The global phosphoric acid market is set to gain traction from the decreasing per capita farmland. The population is surging rapidly worldwide. The FAO declared that in South Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa, only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a new report, titled, “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2021-2028.” The report further states that market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.
Drivers & Restraints-
Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid Growth
Phosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly used phosphatic fertilizers as they possess excellent physical properties and relatively high nutrient content. It is also an important source of nitrogen and phosphorus for plant feeding applications. At the same time, it is extensively utilized for the farming of grains, such as vegetables, fruits, barley, and wheat. However, the rising implementation of stringent norms on the usage of fertilizers may hinder the phosphoric acid market growth in the near future.
Segment-
Fertilizers Segment to Dominate in the Near Future
Based on the application, the fertilizers segment is set to retain its leading position throughout the forthcoming years by procuring the largest phosphoric acid market share. The International Fertilizer Association (IFA), for instance, mentioned that by 2024, the demand for fertilizers is expected to surge by an average rate of 0.7 percent. It will reach approximately 197.1 Mt of nutrients.
Regional Insights-
Rising Agricultural Activities to Help Asia Pacific Lead in Upcoming Years
Geographically, Asia Pacific is anticipated to remain at the forefront in the upcoming years. It generated USD 16,801.5 million in 2020 in terms of revenue. This growth is attributable to the rising consumer spending, agricultural activities, expansion of the chemical industry, and government initiatives. In emerging nations, such as China, the demand for this acid would increase because of the presence of numerous end-use industries.
On the other hand, in 2020, Europe and North America together held more than 20% of the global market. The surging usage of phosphoric acid as animal feed and food additives in both regions would accelerate growth.
Information Source:
https://www.fortunebusinessinsights.com/phosphoric-acid-market-104571