Phosphoric Acid Market Size is likely to witness upward trend in demand from 2016 to 2024 due to escalated growth in fertilizer sector.
The product is an inorganic acid, derived from phosphate rocks. It is colorless, odorless, nontoxic, non-volatile, crystalline liquid. It is accounted for the largest share in terms of production and consumption among all acids, followed by sulfuric acid.
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Fertilizer industry deemed to be a profitable quotient for phosphoric acid market owing to the application in production of various phosphate fertilizer such as diammonium hydrogenphosphate (DAP), triple superphosphate (TSP), monoammonium dihydrogenphosphate (MAP) and others. To account for the rapid increase in world population, farmers are trying to enhance the crop yield per unit area. This will increase the use of fertilizer which will escalate the growth of phosphoric acid market. Subsidies on fertilizers and shortage of cultivated land in developed & developing economies will propel the market growth.
Food & beverage industry will also contribute to momentous growth of product industry owing to the use of product in colas, jams, cheese, etc. to provide tangy or sour taste. The primary hindrance in the growth path of product market is the emission of various effluent such as fluorine dust etc. during its production causing air and water pollution. The other reason that will encumber the market growth is increasing use of genetically modified seeds which will hamper the use of fertilizers in coming years.
Based on the process type, the market is categorized into wet process, thermal process and other which include dry kiln process, furnace process etc. Wet process produces impure phosphoric acid with concentration ca 56% which is used in fertilizer manufacturing. Alternatively, it can be further evaporated to ca 70% to obtain pure phosphoric acid which is directly used as a liquid fertilizer. The product manufactured by thermal process has concentration of ca 85% which is highly corrosive in nature.
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On end-user basis, the market is categorized as fertilizer, medical, food & beverage, electronics, and others such as water treatment, fire control chemical, etc. Among all, the global product market is likely to lead by fertilizer industry owing to shortage of cultivated land with rapid urbanization. The use of phosphoric acid as a flavoring agent, and acidity regulator in food & beverage industry will also stimulate the market in coming years. It plays a vital role in water treatment by reducing pipework corrosion, deposition of lime scale and by controlling pH of water and red & black liquors.
Asia-Pacific is depicted to have maximum growth and will hold a substantial share of the phosphoric acid market in production as well in consumption. The expanse of arable land in agrarian economies will escalate the demand of the fertilizers which will in turn surge the growth of product industry. China, and India is expected to lead the production of phosphoric acid in upcoming years due to increasing population.
The key participants in the market are JDC Phosphate, Potash Corp., Hindalco (Aditya Birla Group), Spectrum Chemical MFG Corp., J.R Simplot Company, Prayon, Solvay, Eurochem Group, Innophos Holding Inc., OCP S.A, Agrium Inc., Brenntag North America, CECA (Arkema group), Wengfu Group, Indian Farmer Fertilizer Cooperation Limited (IFFCO), Solaris Chemtech, etc.
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