Phosphoric acid also known as orthophosphoric acid, is an inorganic acid which is derived from phosphate rocks. It is an odorless, colorless, non-volatile, non-toxic and crystalline liquid. It act as a rust inhibitor, electrolyte, fertilizer feedstock, and as a home cleaning product. Phosphoric acid is mainly produced by thermal process and wet process. Phosphoric acid produced by thermal process is of high purity and hence it is utilized in the production of high quality chemicals, detergents, pharmaceuticals, beverages, food products, and others. On the other hand, phosphoric acid produced from wet process is used in fertilizer production. Moreover, it is produced in three grades including agricultural grade, food grade and industrial grade.
MARKET DYNAMICS
The rising demand for the phosphate fertilizers is majorly propelling the growth of the global phosphoric acid market. Phosphate fertilizers aids in high crop production and further contributes in feeding the escalating global population. According to the report by UN Department of Economics & Social Affairs, it is estimated that the global population will reach 9.7 billion by 2050. This tremendous growth in population will demand significant amount of food products, which can only be achieved by crops nurtured by fertilizers. In addition to this, phosphoric acid is also used as an acidity regulator and flavoring agent in various food products including colas, cheese, jams and others. Pure food grade phosphoric acid is considered as a major additive in fruit juices, food sauce and mayonnaise. The flavor and strength of the acid maintains a neutral profile and thereby making it suitable for low-pH foods and beverages.
MARKET SCOPE
The "Global Phosphoric Acid Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the Phosphoric Acid market with detailed market segmentation by process type, grade type, application and geography. The global Phosphoric Acid market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Phosphoric Acid market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global phosphoric acid market is segmented on the basis of process type, grade type , and application. On the basis of process type the global phosphoric acid market is segmented into thermal process, wet process and others. By grade type the phosphoric acid market is classified agricultural grade, food grade and industrial grade. Based on application the global phosphoric acid market is segmented into fertilizers, food additives, animal feed and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global phosphoric acid market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The Phosphoric Acid market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the phosphoric acid market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the phosphoric acid market in these regions.
MARKET PLAYERS
The reports cover key developments in the Phosphoric Acid market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Phosphoric Acid market are anticipated to lucrative growth opportunities in the future with the rising demand for organic shrimps in the global market. Below mentioned is the list of few companies engaged in the Phosphoric Acid market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Phosphoric Acid market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Arkema Group
- J.R. Simplot Company
- Nutrien Ltd.
- OCP Group
- PJSC PhosAgro
- Prayon Group
- Solvay
- Spectrum Chemical Manufacturing Corporation
- The Mosaic Company
- Yara International
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