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Phosphoric Acid Market Overview, Trends, Growth, Demand, Key Players Analysis and Forecast to 2031
Phosphoric Acid Market
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Phosphoric acid is an inorganic acid that is derived from phosphates. It is a clear, colorless, and odorless liquid that is highly corrosive. Phosphoric acid is used in a variety of industries, including as a food additive, in detergents, and in fertilizers.
When phosphoric acid is added to food, it acts as a preservative and gives the food a slightly tart flavor. Phosphoric acid is also used in detergents to help remove stains. In fertilizers, phosphoric acid is used to increase the acidity of the soil, which helps to improve the uptake of nutrients by plants.
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Key Market Segments
The phosphoric acid market bifurcated on the basis of application, and region. On the basis of application, it is segmented into diammonium hydrogenphosphate (DAP), monoammonium dihydrogenphosphate (MAP), triple superphosphate (TSP), and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.
Key Market Players
The phosphoric acid market report includes players such as LANXESS, Mosaic, Nutrien Ltd., Paradeep Phosphates Ltd., Sasol, Solvay, Sterlite Copper, IFFCO, Innophos, and Kemipex.
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Key Trends
In recent years, the use of phosphoric acid has become increasingly popular in a variety of industries due to its unique properties. Phosphoric acid is a strong acid that is highly corrosive and has a high affinity for metals. This makes it an ideal choice for cleaning metal surfaces and removing rust. It is also used in the food industry as an additive to improve the flavor of food.
In the past, phosphoric acid was produced by the reaction of phosphate rock with sulfuric acid. However, this process is no longer used due to the environmental concerns associated with the production of sulfuric acid. Today, phosphoric acid is produced by the reaction of phosphate rock with hydrochloric acid. This process is known as the wet process and is the most common method of production.
The wet process is typically used to produce phosphoric acid with a purity of 85-95%. The purity of the acid can be increased to 99.9% by using the dry process. In the dry process, phosphate rock is reacted with anhydrous hydrogen chloride. The resulting acid is then distilled to remove impurities.
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Phosphoric Acid Market 2031 Competitor Analysis
The Phosphoric Acid Market is expected to register a CAGR of 4% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
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Based on Apllication Type, By Application Fertilizers, Food and Feed Phosphate, Detergents, Water Treatment Chemicals, Industrial, Electronics.
Major Companies operating in the Phosphoric Acid Market are:
• Arkema Group
• J.R. Simplot Company
• Nutrien Ltd.
• OCP Group
• PJSC PhosAgro
• Prayon Group
• Solvay
• Spectrum Chemical Manufacturing Corporation
• The…
Phosphoric Acid Market was Dominated by Agricultural-Grade Phosphoric Acid
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The diammonium hydrogen phosphate market will grow significantly in the years to come with a rate of about 5%, because of the growing need for manure to increase agricultural yields.
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Global Phosphoric Acid Market Size
According to a new market research report published by Global Market Estimates, the Global Phosphoric Acid Market is expected to grow from USD 46.5 Billion in 2023 to USD 58.2 Billion by 2028 and is projected to grow at a CAGR of 4.44% from 2023 to 2028.
The growing export value and volume of fertilizers, increased demand for phosphoric acid from the food and beverage and pharmaceutical industries, and increasing concerns…
