Home Press Releases Phosphoric Acid Market Recent Trends, Industry Growth, Top Manufacturers Analysis, Business Opportunities, and Demand

Phosphoric Acid Market Recent Trends, Industry Growth, Top Manufacturers Analysis, Business Opportunities, and Demand

by Press Room


 


(EMAILWIRE.COM, March 30, 2023 ) The global phosphoric acid market will grow to USD 56.8 billion by 2027, at a CAGR of 4.1% from USD 46.4 billion in 2022. Phosphoric acid market is mainly driven by increasing demand from fertilizer industry, food and beverages industry, and growing use of phosphoric acid in the fuel cells. The environmental concerns and increasing regulatory pressure hamper the growth of the phosphoric acid market. Commercialization of chiral phosphoric acid as a catalyst and recovery of rare earth elements from phosphoric acid creates an opportunity for the phosphoric acid market.

Phosphoric acid is an inorganic type of acid that is derived from one or more than one inorganic compounds. The key raw materials for phosphoric acid production are rock phosphate, sulfuric acid, and elemental phosphorous. Phosphoric acid is manufactured from majorly two processes, the wet process and the thermal process. The wet process is the most commonly used for phosphoric acid production. The thermal process is used to produce high purity phosphoric acid.

This growth is primarily triggered by the growing demand of phosphoric acid in fuel cells and deman from food industry. Phosphoric acid is used in the food & beverage industry as an acidity regulator, flavoring agent, and additive in animal and human feed. In the food industry, it is often referred to as additive E338.

Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=177852938

Browse in-depth TOC on “Phosphoric Acid Market”

244 – Market Data Tables

63 – Figures

235 – Pages

Thermal Process is estimated to be the second-largest process type of phosphoric acid market in 2021

The thermal process uses elemental phosphorous and air as raw materials for phosphoric acid production. There are two steps involved in the thermal process: combustion and hydration. In this process, phosphorous is sprayed into the furnace and burnt in the air at about 1,800-3,000 Kelvin. In the next step, these products are hydrated to obtain phosphoric acid. Thermal phosphoric acid is much higher in purity (around 85%) and used in high-end applications, including food, pharmaceuticals, detergent, and other non-fertilizer applications.

Get Sample Pages of This Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=177852938

Feed & food additives is projected to be the fastest-growing application, in terms of value, during the forecast period.

Phosphoric acid is used as an acidity regulator and a flavoring agent in the food & beverage industry. It is also used as an additive in both animal and human feed. Phosphoric acid in the food industry is often referred to as additive E338. The demand for phosphoric acid in the food industry depends on the growth of the dairy and processed food segment. Processed food is currently experiencing an upward growth trend driven by emerging economies such as India, China, and Brazil.

North America accounted for the second-largest market share, in terms of value, in 2021.

North America is the second-largest market for phosphoric acid. The increasing consumption of fertilizers primarily drives the demand for phosphoric acid in this region. Food & beverage, metal finishing, water treatment, and other industries are important in increasing the need for phosphoric acid in the region. Phosphoric acid has high demand in developed countries such as the US and Canada owing to increasing packaged food consumption. With the increased feed production, the feed additives market is also expected to grow in the region. The United States Department of Agriculture (USDA) adopts biotechnological methods such as chemical and biological treatment of animal feed to improve nutritional value and focuses on the discovery of more efficient feed additives such as feed phosphates, genetic manipulation of the embryo, and the use of rumen microbes.

Don’t miss out on business opportunities in Phosphoric Acid Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=177852938

The key market players profiled in the report include ICL Group Ltd. (Israel), OCP Group S.A. (Morocco), The Mosaic Company (US), Nutrien Ltd. (Canada), Eurochem Group AG (Switzerland), Phosagro Group of Companies (Russia), and IFFCO (India) among others.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com



Source link

You may also like

About Us

Arab Africana™ publishes and aggregates business, socio-economic, Tech and industrial news on Arab countries in Africa.

 

We provide press release distribution to media in Africa including Arab countries, the Arab world and the GCC/MENA regions. To submit a press release for distribution, contact us today.

Trending Now

Newsletter

    ArabAfricana logo-white

    Arab Africana is part of GroupWeb Media Network. ©  2024 GroupWeb Media LLC