Phosphoric Acid Market - Forecast(2021 - 2026)

 

Phosphoric Acid Market Overview

Phosphoric Acid Market is forecast to reach $16.09 billion by 2026, after growing at a CAGR of 5.9% during 2021-2026. High usage of phosphoric acid for the production of phosphate fertilizers, such as Mono-Ammonium Phosphate (MAP) and Diammonium Phosphate (DAP), is expected to drive the market over the forecast period. Globally, phosphoric acid is the second-largest consumed inorganic acid after sulfuric acid. It is industrially produced in three grades with different concentration levels as per its end use. The three grades include food grade, agriculture grade, and industrial grade. Agriculture grade phosphoric acid leads the global market, in terms of value as well as volume, owing to its high usage in the manufacturing of fertilizers.


Report Coverage

The report “Phosphoric Acid Market– Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Phosphoric Acid Market.
By Process: Wet Process, Thermal Process, and Others.
By Application: Fertilizers, Feed and Food Additives, Industrial, Detergents, Water Treatment, Metal Treatment, and Others.
By Geography: North America, South America, Europe, APAC, and RoW.


Key Takeaways

  • Growing population has also led to a decline in arable land and hence there is a requirement for quick growing chemicals. This is one of the prime reasons triggering the usage of synthetic chemicals over natural or bio-based ones. The U.S. is one of the dominant agrochemical industries of North America and is home to different fertilizer manufacturing companies.
  • The product demand in the developed countries of North America and Asia Pacific has reached a maturity phase, generating a moderate growth for the chemical. However, increasing agricultural activities and favorable government regulations in the developing countries of Asia Pacific, Latin America, and the Middle East & Africa have fostered the production and demand for phosphoric acid.
  • However, the end use industries are being significantly affected due to the COVID-19 pandemic, as most of the countries have issued “stay at home guidance” i.e., lockdown. This factor is limiting the market growth in current situation.


Phosphoric Acid Market Segment Analysis - By Application

Fertilizers sector has dominated the market for Phosphoric Acid Market in 2020, by growing at a CAGR of 5.5% during the forecast period 2021-2026. The rapid growth in agricultural output in China and the economic progress of the country has propelled the demand for phosphate fertilizers. This, in turn, has resulted in a rise in the domestic production and consumption of the product in the nation. However, owing to stringent government regulations, the production is anticipated to register moderate growth rate over the forecast period. On the contrary, in India, the chemical is anticipated to register significant growth, both in terms of production as well as consumption. Moreover, an increase in agricultural activities and the growing exports of fertilizers are expected to have a positive impact on production. The constant ongoing debate over food safety with respect to crop yield and efficient cultivation of crops also has a positive impact on the market. However, problems arising due to the over usage of phosphate and nitrogen-based synthetic products have led to the development of sustainable options, such as micronutrients and organic chemicals. Development of such bio-based products has ushered in a greater emphasis on their competitiveness against conventional fertilizers available in the market today. This, in turn, will have a negative influence on market growth.


Phosphoric Acid Market Segment Analysis - Geography

APAC dominated the Phosphoric Acid Market share with more than 47% in 2020, followed by Europe and North America. The phosphorus acid has gained strong benefits from the rapid development of the food processing industry in countries, like China and India, and other developing countries. Also, the Chinese government estimated that the annual demand for phosphoric acid from China might reach more than 200,000 metric ton, in the upcoming years. Most of the manufacturers are consistently expanding production capabilities in order to cater to the growing demand for phosphoric acid. Factors, such as high production rate and lower labor rates, have led developing countries to account for the major share of the phosphoric acid market in the region. 

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Location: United States

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