Phosphoric Acid Market Worth $56.8 Billion by 2027 – Exclusive Report by MarketsandMarkets™

MarketsandMarkets Research Pvt. ltd.

Phosphoric Acid Industry Report provides an in-depth analysis of current trends, market growth, and future estimates.

Chicago, Sept. 09, 2022 (GLOBE NEWSWIRE) — The phosphoric acid market size will reach USD 56.8 billion by 2027, growing at a CAGR of 4.1% from USD 46.4 billion in 2022, according to a new report by MarketsandMarkets™. This growth is mainly triggered by the growing demand for phosphate fertilizers. Phosphoric acid is used as a raw material for the production of fertilizers because it is an excellent nutrient for crops. In recent years, the agricultural industry around the world has shown strong growth, supported by the increase in food demand. This has encouraged farmers to produce high quality yields, which has increased the demand for fertilizers. Phosphorus is an important nutrient for plant growth. It is consumed by plant roots, usually as H2PO4- (dihydrogen phosphate ion) from phosphoric acid.

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Browse the in-depth table of contents at “phosphoric acid market
244 – Tables
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List of key players profiled in the Phosphoric Acid Market report include:

  1. ICL Group Ltd. (Israel),

  2. OCP SA Group (Morocco),

  3. The Mosaic company (USA),

  4. Nutrien Ltd (Canada),

  5. Eurochem Group AG (Switzerland),

  6. Phosagro Group of Companies (Russia), and

  7. IFFCO (India) among others.

Main results of the study:

  1. Wet process is estimated to be the largest process type in the phosphoric acid market in 2021

  2. Fertilizers are estimated to be the largest application in the phosphoric acid market in 2021

  3. Asia-Pacific is expected to be the fastest growing market for phosphoric acid over the forecast period.

Wet process is estimated to be the largest process type in the phosphoric acid market in 2021

Wet process accounted for the largest share of the global phosphoric acid market, in 2021. In wet process, rock with low phosphorus content can also be used as raw material. Decreasing supply of phosphate rock is a major concern in the phosphoric acid market. Since there is no alternative available for phosphate, it is important to take adequate measures to ensure the future supply of phosphates. Even if the recycling of phosphate from wastewater is possible, it does not yet seem economically feasible. The strong growth in fertilizer demand is the main factor driving the wet phosphoric acid process.

Fertilizers are estimated to be the largest application in the phosphoric acid market in 2021

Fertilizer application accounted for the largest share of the global phosphoric acid market in 2021. Fertilizers are chemical compounds mainly composed 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 fertilizer production process using phosphate rock. Phosphate fertilizers are essential for good root development. They are produced from phosphate rock.

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Asia-Pacific is expected to be the fastest growing market for phosphoric acid over the forecast period.

Asia-Pacific is expected to be the fastest growing market, in terms of value, over the forecast period. Asia-Pacific has high fertilizer consumption due to growing production capacities, competitive manufacturing costs and high economic growth rates; these factors are also expected to support the growth of the phosphoric acid market over the forecast period. Asia-Pacific being the largest and most populous continent, the consumption of phosphoric acid, especially in terms of fertilizers and feed additives, is high in the region. Also, the growth of food and beverage, home care, water treatment and metal finishing industries in the region has triggered the demand for phosphoric acid.

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