Phosphoric Acid Market to Perceive Substantial Growth During 2022
A
recent research analysis by Transparency Market Research (TMR)
projects a moderate expansion for the global phosphoric acid market
during the forecast period, 2017 to 2022. Revenues from global sales
of phosphoric acid are estimated to exceed US$ 30,000 Mn by 2022-end.
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Report Overview @
The
latest trends gaining momentum in the global phosphoric acid market
are rising number of joint ventures and increasing foreign
investments. Leading players enter joint ventures and attract foreign
investments to remain competitive in the market. These joint ventures
assist vendors in procuring raw materials. Several economies are
concentrating on scaling up their investment in phosphate-based
fertilizer production plants and phosphate mining. Governments of
various nations are collaborating with vendors across various regions
for setting up plants for production of fertilizers, or for acquiring
supplies of phosphate rocks for phosphoric acid production, as
phosphoric acid is an intermediate product between phosphate
fertilizers and phosphate rocks.
Another
key trend gaining huge traction in the global phosphoric acid market
is emergence of organic phosphate fertilizers. These organic
phosphate fertilizers prevent production of by-products, as they
exclude the use of chemicals during their manufacturing process.
Acting as soil conditioners, organic phosphate fertilizers help in
maintaining the soil health and the quality of soil through retention
of the soil’s organic content without deteriorating it.
Demand
for phosphoric acid might however be restrained owing to rising
availability of the genetically modified (GM) seeds. These super
variant seeds do not require fertilizers and pesticides, are pest
resistant, and produce high yield. The arable lands using GM seeds
are witnessing a significant rise across the globe.
Phosphoric
acid is tremendously utilized for production of fertilizers, with
increasing demand in crops for essential nutrients such as potassium,
phosphorous and nitrogen. In addition, demand for phosphoric acid is
likely to witness a rise owing to increasing demand for feedstock,
which in turn require fertilizers for cultivation. Fertilizers are
expected to remain the largest application of phosphoric acid, with
revenues estimated to account for nearly nine-tenth share of the
market in 2017. Non-fertilizers application of phosphoric acid will
continue to witness a sluggish expansion through 2022.
With
production hubs such as China and India consistently extending the
requirements, Asia-Pacific excluding Japan (APEJ) is expected to
retain its dominance in the global phosphoric acid market. Phosphoric
acid is used extensively in animal feed production, and in food
additives that are likely to witness an upsurge in demand in India
and China on the back of changing food consumption pattern and
increasing purchasing power of consumers.
In
terms of revenues, Middle East and Africa (MEA) will remain second
most lucrative market for phosphoric acid, although expanding at a
sluggish CAGR through 2022. North America will also remain a
lucrative region for growth of the phosphoric acid market over the
forecast period.
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Key
players profiled by TMR’s report on the global phosphoric acid
market include The Mosaic Co., OCP S.A., Yunnan Yuntianhua Co., Ltd.,
PhosAgro PJSC, Potash Corp. of Saskatchewan, Inc., Wengfu Group Co.,
Ltd., Ma’aden Phosphate Company, Eurochem Group AG, Agrium, Inc.,
and J.R. Simplot Co.
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Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
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