Used as a fertilizer, owing to being nutrient-rich, phosphoric acid will see an increased use in agriculture over the coming few years. Known to form the P in N-P-K (Nitrogen – Phosphorous – Potassium) fertilizers, it is crucial for superior plant health.
It is highly significant to make note of the fact that as agricultural land and productivity is shrinking worldwide, need for fertilizers in growing. Besides, world population is also seeing an upwards curve and as per experts in the field, the number of people will go up by 2 billion in the next 30 years. To feed these people, better yield from limited land is required and fertilizers play a critical role here.
As per Transparency Market Research, “This segment would contribute significantly to the overall growth of global phosphoric acid market. And, the global phosphoric market would grow at 2.5%, compounded annually from 2018 to 2026.” This growth would help improve the market worth – pull it from USD 13,4 bn. in 2017 to USD 17.4 bn. in 2026.
Asia Pacific to Generate Lucrative Opportunities in the Global Phosphoric Acid Market
Region-wise, Asia Pacific will be bullish over the forecast period. In the year 2017, the region held more than half of the total market share and the trend will continue through the assessment period. It is worth noting here that as urbanization and industrialization increases in this region, the per capita farmland decreases, driving demand for phosphate fertilizers in order to improve per unit yield from what is available. One of the most common phosphate fertilizers include DAP – Diammonium Phosphate.
Environment Concerns to Act as Restraint in the Global Phosphoric Acid Market
One of the factors that is hampering growth in global phosphoric acid market is the growing concern regarding environmental degradation, related to use of phosphates. It is noted that soil health deteriorates and water bodies get polluted. This has led to a stricter regulatory framework around the use of phosphoric acid and phosphates. In certain regions, this is leading to adoption of natural fertilizers. In turn, it hurts growth in demand in the phosphoric acid market. However, easy availability and affordability will act in favor of global phosphoric acid market.
Price Containment and Robust Distribution to be Key Goals for Global Phosphoric Acid Market Players
The global phosphoric acid market is a consolidated vendor landscape with a major share being held by the top ten companies. It is pertinent to note here that one factor common against each one is forward integration. Some of the prominent names are J.R. Simplot Company, Yara International, Israel Chemicals Ltd., The Mosaic Company, Eurochem Group AG, Nutrien Ltd., Prayon S.A., OCP Group, CECA (Arkema Group), WengFu Group, Solvay, and Maaden, among others. The focus is on containing price and ensuring a smooth supply chain.
For the study, the market has been segmented as follows:
Global Phosphoric Acid Market, by Application
- Diammonium Phosphate (DAP)
- Monoammonium Phosphate (MAP)
- Trisodium Phosphate (TSP)
- Food Additives
- Animal Feed
Global Phosphoric Acid Market, by Region
- North America
- Latin America
- Rest of Latin America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC