October 11, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, Oct. 11, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the phosphoric acid market, the increasing demand for Di-ammonium Phosphate (DAP) fertilizers is significantly contributing to the growth of the phosphoric acid market. Di-ammonium phosphate is one of a series of water-soluble ammonium phosphate salts that can be produced when ammonia reacts with phosphoric acid. Phosphoric acid is extensively used to manufacture fertilizers as its reaction with finely ground phosphate yields triple superphosphate (TSP), MAP, and DAP, which are products created from these reactions, as a result, increased demand for fertilizers is expected to boost demand for phosphoric acid.
For instance, according to a report by the World Bank phosphate DAP prices jumped 23% owing to increased demand by farmers across the world. Therefore, increasing demand for DAP phosphate fertilizers is predicted to boost demand for phosphoric acid during the forecast period.
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The global phosphoric acid market size is expected to grow from $43.48 billion in 2021 to $46.06 billion in 2022 at a compound annual growth rate (CAGR) of 5.93%. The global phosphoric acid market size is expected to reach $54.47 billion in 2026 at a CAGR of 4.28%.
Technological innovations are gaining popularity among the phosphoric acid market trends. Companies in phosphoric acid companies are continuously launching new technology and advanced products to increase their share in the market. For instance, in December 2021, Clean TEQ Water, an Australia-based water treatment and resource recovery company, launched new PHOSPHIX technology which combines continuous ionic filtration (CIF) technology and chemical precipitation to particularly remove phosphate from water and recover a reusable solid phosphorus product. PHOSPHIXTM achieves very low effluent concentrations (0.1 ppm) with over 99% water recovery and recycles phosphate into hydroxyapatite, which is used to produce fertilizer.
Major players in the phosphoric acid industry are The Mosaic Company, PJSC PhosAgro, Prayon, EuroChem Group AG, IFFCO, Israel Chemical Ltd., Yara International, OCP S.A., Yuntianhua Group, Fertiliser and Chemicals Travancore Ltd., Kazphosphate LIC, OJSC Phosagro, ArrMaz, and Labdhi Chemicals.
The global phosphoric acid market is segmented by grade into food, agricultural, industrial; by process type into furnace process, dry kiln process, others; by end-user industry into fertilizer, food and beverages, chemicals, medicine, metallurgy, others.
Asia-Pacific was the largest region in the phosphoric acid market in 2021, and it is also expected to be the fastest-growing region in the global phosphoric acid market report during the forecast period. The regions covered in the global phosphoric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Phosphoric Acid Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide phosphoric acid market overviews, phosphoric acid market analyze and forecast market size and growth for the whole market, phosphoric acid market segments and geographies, phosphoric acid market trends, phosphoric acid market drivers, phosphoric acid market restraints, phosphoric acid market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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