“We have produced a new premium report Phosphoric Acid Market. The report covers the analysis of global as well as regional markets of Phosphoric Acid. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. The report also deep dives into the sub-segments of Phosphoric Acid Market by applications (fertilizers, food additives, animal feed and other) through main geographies in the global market such as North America, Europe, Asia-Pacific and RoW. . According to report the global phosphoric acid market is projected to grow at a CAGR of 3.5% over the forecast period of 2018-2024.
The report covers market changing dynamics including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the Phosphoric Acid Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Phosphoric Acid Market are PhosAgro, PotashCorp, The Mosaic Company, Sinofert Holdings, OCP, Argium inc., Israel Chemical Ltd., United Phosphorus Ltd., Innophos Holdings inc., Mosaic Company, and Others.”
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Rapidly growing demand of phosphoric acid to form the phosphate fertilizers and government subsidies on fertilizers are the primary factor driving the growth of Phosphoric acid market
The Phosphoric acid is a crystalline corrosive inorganic acid with chemical formula H3PO4.It is produced by two industrial methods, wet and thermal. The phosphoric acid is also known as Orthophosphoric acid or o-Phosphoric acid. The phosphoric acid is the non-toxic, colorless acid and generally available in the solid form at room temperature. The Phosphoric acid is the second most used inorganic acid after sulfuric acid. The phosphoric acid produced from the wet process is used in fertilizer production whereas, thermally produced phosphoric acid is used in formation of high-grade chemicals, pharmaceuticals, food and beverages and other non-fertilizer products. Triple superphosphate (TSP), diamonium hydrogenphosphate (DAP) and monoammonium dihydrogenphosphate (MAP) are three types of fertilizers that can be derived from the phosphoric acid
The fertilizers plays an important role in the crop production. As the population is increasing worldwide, the demand for food will also increase, which in turn creates the demand of fertilizers. However, the harmful impact of the Phosphoric acid on environment and the human body is restraining the market growth of Phosphoric acid as the usage of Phosphoric acid affects the water system and the human body. Alternatively, the ongoing awareness about the use Phosphoric acid to improve the quality of crops among the farmers is anticipated to create several opportunities in Phosphoric acid market in upcoming years.
Among the regions, Asia Pacific dominates the market of Phosphoric acid. In Asia-pacific region, the use of Phosphoric acid to manufacture various products including fertilizers, food additives chemicals and so on is rising rapidly among the countries like China and India. In addition, strong favorable agricultural conditions in Asian countries to create a huge demand for phosphoric acid in this region. Middle East and Latin American countries are expected to grow at a fast pace during the forecast period
Segments Covered in this Premium Report
The report on global phosphoric acid market covers segments such as, applications. On the basis of applications the global phosphoric acid market is categorized into fertilizers, food additives, animal feed and other.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2018-2024.