Global Phosphoric Acid market 2024-2030

Phosphoric acid is also widely known as orthophosphoric acid. Phosphoric acid is the second highest consumed substance after sulfuric acid. There are two methods by which phosphoric acid can be commercially produced named wet process and thermal process.

The wet process in the ancient times of commercialization was in usage. The thermal process is expensive, but at the same time, it produces a purer product as compare to the product produced by the wet process.

In the wet process, the production of phosphoric acid is done by phosphate rock, and in the case of the thermal process, it requires elements such as phosphorus, air, and water for the production of phosphoric acid.

There is a wide variety of usage of phosphoric acid. It is divided according to the process through which we got our phosphoric acid, for instance, if we get our phosphoric acid from wet process the end product will be fertilizer whereas if there is usage of thermal process we will get end products such as high-grade chemicals, pharmaceuticals, detergents, food products, beverages, and non-fertilizer products.

The report on global phosphoric acid market shows insights on the current market scenario by conducting over 280 hours of primary and secondary research. As per the report, global phosphoric acid market is growing its area and effective sphere of influence very fast and is gaining popularity. It is projected that the phosphoric acid market will rise to US $ xxx million by the year 2023 as compared to US $ xxx million in the year 2018 with a CAGR of xxx %.

The primary growth driver for phosphoric acid is the other products made by a phosphoric acid such as phosphate fertilizers and the subsidies provided by the government on these fertilizers.

The main reason why phosphoric acid is not being fully accepted is that it is harmful to the environment as well as for the human body. There is a significant amount of water pollution caused by phosphoric acid.

The Asia Pacific is said to be a dominating region for this product, as in this region mode of economy is agriculture. Phosphoric acid is in use for producing food additives and fertilizers, India being an agriculture-based economy there is the widespread demand for fertilizers this is one of the reasons for such demand for this product. Apart from India, China is also a big consumer of phosphoric acid-based products.

The Middle East and Latin American companies are also expected to grow at a significant rate for the projected years.

The key players in the market of phosphoric acid are The Mosaic Company, Nutrien Ltd., Israel Chemicals Ltd, OCP Group, Yara international, Maaden, Eurochem group AG, Weng Fu Group, Prayon S.A, J.R. Simplot Company, Solvay, and CECA.

The research procedure starts with the bifurcation of different market segments of global phosphoric acid Market, followed by detection of factors affecting the growth each segment. Then, the market forecasts were built based on the inputs given by the business leaders across global phosphoric acid industry value chain. Market Krystal held more than 40 interviews for this study, details of which are mentioned:

By company type:

Manufacturers (35%), Suppliers (35%), Consumers (10%), Researchers (10%), Independent industry consultant (10%)

By geography:

North America (35%), Asia (30%), Europe (35%)

By designation:

Top level (40%), Operation level (30%), Mid-level (30%)

Contents of the report:

• Insights on the global phosphoric acid industry dynamics
• Current estimation of the global phosphoric acid market size in terms of value and volume
• Global phosphoric acid market breakup based on product type and application.
• Authenticated global phosphoric acid market forecast for the next five years
• Comprehensive analysis of the key companies operating across different nodes of global phosphoric acid industry value chain.

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