Phosphoric Acid Market - Market Growing at a Healthy Rate | 2024

Global Phosphoric Acid Market: Overview

Phosphoric acid, also sometimes referred as orthophosphoric acid, is an inorganic acid that is used to acidify foods and beverages such as jams and colas. After sulfuric acid, phosphoric acid is the most in-demand as it is the most essential raw material in the production of phosphatic fertilizers and also finds applications in other purposes such as animal feed and water treatment.

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With growing population across the world, the demand for food is escalating but the limitation of fertile land is forcing vendors in agricultural field to increase production, which is achieved with phosphoric acid. Consequently, the demand in the global phosphoric acid is anticipated to expand at a healthy CAGR during the forecast period of 2016 to 2024.

This report on global market for phosphoric acid is a thorough overview of the market in its current scenario with inputs from industry experts and aims to provide an extensive coverage on the applications of the same. The report also takes a detailed account of the value chain of the market for phosphoric acid and profiles some of the leading companies currently operating in the market. Based on application, this market can be segmented into fertilizers including monoammonium phosphate (MAP) and diammonium phosphate (DAP), and animal feeds. Geographically, the report studies the potential of the market in regions such as Asia Pacific, North America, Europe, and Latin America.

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Global Phosphoric Acid Market: Drivers and Restraints

Administration of retail price and subsidies offered by several governments on fertilizer sales are two of the most prominent factors driving this market. Phosphoric acid and its phosphate derivatives find application in ceramics, flame retardants, glass, glass fiber, enamels, refractories, antifreeze, yeast and fermentation chemicals, porcelain, paints, and biofuels such as bioethanol and biodiesel. Besides that, phosphoric acid are also used for refining of vegetable oils and sugar, textiles, and pigments. Phosphoric acid is now also extensively used for the manufacturing of detergents, metal treatment, and water treatment. Especially the demand for safe drinking water is escalating, which will further fuel the demand for phosphoric acid during the forecast period. Phosphoric acid is used for metal phosphating, cleaning, production of electrical sheets and electropolishing of aluminum while the detergents industry uses phosphoric acid to produce industrial and household detergents. Conversely, growing inclination toward genetically modified seeds is expected to hinder the growth rate to a certain extent. The report also detects an opportunity for this market with increase in cross-border investments and joint ventures.

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