Phosphoric Acid Market to Expand at a Rate of 4.20% from 2023 to 2030 and Touch USD 72,722.13 Million by 2030 – Report by Market Research Future (MRFR)
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Market Research Future
Phosphoric Acid Market Research Report Information By Source (Wet Process, Thermal Process), By Application (Fertilizers, Feed & Food Additives, Detergents, Water Treatment Chemicals and Others), and By Region - Global Forecast to 2030
New York (US), Sept. 13, 2023 (GLOBE NEWSWIRE) -- Phosphoric Acid Market Overview
As per an Extensive Research Report by Market Research Future (MRFR), “Phosphoric Acid Market Information By Source, Application, and Region - Forecast till 2032” The phosphoric acid industry shall develop from USD 54,420.23 million in 2023 to USD 72,722.13 million by 2030, with 4.20% CAGR from 2023 to 2030.
Market Scope
An inorganic substance having the chemical formula H3PO4, phosphoric acid is an odorless, colorless solid that contains phosphorus. It can be found in numerous household cleaning products as well as detergents and fertilizers.
On the other hand, the adverse effects of phosphoric acid on human health are impeding market expansion. But, both the commercialization of chiral phosphoric acid as a catalyst and the extraction of rare earth elements from phosphoric acid have the potential to significantly expand the industry.
Over the coming years, food and beverages and fertilizer will be the two most significant demand areas. The world's largest market is predicted to be in the Asia-Pacific region, where China and India will use the most products.
Phosphoric acid is frequently used to make phosphate fertilizers like Mono-Ammonium Phosphate (MAP) and Diammonium Phosphate (DAP), which are anticipated to dominate the market over the projection period. After sulfuric acid, it is the inorganic acid that is consumed the most globally. Depending on the end purpose, it is industrially produced in three grades with varying concentration levels. Agriculture grade, food grade, and industrial grade are the three grades. Due to its extensive use in the production of fertilizers, agricultural-grade phosphoric acid dominates both the value and volume of the global market.
One of North America's most important agrochemical industries is found in the United States. Numerous businesses that produce fertilizer call it home, including Yara, Fertiliser Canada, BASF SE, and others. The nation's largest industry and net exporter of food is agriculture. In every state, agriculture is practiced, ranging from small-scale farmers to large-scale industrial farms. The country's demand for phosphatic fertilizers and therefore phosphoric acid is projected to increase as farmers' propensity for growing maize grows.
The need for phosphate fertilizers has increased due to China's rapid growth in agricultural output and its economic development. This has led to an increase in the product's domestic production and consumption across the country. However, it is projected that production will rise at a moderate rate over the forecast period due to strict government regulations. The chemical, however, is expected to experience tremendous expansion in India, both in terms of production and consumption. Additionally, it is anticipated that increased agricultural activity and rising fertilizer exports will benefit productivity.
The ongoing debate about crop production and effective crop cultivation has a favorable effect on the market as well as the current debate over food safety. The creation of sustainable alternatives, like micronutrients and organic compounds, is a result of issues brought on by the overuse of phosphate- and nitrogen-based synthetic products. The development of such bio-based solutions has brought in a greater emphasis on their ability to compete against conventional fertilizers now available on the market. As a result, the market's growth will be negatively impacted.
COVID 19 Analysis
The COVID-19 outbreak has negatively impacted the global economic growth. several actions taken to combat the pandemic, such as lockdowns, the reversal of trade regulations, and the closure of several companies and workplaces, could save lives in a number of different countries. They do, however, have widespread economic repercussions.
The regions that are expected to experience the biggest decline include East Asia, South Asia, and West Asia. In 2020, a little decline in fertilizer consumption is anticipated in North America, Latin America, and Europe. In Africa, this is now stable. Despite the COVID-19 situation, markets in Oceania, Eastern Europe, and Central Asia are anticipated to grow their fertilizer demand.
Negative effects have also been seen in the food supply systems. Although severe disruptions are improbable, numerous governments have developed ideas to assist the food supply chain and farmers. Therefore, the COVID-19 pandemic's impact on the fertilizers industry will restrain the expansion of the phosphoric acid market.
The sources considered in the report are the wet process as well as the thermal process.
By Application
Phosphoric acid has applications in fertilizers, feed & food additives, detergents, water treatment chemicals, and others.
Regional Insights
Since the government, the chemical industry, agriculture, and consumer spending are all major drivers of GDP, the Asia Pacific market will continue to hold the strongest position during the research period. The regional market will undoubtedly be pushed by the expanding agricultural sector.
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