New York, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Phosphoric Acid Global Market Report 2022" - https://www.reportlinker.com/p06323492/?utm_source=GNW
, Kazphosphate LIC, OJSC Phosagro, ArrMaz, and Labdhi Chemicals.
The global phosphoric acid market is expected to grow from $43.48 billion in 2021 to $46.06 billion in 2022 at a compound annual growth rate (CAGR) of 5.93%. The phosphoric acid market is expected to reach $54.47 billion in 2026 at a CAGR of 4.28%.
The phosphoric acid market consists of sales of phosphoric acid by entities (organizations, sole traders and partnerships) that are used as a component of fertilizers, detergents, and many household cleaning products.Phosphoric acid is a triprotic acid that exists in the form of a dense liquid.
It is corrosive to both human and laboratory animal skin, eyes, and mucous membranes. Dilute solutions of phosphoric acid have a pleasing acid taste, thus, it is also used as a food additive, lending acidic properties to soft drinks and other prepared foods, and in water treatment products.
The different types of grades in phosphoric acid include food, agricultural and industrial.Food grade phosphoric acid is a water-clear, odourless, slightly viscous liquid used to acidify food and beverages such as colas and jams.
They are manufactured through different manufacturing processes such as furnace process, dry kiln process, and others. The end-user industries using phosphoric acid include fertilizer, food & beverages, chemicals, medicine, metallurgy and others.
Asia Pacific was the largest region in the phosphoric acid market in 2021 and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the phosphoric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The phosphoric acid market research report is one of a series of new reports that provides phosphoric acid market statistics, including phosphoric acid industry global market size, regional shares, competitors with an phosphoric acid market share, detailed phosphoric acid market segments, market trends and opportunities, and any further data you may need to thrive in the phosphoric acid industry. This phosphoric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing demand for Di-ammonium Phosphate (DAP) fertilizers is significantly contributing to the growth of the Phosphoric acid market.Di-ammonium phosphate is one of a series of water-soluble ammonium phosphate salts that can be produced when ammonia reacts with phosphoric acid.
Phosphoric acid is extensively used to manufacture fertilizers as its reaction with finely ground phosphate yields triple superphosphate (TSP), MAP, and DAP are products created from these reactions, as a result, increased demand for fertilizers is expected to boost demand for phosphoric acid.For instance, according to a report by the World Bank phosphate DAP prices jumped 23% owing to increased demand by farmers across the world.
Therefore, increasing demand for DAP phosphate fertilizers is predicted to boost demand for phosphoric acid during the forecast period.
Technology innovations are the key trend gaining popularity in the phosphoric acid market.Companies in phosphoric acid are continuously launching new technology and advanced products to increase their share in the market.
For instance, in December 2021, Clean TEQ Water an Australia-based water treatment and resource recovery company has launched new PHOSPHIX technology which combines continuous ionic filtration (CIF) technology and chemical precipitation to particularly remove phosphate from water and recover a reusable solid phosphorus product. PHOSPHIXTM achieves very low effluent concentrations (0.1 ppm) with over 99% water recovery and recycles phosphate into hydroxyapatite, which is used to produce fertilizer.
In May 2022, Coromandel International Limited, India’s leading agri input solution provider and is in the business of fertilisers, crop protection, bio products, speciality nutrients, organic fertilisers and retail, acquired 45% equity stake in Baobab Mining and Chemicals Corporation (BMCC), at an outlay of US$ 19.6 million. This investment strengthened Coromandel’s backward integration and will help the company to ensure its long term supply security of raw material. BMCC can meet up to one-third of the Company’s rock phosphate requirement. Rock phosphate is a key raw material for manufacturing phosphoric acid, an intermediate used for phosphatic fertilizer production. Baobab Mining and Chemicals Corporation (BMCC), based in Senegal, Africa, is a rock phosphate mining company.
The countries covered in the phosphoric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06323492/?utm_source=GNW
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