Phosphoric Acid Market-Used in Production for Liquid Fertilizer Industries: Market is expected to witness substantial growth during Forecast-2019
Phosphoric acid and its phosphate derivatives exhibit various useful properties such as softening and complexing agent, buffer agent, dispersing agent, alkalizing capacity, synergy with surfactants, acidity regulator, corrosion inhibitor, lead precipitation agent, water fluoridation, scale inhibition, nutrient source, pH control and precipitation and sequestration of metal ions among others. Owing to such highly useful characteristics, phosphoric acid and its phosphate derivatives find use in several applications in the areas such as metal treatment, detergents and fertilizers. In the metal treatment industry, phosphoric acid is used for metal cleaning, metal phosphating, in the production of electrical sheets and in the electropolishing of aluminum. In the detergents industry, phosphoric acid is used for producing household detergents and industrial detergents. In the water treatment industry, phosphoric acid and its phosphate derivatives are used for treating drinking water, waste water and industrial water.
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In the fertilizer industry, phosphoric acid and its phosphate derivatives are used for the production of water soluble and liquid fertilizers. Apart from these applications, phosphoric acid and its phosphate derivatives are used in ceramics, enamels, refractories, flame retardants, porcelain, glass, glass fiber, paints, antifreeze, yeast and fermentation chemicals, biofuels such as biodiesel and bioethanol, refining of vegetable oils and sugar, textiles, pigments, several food related applications and pharmaceutical applications.
The regional market for phosphoric acid and its phosphate derivatives is mainly dominated by Asia Pacific and this trend is expected to continue in the next six years. The establishment of Asian countries, especially China and India, as the manufacturing base for several raw materials and application products is the main reason behind the growth of phosphoric acid and its phosphate derivatives market in the Asia Pacific region. Apart from Asia Pacific, markets in the regions such as the Middle East, Africa and Latin America are growing at an astounding rate.
The phosphoric acid market in the countries in these regions such as Brazil, Argentina, South Africa, Algeria, Sudan, Nigeria, Jordan, Saudi Arabia, Egypt, Iran, Yemen, Bahrain, Qatar, Kuwait and Israel are anticipated to grow at a rapid rate in the next few years. Moreover, the North American and European markets are predicted to generate strong demand for phosphoric acid as these markets are gradually recovering from the economy crisis. Owing to such positive prospects, the global phosphoric acid market is expected to maintain an excellent growth rate in the future.
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Some of the major companies operating in the global phosphoric acid market are Acron OAO, Agrium Inc., Eurochem, CF Industries Holdings Inc., Innophos Holdings Inc., Israel Chemical Ltd., Kazphosphate LIC, Foskor, Italmatch Chemicals S.P.A, Chemische Fabrik Budenheim KG, Lanxess AG, Potash Corp Of Saskatchewan Inc., Jordan Phosphate Mines Company, OCP S.A., Prayon S.A., Ojsc Phosagro AG, United Phosphorus Limited, Solvay-Rhodia, Saudi Arabian Mining Company, The Mosaic Company, Vale S.A., Yara International ASA and Yuntianhua Group Co. Ltd. among others.
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