Newark, April 19, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global phosphoric acid market is expected to grow from USD 44.74 Billion in 2020 to USD 65.59 Billion by 2030, at a CAGR of 3.9% during the forecast period 2021-2030.
Phosphoric acid, commonly known as orthophosphoric acid, is a transparent, colourless, odourless, and viscous liquid having the chemical formula H3PO4. There are three ways to make it: wet process, thermal process, and laboratory routes. The wet method dominates the commercial areas of chemical and fertiliser preparation.
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The purest form of phosphoric acid, which is used as a food additive, is produced using a thermal process. Phosphoric acid is the second most developed inorganic acid in terms of volume, after sulfuric acid. Phosphoric acid is an important phosphoric oxygen acid that is used to make fertiliser phosphate salts. It's also utilised in the production of dental cement and albumin derivatives, as well as the sugar and textile industries. It's used as an acidic, fruit-like flavouring in food products.
The increasing demand from the fertilizer industry is a major driver driving the market studied. Because of the increasing need for food, crop quality must be enhanced, and agricultural yield must be increased. Phosphate fertilizers are used on crops to achieve this. As a result, the world food demand is met. Market participants, as well as government agencies and cooperatives, are taking a variety of steps to raise farmer awareness.
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Educating farmers about the usage of online portals created expressly to provide information on phosphate products is one of these projects. On these portals, detailed information is supplied, as well as often updated studies on the availability, effectiveness, proper timing, and amount of phosphate fertilizer application. Seminars are held in partnership with farmer cooperatives and government agencies to provide relevant information to farmers. To keep farmers informed and handle their plant-disease-related questions, major market participants have created interactive web portals with live support from their regional representatives. The rapid growth in agricultural output in China, as well as the country's economic success, has fuelled demand for phosphate fertilisers. As a result, domestic production and consumption of the product have increased in the country. Due to strict government rules, however, production is expected to expand at a moderate rate over the forecast period. In India, on the other hand, the chemical is expected to develop significantly, both in terms of production and consumption. Furthermore, an increase in agricultural operations as well as rising fertiliser exports are predicted to boost productivity.
Key players operating in the global phosphoric acid market are Nutrien, The Mosaic Company, EuroChem Group AG, PJSC PhosAgro, Yara International, IFFCO, Prayon Group, Israel Chemical Ltd., OCP S.A. and Aditya Birla Group among others. To enhance their market position in the global phosphoric acid market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• The Mosaic Group, for instance, was formed in 2004 when Cargill's crop nutrition and fertiliser businesses merged with IMC Global Inc.
• EuroChem Group AG announced the purchase of a minority position in Hispalense de Liquidos, a family-owned liquid NPK blends manufacturer based in southern Spain, in July 2017.
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The monoammonium phosphate (MAP) segment is projected to register the fastest CAGR of around 4.5% over the forecast period.
The application segment includes diammonium phosphate (DAP), monoammonium phosphate (MAP), triple superphosphate (TSP), other fertilizers, other application. The monoammonium phosphate (MAP) segment is projected to register the fastest CAGR of around 4.5% over the forecast period. Mono ammonium phosphate's ingredients (nitrogen and phosphorus), which are extremely important components, are responsible for its fastest growth. The product mixes easily in moist soil due to its water solubility capabilities, and it is administered under the surface of the soil near plant roots to achieve maximum plant growth efficiency. Apart from its use as a fertilizer, the chemical is also regularly used in the formulation of fire extinguishers, which are widely used as a fire prevention safety routine in all institutions across the world.
Regional Segment Analysis of the Phosphoric Acid Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific region emerged as the largest market for the phosphoric acid market with a market share of 42% and 18.79 billion of the market revenue in 2020. This is because China is the world's top fertiliser producer and consumer. The demand for phosphoric acid has been steadily expanding in countries such as China, India, and Southeast Asia.
About the report:
The global phosphoric acid market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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