Albany, USA, 2017-Dec-07 — /EPR Network/ —A new report added to the repository of Market Research Reports Search Engine “Phosphoric Acid Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022” is a comprehensive repository of information, providing market share, size, and forecast.
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Phosphoric acid is a colorless, odorless, and an inorganic acid used to acidify food products and beverages. Phosphoric acid is also utilized for preparing various types of phosphates for application in fertilizers. This acid also finds applications in non-fertilizers. Various types of end-uses of phosphoric acid include diammonium phosphate (DAP), monoammonium phosphate (MAP), trisodium phosphate (TSP), food additives and industrial uses.
Liberalization of Fertilizer Production Industry and Shortage of Cultivable Lands to Drive Market Growth
Majority of countries in the Southeast Asia and sub-Saharan Africa, cost of fertilizers are being strictly regulated by subsidies and import duties. For instance, agrarian economies such as Bangladesh and India are deficient in phosphate rocks and potash reserves. Liberalization of fertilizer production industry, along with the presence of numerous free markets is likely to fuel demand for phosphoric acid. Availability of cultivable land has witnessed a decline over the recent past, owing to rapid rate of urbanization. Arable lands are decreasing globally on the back of industrialization, high demand for energy and population expansion. However, efficient fertilizers have the potential to uplift cultivation capacity of the available arable lands. Phosphoric acid is used for producing effective fertilizers, which offer essential nutrients to crops. Currently, agricultural productivity is being improved worldwide by employing phosphate fertilizers such as TSP, DAP and MAP.
Nature of the global market for phosphoric acid is highly competitive, with the existence of several large & small vendors worldwide. Numerous integrated producers are located at large phosphate rick basins in China, North Africa and North America., with approximately 50% of global phosphate capacity accounted by these producers. Major players in the market realize significant benefits in terms of competitive pricing and low cost of production, owing to the easily available raw materials through integration.
Moderate Expansion Estimated for Global Phosphoric Acid Market through 2022
According to a new report by research, the global phosphoric acid market is anticipated to maintain its expansion trajectory over the forecast period (2017-2022), although at a moderate CAGR. Global sales of phosphoric acid is forecast to surpass US$ 30,000 Mn in revenues by 2022-end.
Asia-Pacific excluding Japan (APEJ) will continue to hold its position of being the most lucrative market for phosphoric acid. The market in APEJ will reflect the fastest expansion through 2022. Middle East and North America are also expected to remain lucrative regions for expansion of the global phosphoric acid market. The phosphoric acid market in North America and Latin America will register similar CAGRs through 2022. Japan will remain the least lucrative market for phosphoric acid over the forecast period.
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Phosphoric Acid to Discern Highest End-Use in DAP
Phosphoric acid is anticipated to discern the highest end-use in DAP, with sales poised to exceed revenues worth US$ 10,000 Mn by 2022-end. Sales of phosphoric acid for end-use in DAP and TSP will witness a parallel expansion through 2022. Sales of phosphoric acid are projected to ride on the highest CAGR for end-use in MAP throughout the forecast period. Food additives and industrial uses will continue to be the least lucrative end-uses of phosphoric acid.
Phosphoric acid is expected to record the largest application in fertilizers during 2017 to 2022. In 2017, almost 90% of the revenue share of the market will be accounted by sales of phosphoric acid for application in fertilizers. The revenue share of this application segment is further anticipated to gain an uptick by 2022-end.
TMR’s report has listed active companies operating in the global phosphoric acid market, which include J.R. Simplot Co., Agrium, Inc., Eurochem Group AG, Ma’aden Phosphate Company, Wengfu Group Co., Ltd., Potash Corp. of Saskatchewan, Inc., PhosAgro PJSC, Yunnan Yuntianhua Co., Ltd., OCP S.A., and The Mosaic Co.
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