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Phosphoric Acid Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

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Aug 2020 | 131 Views
 
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Phosphoric Acid Market Outlook - 2027

Phosphoric acid is a colorless, odorless crystalline liquid. It is used in the soft drinks, as it gives tangy flavor and prevents the growth of mound and bacteria, which can multiply easily in a sugary solution. Phosphoric acid is also called orthophosphoric acid, which is the most important oxygen acid of phosphorus and is widely used to make phosphate salts for fertilizers. Moreover, it is used in other applications such as dental cement, in the preparation of albumin derivatives, and in sugar & textile industries. Phosphoric acid has been thoroughly tested and recognized as safe by the U.S. Food and Drug Administration.

Scope of the report

                                       Report Metric

                                                                                                  Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)and Volume (Ton)

  Segments covered

  Process Type, Application, End User,and Region

  Regionscovered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia Pacific), LAMEA (Brazil, Mexico, and the Rest of LATAM), and the Middle East &Africa

  Companies covered

OCP S/A, The Mosaic Company, IFFCO, Eurochem, CF industries, Nutrien, Potash Corp., Israel chemical, Jordan phosphate, Italmatch and others.

COVID-19 scenario analysis

  • Phosphoric acid application in fertilizer industry is not majorly disrupted during COVID-19 pandemic. This is attributed to build-up of inventories at the producer’s end. The Hubei province is a major supplier of phosphoric acid to India.
  • According to the ICRA Group Head and Senior Vice President K Ravichandran, the production of phosphoric acid and phosphatic fertilizers remain low in China during January every year. 
  • However, disruptions in logistics and clearances for any material coming from outside India may negatively impact the market in long term.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis:

The expansion of the pharmaceutical industry and rise in demand for flavoring agents in the food industry are the major driving factor of the global phosphoric acid market. In addition, surge in demand among people for varieties of beverages is boosting the growth of phosphoric acid market. Phosphoric acid is used widely in fertilizers, thus, the development of the agricultural industry is significantly contributing toward the growth of the phosphoric acid market. Moreover, research on well-understood mechanisms and the science-based mechanism are driving the growth of the phosphoric acid market. However, a few side effects related to phosphoric acid hamper the growth of the market.

New product launches to flourish the market

New products that exhibit improved capabilities have been launched by leading market players. Manufacturers have taken the necessary steps to improve the accuracy of new products and overall functionality. For instance, in March 2017, Clariant, a manufacturer of speciality chemicals, launched PolyMax 850, a phosphoric acid catalyst, which can be used to convert olefins into gasoline for plasticizers. Furthermore, market players are seeking opportunities to expand their range of phosphoric acid products in different segments of pharmaceuticals and commercial. Partnerships, acquisitions, and agreements are the major strategies adopted by key manufactures to strengthen their foothold in the competitive landscape. Market players are further focusing on production of phosphoric acid on a domestic level, and operate by exporting to other regions to expand their business.

Surge in usage of phosphoric acid in healthcare and commercial applications 

Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Phosphoric acid plays an important role in water treatment plants for the reduction of pipework corrosion and limescale deposits. It furthercontrols the pHof water along with back and red liquors. Phosphoric acid is apopular acidifying and flavoring agent used in food and beverages. Moreover, it is used as a fertilizer in the agricultural industry.

Key segments covered

                                               Segment

                                                                                                            Subsegment

  By Process Type

  • Furnace Process
  • Dry Kiln Process
  • Others

  By Application

  • Acidifying
  • FlavoringAgent
  • Others

  By End User

  • Chemical Industry
  • Food & Beverages
  • Pharmaceutical
  • Others

  By Region

 

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

Key benefits of the report

  • This study presents the analytical depiction of the global phosphoric acid industry along with the current trends and market estimation to determine the imminent investment pockets.
  • The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the phosphoric acid market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
  • The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
  • This report helps users in comprehending the key product segments and their future.

Questions answered in the global phosphoric acid market research report:

  • Which are the leading players active in the global phosphoric acid market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What should be the response of the phosphoric acid market players amid the COVID-19 pandemic?
  • What are the projections for the future that would help in taking further strategic steps?
  • What is the outlook of the industry?
  • What are the emerging key segments in the phosphoric acid market?
  • What are the major changes and assessments in phosphoric acid market dynamics?
 
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