CHICAGO, Aug. 30, 2022 /PRNewswire/ -- The report "Phosphoric Acid Market size will grow to USD 56.8 Billion by 2027, at a CAGR of 4.1% from USD 46.4 Billion in 2022, according to a new report by MarketsandMarkets. This growth is primarily triggered by the growing demand for phosphate fertilizers. Phosphoric acid is used as a raw material for fertilizers production as it is an excellent nutrient to crops. In recent years, the agriculture industry across the world is showing strong growth, supported by the increased demand for food. This provoked the farmers to manufacture high-quality yields, which in turn increased the demand for fertilizers. Phosphorus is an important plant growth nutrient. It is consumed by plant roots, usually as an H2PO4- (dihydrogen phosphate ion) from phosphoric acid.
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Browse in-depth TOC on "Phosphoric Acid Market"
244 - Tables
63 - Figures
235 - Pages
List of Key Players profiled in the Phosphoric Acid Market report include:
1. ICL Group Ltd. (Israel),
2. OCP Group S.A. (Morocco),
3. The Mosaic Company (US),
4. Nutrien Ltd. (Canada),
5. Eurochem Group AG (Switzerland),
6. Phosagro Group of Companies (Russia), and
7. IFFCO (India) among others.
Key Findings of the Study:
1.The wet process is estimated to be the largest process type of phosphoric acid market in 2021
2.Fertilizers is estimated to be the largest application in the phosphoric acid market in 2021
3.The Asia Pacific is projected to be the fastest-growing market for phosphoric acid during the forecast period.
The wet process is estimated to be the largest process type of phosphoric acid market in 2021
The wet process accounted for the largest share of the global phosphoric acid market, in 2021. In wet process, low phosphorous content rock can also be used as a raw material. The diminishing supply of rock phosphate is a major concern in the phosphoric acid market. As there is no alternative available for phosphate, it is important to take adequate measures to ensure the future supply for phosphates. Even though phosphate recycling from wastewater is possible, it does not seem economically feasible yet. The high growth in fertilizers demand is the major factor driving the wet process of phosphoric acid.
Fertilizers is estimated to be the largest application in the phosphoric acid market in 2021
The fertilizers application accounted for the largest share of the global phosphoric acid market, in 2021. Fertilizers are chemical compounds that are mainly comprised of nitrogen, phosphorus, and potassium. They are vital for the growth and development of plants and crops. Phosphoric acid is an intermediate product in the process of fertilizers production using phosphate rock. Phosphate fertilizers are essential for successful root development. They are produced from phosphate rock.
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The Asia Pacific is projected to be the fastest-growing market for phosphoric acid during the forecast period.
The Asia Pacific is projected to be the fastest-growing market, in terms of value, during the forecast period. The Asia Pacific has a high consumption of fertilizers because of growing production capacities, competitive manufacturing costs, and high economic growth rates; these factors are also expected to favor the growth of the phosphoric acid market during the forecast period. As Asia Pacific is the largest as well as the most populated continent, the consumption of phosphoric acid, especially in terms of fertilizers and food additives, is high in the region. In addition, the growth of the food & beverage, home care, water treatment, and metal finishing industries in the region has triggered the demand for phosphoric acid.
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