The global phosphoric acid market size is projected to reach USD 61.0 billion by 2027 registering a CAGR of 3.7%, according to a new report by Grand View Research, Inc. increasing production of fertilizers owing to the development in the global agricultural sector is expected to augment the product demand.
Fertilizers is the key point of
application for phosphoric acid wherein the product is used to formulate
Diammonium Hydrogen Phosphate (DAP), Mono Ammonium Dihydrogen Phosphate (MAP),
and Triple Superphosphate (TAP). Among these, DAP constituted the largest share
of the market, in terms of volume, in 2019. The growing need for nutrients
internationally on account of increasing world population is anticipated to
augment fertilizers industry. As a result, the manufacturers are set to expand
their production capacity to cater to the growing demand.
For instance, in June 2019,
EuroChem opened its third fertilizer blending plant in Brazil, which has a
capacity of 6 kilotons per day. According to the International Fertilizer
Industry Association, the global capacity of nitrogen, phosphoric acid, and
potash is expected to rise significantly of which phosphoric acid is expected
to register highest growth rate. The product is expected to witness an increase
of around 2% in its global capacity from 2018 to 2021. Asia Pacific was the
major consumer in 2019 and this trend is expected to continue over the forecast
period.
The growth can be attributed to
rising production of fertilizers in China. The growth, however, is anticipated
to be hindered in 2020 on account of the Covid-19 pandemic, which is believed
to be originated from China. Hubei was the key producer of MAP and DAP in the
country. However, as of February 2020, only four manufacturers are engaged in
production, rest all other phosphate plants had suspended their operations,
which impacted half of the Hubei’s phosphate industry.
The production and consumption of
fertilizers is anticipated to grow by 2021, owing to the increasing
productivity in agricultural sector. For instance, in India, which is amongst
the key crop producers in the world, the food grain production increased by
6.74 million tons from 2018-19 to 2019-20.
Major companies focus on capacity
expansion to gain competitive advantage. For instance, in November 2019,
Paradeep Phosphates gave Thyssenkrupp Industrial Solutions contract to expand
their phosphoric acid plant in Odisha, India. The project will increase the
plant’s capacity from 1,000 tons to 1,400 tons of production per day.
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Phosphoric Acid
Market Report Highlights
- DAP accounted for the
largest volume share in 2019 on account of its high nutrient grade, which
leads to cost reduction in terms of handling, freight, as well as
application and is projected to grow at a volumetric CAGR of 2.8% from
2020 to 2027
- Phosphoric acid is majorly
produced by two commercial methods, which include wet process and thermal
process; wherein more than 50% of the global production sites utilize
Prayon Technology (wet process technology)
- Asia Pacific is expected to
register the fastest growth rate of 3.5%, in terms of volume, over the
forecast period, owing to increasing production of fertilizers in the
region
- The market is highly
competitive and thus, manufacturers are investing in production capacity
expansion
- For example, in December
2019, CSCEC and Wengfu Group collaborated to build a phosphoric acid plant
with Phosphate Misr Company in Egypt with a total investment of USD 848
million
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Phosphoric Acid
Market Segmentation
Grand View Research has segmented
the global phosphoric acid market on the basis of application and region
Phosphoric Acid
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016- 2027)
- Diamonium Hydrogenphosphate
(DAP)
- Monoammonium
Dihydrogenphosphate (MAP)
- Triple Superphosphate (TSP)
- Other Fertilizers
- Other Applications
Phosphoric Acid
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Latin America
- Mexico
- Brazil
- Peru
- Argentina
- Chile
- Africa
- Egypt
- Morocco
- South Africa
- Tunisia
- Senegal
- Middle East
- Saudi Arabia
- Israel
- Jordan
- Turkey
- Europe
- Belgium
- France
- Germany
- Russia
- Spain
- Asia Pacific
- China
- Indonesia
- Japan
- India
- Thailand
- Vietnam
List of Key Players
of Phosphoric Acid Market
- The Mosaic Company
- PJSC PhosAgro
- Nutrien
- IFFCO
- EuroChem Group AG
- Prayon Group
- Israel Chemical Ltd.
- Yara International
- OCP S.A.
- Aditya Birla Group
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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