Global Phosphoric Acid Market 2017-2021
About Phosphoric Acid
Phosphoric acid is a colorless and odorless phosphorous-containing inorganic mineral acid. It is used in medicine, dentistry, fertilizer manufacturing, and many other applications. It belongs to a class of non-metal phosphates and acts as a sequestering agent that binds many divalent cations. The molecules of phosphoric acid combine with themselves and form various compounds. Phosphoric acid is available as a clear-colorless liquid and transparent crystalline solid. It is commonly known as orthophosphoric acid or phosphoric(V) acid.
Technavio’s analysts forecast the global phosphoric acid market to grow at a CAGR of 2.21% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global phosphoric acid market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Phosphoric Acid Market 2017-2021
Technavio recognizes the following companies as the key players in the global phosphoric acid market: The Mosaic Company, OCP, PhosAgro, PotashCorp, and Sinofert Holdings.
Other Prominent Vendors in the market are: Acron, Agrium, Arkema, CF Industries Holdings, EUROCHEM, GCT, Guizhou Kailin, IFFCO, ICL, Jordan Phosphates Mines Company, Maaden, URALCHEM, Vale, WengFu Group, and Yara.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increased foreign investments and joint ventures. Key players attract foreign investments and enter joint ventures to remain competitive. The key vendors are mostly vertically integrated and find the sources for the raw materials. JVs help vendors procure raw materials. Many countries are scaling up their investments in phosphate mining and phosphate-based fertilizer manufacturing plants. Governments of various nations and vendors across regions collaborate and set up plants for manufacturing fertilizers or obtaining phosphate rock supplies for the production of phosphoric acid which is the intermediate product between phosphate rocks and phosphate fertilizers.”
According to the report, one of the major drivers for this market is Subsidies for sale of fertilizers in developing economies. In most of the countries in sub-Saharan Africa and Southeast Asia, the market prices of fertilizers are strictly regulated by import duties and subsidies. Agrarian economies, for instance, India and Bangladesh are deficient in potash reserves and phosphate rocks. Therefore, these countries import fertilizers and feedstocks. This results in huge price disruptions in the market and affects the purchase of fertilizers by farmers.
Further, the report states that one of the major factors hindering the growth of this market is Increased adoption of genetically modified (GM) seeds. GM seeds are modified at the DNA level using genetic engineering. GM crops produce high yield and are pest resistant. These super variant crops have reduced the consumption of pesticides and fertilizers. Currently, around 440 million acres of land are cultivated using GM seeds, and the agricultural lands that use GM seeds are increasing by 4% (YoY). Generally, the cultivated crops using GM seeds include soybean, cotton, canola, and maize. With the rising trend in the use of GM seeds for agriculture, the demand for fertilizers would decrease by 15% in 2020.
The Mosaic Company, OCP, PhosAgro, PotashCorp, Sinofert Holdings, Acron, Agrium, Arkema, CF Industries Holdings, EUROCHEM, GCT, Guizhou Kailin, IFFCO, ICL, Jordan Phosphates Mines Company, Maaden, URALCHEM, Vale, WengFu Group, and Yara.
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