The Major Growth Driver in The Global Phosphoric Acid Market is Phosphoric Acid’s Use As A Flavoring Agent, Acidity Regulator in Various Foods And Beverages.

HYDERABAD, TELANGANA, INDIA, September 23, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that The Phosphoric Acid Market is forecast to reach $16.09 billion by 2026, after growing at a CAGR of 5.9% during 2021-2026. High usage of phosphoric acid for the production of phosphate fertilizers, such as Mono-Ammonium Phosphate (MAP) and Diammonium Phosphate (DAP), is expected to drive the market over the forecast period. Agriculture grade phosphoric acid leads the global market, in terms of value as well as volume, owing to its high usage in the manufacturing of fertilizers. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways :

1. Growing population has also led to a decline in arable land and hence there is a requirement for quick growing chemicals. This is one of the prime reasons triggering the usage of synthetic chemicals over natural or bio-based ones. The U.S. is one of the dominant agrochemical industries of North America and is home to different fertilizer manufacturing companies.

2. The product demand in the developed countries of North America and Asia Pacific has reached a maturity phase, generating a moderate growth for the chemical. However, increasing agricultural activities and favorable government regulations in the developing countries of Asia Pacific, Latin America, and the Middle East & Africa have fostered the production and demand for phosphoric acid.

3. However, the end use industries are being significantly affected due to the COVID-19 pandemic, as most of the countries have issued “stay at home guidance” i.e., lockdown. This factor is limiting the market growth in current situation.

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Segmental Analysis :

1. Fertilizers sector has dominated the market for Phosphoric Acid Market in 2020, by growing at a CAGR of 5.5% during the forecast period 2021-2026. The rapid growth in agricultural output in China and the economic progress of the country has propelled the demand for phosphate fertilizers.

2. APAC dominated the Phosphoric Acid Market share with more than 47% in 2020, followed by Europe and North America. The phosphorus acid has gained strong benefits from the rapid development of the food processing industry in countries, like China and India, and other developing countries.

3. Most of the manufacturers are consistently expanding production capabilities in order to cater to the growing demand for phosphoric acid. Factors, such as high production rate and lower labor rates, have led developing countries to account for the major share of the phosphoric acid market in the region.

Competitive Landscape :

The top 5 players in the Phosphoric Acid Industry are -

1. Kazphosphate LIC

2. Acron OAO

3. Eurochem

4. Argium

5. CF Industries

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Venkat Reddy
IndustryARC
+1 614-588-8538
venkat@industryarc.com
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