Phosphoric acid ranks second in the world in terms of volume production among all types of acids. The chemically stable and non-toxic nature of phosphoric acid is expected to open a plethora of opportunities to its use in several end-use industries. The growing demand for phosphate fertilizers in agricultural applications is expected to propel the growth of the market. Furthermore, increasing applications of phosphoric acid as a food flavoring agent, supplement in the animal feedstock, nutrient and buffering agent in antibiotic preparation, and purification agent in sugar refining is likely to boost the market growth during the forecast period.
The global phosphoric acid market is expected to grow at a CAGR of 3% during the forecast period 2018–2025.
Asia Pacific is expected to emerge as the global leader in the phosphoric acid market during the forecast period due to a rapidly growing the population and their food demand. Additionally, growing government support activities in the form of seminars, conferences, and generation of information portals to promote the growth of the agricultural sector in Asia Pacific region are projected to contribute significantly to the growth of the market in the region. Rapidly growing poultry and food industries are likely to fuel the demand for phosphoric acid. Furthermore, its growing use in cosmetic products to maintain the pH level of human skin and hair is expected to increase market growth over the assessment period, 2018–2023.
North America and Europe are also likely to witness considerable growth in the global phosphoric acid market owing to the increase in the rate of food and beverage consumption in these regions. Growing consumption of meat and dairy products and increasing use of cosmetic and skincare products are projected to drive the growth of the market in both the regions during the assessment period.
Latin America and the Middle East & Africa (LAMEA) may experience steady growth in the phosphoric acid market owing to the gradual growth in agricultural activities in few countries of Latin America and Africa.
Request for a sample copy of this report @ http://bit.ly/2LjTS5x
Some of the key players in the market: The Mosaic Company (U.S.), Nutrien Ltd. (Canada), ICL (Israel), S.A. OCP (Morocco), Yara International (Norway), Eurochem Group AG (Switzerland), Maaden (Saudi Arabia), WengFu Group (China), and J.R. Simplot Company (U.S.)
By Manufacturing Process
- Dry Process
- Thermal process
- Triple superphosphate (TSP)
- Diammonium hydrogenphosphate (DAP)
- Monoammonium dihydrogenphosphate (MAP).
- Food Additive
- Animal Feed
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America Middle East and Africa (LAMEA)
- South Africa
- Saudi Arabia
- Rest of Middle East and Africa
View More Report on Materials and Chemicals @ http://bit.ly/2LuJYOE
Reports Monitor is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries including Healthcare, Technology, Chemicals, Materials, and Energy. With an intrinsic understanding of many business environments, Reports Monitor provides strategic objective insights.
We periodically update our market research studies to ensure our clients get the most recent, relevant, and valuable information. Reports Monitor has a strong base of analysts and consultants from assorted areas of expertise. Our industry experience and ability to zero-in on the crux of any challenge gives you and your organization the ability to secure a competitive advantage.