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The global phosphoric acid market is projected to showcase a strong growth during the forecast period (2021–2030), on account of its high-volume demand arising for the production of fertilizers. With the growth in the agriculture sector, globally, the consumption of fertilizers has witnessed a rapid surge, wherein the compound is used as a key raw material.
The phosphoric acid market is categorized into food, agricultural, and industrial, on the basis of grade. Of these, the industrial category is expected to account for the largest market share in coming years. This can be ascribed to the high usage of purified phosphoric acid (industrial grade) for the production of drip irrigation fertilizers. Additionally, it is used for the manufacturing several personal care products, such as toothpastes and detergents, and animal feed products.
The phosphoric acid market is categorized, on the basis of application, into DAP, MAP, TSP, other fertilizers, and others. Among these, the DAP category is expected to account for a significant share in the market by 2030, owing to the high-volume usage of phosphoric acid in DAP, which serves as an excellent source of nutrients, such as phosphorus and nitrogen, for plant nutrition.
Geographically, the Asia-Pacific (APAC) region is expected to lead the phosphoric acid market throughout the forecast period. This can be ascribed to the high-volume demand of fertilizers from the agriculture sector in the region. With the rapidly surging population in China and India, the consumption of fertilizers is witnessing a rise, in order to provide nutrition to the crop yield. Owing to this, the demand for phosphoric acid as a raw material for fertilizers is projected to increase during the forecast period in APAC.
The phosphoric acid market is expected to demonstrate a profound growth, primarily on account of the rapidly increasing demand for the compound as a raw material for agricultural fertilizers. The compound has an ability to provide the required nutrients to crops, owing to which it serves as a suitable ingredient. In recent years, the agriculture sector across the world is showcasing a strong growth, in order to meet the rising food demand. This, in turn, has propelled the farmers to produce high-quality yield, thereby increasing the demand for fertilizers. Therefore, such factors are expected to propel the phosphoric acid market during the forecast period.
The phosphoric acid market is likely to demonstrate a restrained growth, due to government initiatives for the adoption of genetically modified seeds, which do not require fertilizers. Moreover, its harmful effects on human contact include damage to respiratory tract. Additionally, prolonged exposure to the compound can lead to chronic eye irritation and severe skin irritation. Therefore, such factors are projected to restrain the adoption of the compound to a certain extent, thereby likely to impact the market during the forecast period.
Some of the companies operating in the global phosphoric acid market are Aditya Birla Group, PJSC PhosAgro, Wengfu Group Co. Ltd., OCP S.A., Arkema S.A., and Solvay S.A.
The study provides the historical as well as the forecast size of the phosphoric acid market.
The phosphoric acid market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Grade
Based on Application
Based on Product