The global phosphoric acid market, with a market size of USD 48.2 billion in 2021, is poised for growth at a projected Compound Annual Growth Rate (CAGR) of 4.5 percent during the forecast period. The markets expansion is primarily attributed to the high demand for phosphoric acid in the production of phosphate fertilizers, including Mono-Ammonium Phosphate (MAP) and Diammonium Phosphate (DAP), driven by the growing agricultural sector.
- Fertilizer Production: The market for phosphoric acid is significantly driven by its role in the production of phosphate fertilizers, which are vital for enhancing crop yields. The widespread use of MAP and DAP in the agricultural sector is a key driver of market growth.
- Diverse Applications: Phosphoric acid finds applications in various sectors, including the production of albumin derivatives, dental cement, textiles, and as a flavor enhancer in the food industry.
Impact of COVID-19:
The COVID-19 pandemic has impacted the global economy and had varying effects on the usage of fertilizers. The primary impact has been on labor and logistics, while the secondary impact has affected the demand for agricultural products. However, the overall impact on fertilizer demand across regions has been mixed, with some regions experiencing a decline and others maintaining stability or even witnessing growth.
Phosphoric Acid Market: Drivers
- Fuel Cell Usage: Liquid phosphoric acid serves as an electrolyte in phosphoric acid fuel cells (PAFC). These fuel cells are gaining traction, particularly in stationary power production applications, and are expected to contribute to the markets growth.
- Agricultural Output: The rapid growth in agricultural output and economic development in countries like China has led to increased demand for phosphate fertilizers, thereby driving the consumption of phosphoric acid.
Phosphoric Acid Market: Restraints
- Environmental Concerns: The use of phosphoric acid can have negative environmental impacts, particularly on water systems, which can be disrupted and polluted by its presence, leading to imbalances in aquatic ecosystems.
- Fertilizer Dominance: The fertilizer segment is anticipated to dominate the phosphoric acid market due to its widespread use in the production of phosphate fertilizers. The growing global population and increasing food demands are driving the demand for fertilizers, and thus, phosphoric acid.
- Wet Process Leading: Phosphoric acid is produced through various processes, and the wet process is expected to dominate the market due to its application in fertilizer manufacturing and its varying concentration levels.
- Asia-Pacific Growth: The Asia-Pacific region, led by Chinas high production and consumption of fertilizers, is expected to dominate the phosphoric acid market. The regions growing agricultural activity and rising disposable income contribute to market growth.
Global Phosphoric Acid Market: Competitive Landscape
Key players in the phosphoric acid market include ICL Group Ltd., OCP Group S.A., The Mosaic Company, Nutrien Ltd., Eurochem Group AG, Phosagro Group of Companies, and IFFCO, among others. Companies are focused on expanding their production capacities and product portfolios to meet the growing demand for phosphoric acid.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/phosphoric-acid-market
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