DUBLIN--(BUSINESS WIRE)--The "Phosphoric Acid Market - Growth, Trends and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for phosphoric acid is expected to grow at a CAGR of about 5% during the forecast period.
Major factor driving the market studied is increasing demand from fertilizer industry. On the flipside, health related hazard caused by phosphoric acid and unfavorable conditions arising due to COVID-19 outbreak is hindering the growth of the market.
Companies Mentioned
- Aditya Birla Chemicals
- Agropolychim
- Chambal Fertilisers and Chemicals Limited
- Fertiliser and Chemicals Travancore Ltd.
- Gujarat State Fertilizers & Chemicals Limited
- Hindustan Dorr-Oliver Ltd.
- LANXESS
- Mosaic
- Nutrien Ltd.
- Paradeep Phosphates Limited
- Sasol
- Solvay
- Sterlite Copper (Vedanta)
- IFFCO
- Innophos
- Jiangxi Liuguo Chemical Co Ltd.
- LyondellBasell Industries N.V.
- Ma'aden
- Prayon
- Yara
- Yunnan Yunfeng Chimeical Industry Co. Ltd.
Key Market Trends
Increasing demand from Fertilizer Segment
- Phosphoric acid is basically an intermediate to produce fertilizers. Fertilizers like Monoammonium Phosphate (MAP), Diammonium Phosphate (DAP) and Trisodium Phosphate (TSP) are produced from phosphoric acid. Phosphoric acid forms a key component for many fertilizers as it is a multi-function agent, used for plant nutrition, pH adjustment and cleansing irrigation equipment from lime precipitation. It is a rich source of phosphorus for plants. The global fertilizer industry is expected to grow at a CAGR of 5% during the forecast period.
- As of 2019, there remains some 2.7 billion hectares of land with potential for crop production in the world, concentrated in Asia-Pacific, South and Central America and Sub-Saharan Africa. To meet the growing food demands for the ever-increasing global population, demand for fertilizers is increasing, with the population in the world currently (2020) growing at a rate of around 1.05% per year (1.08% in 2019, 1.10% in 2018, and 1.12% in 2017).
- The fertilizer industry is expected to dominate the global phosphoric acid market over the forecast period.
- Owing to the above-mentioned factors, the application of phosphoric acid from fertilizer industry is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market in phosphoric acid production. This is because the largest producer and consumer of fertilizer is China. In countries like China, India and South-East Asian nations, the demand for phosphoric acid has been increasing continuously.
- Asia-Pacific is also expected to be the fastest growing market during the forecast period, with increasing demand from end users like fertilizers, food & beverages, chemicals, medicine, etc.
- Fertilizer industry in Asia-Pacific region is expected to grow at a CAGR of more than 6% during the forecast period, ensuring regular demand for phosphoric acid to be used to manufacture the fertilizers like Monoammonium Phosphate (MAP), Diammonium Phosphate (DAP) and Trisodium Phosphate (TSP), which are used to grow crops.
- Phosphoric acid is also used in the Food & Beverage industry as it is used to acidify foods and beverages such as various colas and jams, providing a tangy or sour taste. Food & beverage industry in Asia is expected to grow at a healthy CAGR of more than 7% during the forecast period, owing to greater consumer spending power in the region. This will ensure the demand for phosphoric acid from the segment.
- Thus, rising demands from the aforementioned end-user industries is expected to drive the growth of phosphoric acid market in the Asia-Pacific region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Drivers
4.1.1 Increasing Demand from Fertilizer Industry
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Health Hazards Caused by Phosphoric Acid
4.2.2 Unfavorable Conditions Arising due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Supplier
4.4.2 Bargaining Power of Buyer
4.4.3 Threat of New Entrant
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Technological Snapshot
4.6 Trade Analysis
5 Market Segmentation
5.1 End-user Industry
5.1.1 Fertilizer
5.1.2 Food & Beverages
5.1.3 Chemicals
5.1.4 Medicine
5.1.5 Metallurgy
5.1.6 Others
5.2 Geography
5.2.1 Asia-Pacific
5.2.1.1 China
5.2.1.2 India
5.2.1.3 Japan
5.2.1.4 South Korea
5.2.1.5 Rest of Asia-Pacific
5.2.2 North America
5.2.2.1 United States
5.2.2.2 Mexico
5.2.2.3 Canada
5.2.3 Europe
5.2.3.1 Germany
5.2.3.2 United Kingdom
5.2.3.3 Italy
5.2.3.4 France
5.2.3.5 Rest of Europe
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.5 Middle-East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 South Africa
5.2.5.3 Rest of Middle-East and Africa
6 Competitive Landscape
6.1 Merger & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 Market Opportunities and Future Trends
7.1 Recovery of Rare Earth Elements from Phosphoric Acid
7.2 Commercialization of Chiral Phosporic Acid as a Catalyst
7.3 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/t4bfog
