Usage of Phosphoric Acid for Waste Water Treatment is Promulgating the Market Growth

Factors such as snowballing demand in the pharmaceuticals, agriculture, food, and beverages, and personal care sector from developing countries such as Russia, China, and India boost the Phosphoric Acid market. In the Agriculture Industries, Phosphoric acid is a crucial ingredient to manufacture fertilizers and is also worn to provide nutrition to the crops. Furthermore, the surging of Phosphoric Acid consumption in the healthcare and medical sectors is anticipated to increase over the coming years. Food-grade phosphoric acid is used in the beverages and food industry to preserve and acidify certain foods and drinks, such as jams and colas, to provide a sour and tangy taste. Most soft drinks comprise phosphoric acid, such as Coca-Cola; they are sometimes called phosphate sodas. According to Marketlook Consulting’s research report “Global Phosphoric Acid Market Analysis, 2022”, the Global Phosphoric Acid market is anticipated to grow at a CAGR of 4.3% during 2023-30 The market would reach USD 65.30 Billion by 2030.

Based on end-use, fertilizer segment captures a momentous market share in 2022. The food and beverage segment is also witnessing a rapid growth. The food additives market is snowballing significantly with the wide use of additives in food & beverage sector for several functions, such as preservatives, flavour enhancers, emulsifiers, sweeteners, colorants, and other functions. However, the demand is also emanating from the medicine sector. In the pharmaceutical and medicine industry, phosphoric acid is generally used to prepare anti-nausea medicines; other than that, and it is commonly worn as an intermediate in pharmaceuticals.

Based on grade, agricultural grade phosphoric acid dominates the market. The agricultural output in China continues to grow, backed by economic progress, which leads to a surge in the demand for phosphate fertilizers. The increasing interest of farmers in phosphate composts, which are beneficial for plant growth, drives the demand for phosphoric-acid based agrichemicals.

A major restraining factor impacting the market growth is the concerns over hazardous effects of using phosphoric acid. Phosphoric acid is a corrosive chemical and contact can irritate and burn the eyes of users. Also, breathing phosphoric acid can irritate the nose, throat, and lungs causing coughing and wheezing. Moreover, long-term exposure to the chemical irritates the skin and respiratory system. These factors are expected to hamper revenue growth during the forecast period.

“Global Phosphoric Acid Market Analysis, 2022” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Phosphoric Acid providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Asia Pacific Region Dominated the Market

Based on Leading regions, Asia Pacific dominated the global Phosphoric Acid market in 2022 and is projected to maintain its dominance during the forecasted period 2023-30 due to the Geographical analysis is an essential component of the report’s research and development study for market analysis. The regional extent section contains crucial insights into market sales growth at both regional and country levels. This market scope’s geographical spectrum analyses and investigates each regional spectrum of the Phosphoric Acid Market industry. Each of these major regions is analyzed based on manufacturing, supply, statistics, and import & export. Furthermore, the need for higher crop yields especially in the agrarian economies will escalate the demand for fertilizer created from the phosphoric acid which further adds to the growth of this region in the global Phosphoric Acid industry as stated in Marketlook Consulting research report “Global Phosphoric Acid Market Analysis, 2022”.

According to Marketlook Consulting’, the key players with a considerable market share in the global Phosphoric Acid market are Solvay S.A., Arkema, The Mosaic Company, EuroChem Group, Nutrien Ltd., Lanxess, Yara, Clariant, CF Holdings, OCP Group S.A. apart from others.

Market Segmentation:

1.By Production Method Wet Process, Thermal Process, Dry Kiln Process

2. By End Use Fertilizer, Food & Beverages, Chemicals, Medicine, Metallurgy, Others

3. By Grade Food, Agricultural, Industrial

4. By Region North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

5. By Company Solvay S.A., Arkema, The Mosaic Company, EuroChem Group, Nutrien Ltd., Lanxess, Yara, Clariant, CF Holdings, OCP Group S.A. apart from others.

Key questions answered in the study:

1. What are the current and future trends of the Phosphoric Acid industry?
2. How the industry has been evolving in terms of consumer type demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Phosphoric Acid industry?
5. What is the customer orientation, purchase behaviour, and expectations from the Phosphoric Acid firms across various regions?