will enable the latter to provide PPA to help Innophos serve its customers with unique products.
- August 2016: Prayon Technologies will offer the technical know-how and license for two latest phosphoric acid plants that were constructed in Egypt. They are located in the NCIC Ain Sokhna Fertilizer Complex.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Phosphoric Acid Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Phosphoric Acid Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Volume/Value)
- Fertilizers
- Diammonium Phosphate (DAP)
- Monoammonium Phosphate (MAP)
- Trisodium Phosphate (TSP)
- Others
- Animal Feed
- Food Additives
- Others
- Fertilizers
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Application (Volume/Value)
TOC Continued…!
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Have a Look at Related Research Insights:
Phosphates Market Size, Share & Industry Analysis, By Type (Ammonium, Calcium, Phosphoric Acid, Potassium, Sodium, Others), By Application (Agrochemicals, Food & Beverages, Detergents, Water Treatment Chemicals, Metal Treatment, Others) And Regional Forecast 2021-2028
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