"Innovative Market Solutions to Help Businesses Make Informed Decisions"

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

Region : Global | Format: PDF | Report ID: FBI104571

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global phosphoric acid 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.


After sulfuric acid, phosphoric acid is the second-most developed inorganic acid in volume. Phosphoric acid (H3PO4), referred to as orthophosphoric acid, is an essential phosphoric oxygen acid used to produce phosphate salts for fertilizers. It is also used in dental cement, albumin derivatives preparation, and the sugar and textile industries. In food products, it acts as an acidic, fruit-like flavoring.


COVID-19 Pandemic May Hamper Fertilizer Production and Impact Growth Negatively


The world economy has been affected by the COVID-19 pandemic. In several nations, numerous measures conducted to deal with the pandemic could save lives, such as lockdowns, the breakdown of trade policies, and the closing of many factories and workplaces. But, they have broad-based economic consequences.


In April 2020, the International Monetary Fund (IMF) projected a 3% fall in the global economic activity for 2020, which is higher than the 2009 slowdown. It is expected that the global health crisis caused by the COVID-19 pandemic will affect the use of fertilizers in two ways: its primary effect on labor and logistics and its secondary impact on the demand for agricultural commodities.


East Asia, South Asia, and West Asia are the areas that are projected to undergo the greatest downturn. In North America, Latin America, and Europe, fertilizer use is projected to decrease moderately in 2020. This is provisionally stable in Africa. Despite the COVID-19 crisis, Eastern European and Central Asian countries and Oceania markets are expected to increase their fertilizer consumption.


The food supply chains have also been adversely impacted. Although these disruptions are unlikely, there have been proposals drawn up by several governments to help food production chains and agriculturists. Thus, the effect in the fertilizers market due to the COVID-19 pandemic will hamper the phosphoric acid market growth.


LATEST TRENDS


Request a Free sample to learn more about this report.


Decline in Per Capita Arable Land is a Prominent Trend


As the population is mostly growing in cities, the per capita farmland is declining. But, higher food production from each acre of farmland is expected. Arable land is diminishing per person, according to the FAO. It dropped from 0.38 ha in 1970 to 0.23 ha in 2000, with a decline estimated to 0.15 ha per person by 2050. Ninety-four percent of the potentially arable land is used by South Asia. In comparison, only 22 percent of theoretically arable land is under cultivation in sub-Saharan Africa.


The predicted slowdown reflects the projected lower growth rate of crop production, combined with the lack of suitable irrigation areas and water supply in some countries and the rising investment cost in irrigation.


A decline in the arable land is thus forcing farmers to yield more output because of the increasing food demand. More yields can only be generated with more fertile soil, which would boost the demand for phosphate fertilizers. It is set to propel the demand for this acid.


DRIVING FACTORS


Increasing Demand for DAP Phosphate Fertilizers to Drive Growth


Phosphoric acid is an intermediate substance used for the manufacturing of phosphate fertilizers of different kinds. Diammonium phosphate (DAP), Monoammonium phosphate (MAP), NPKs, and SSP are the most widely used phosphatic fertilizers. The largest share of this demand was expressed by DAP, with MAP, SSP, and TSP accounting for much of the remainder. Using phosphate rock, commercial phosphate fertilizers are made. About two-thirds of the phosphate supplies in the world are produced from deposits of sedimentary and aquatic phosphate rocks. In the past, ground rock phosphate was used for soils as a source of phosphorus. However, the use of rock phosphate in agriculture has declined dramatically due to the low phosphorus content in this native fiber, high transport costs, and limited crop responses. The use of phosphorus-based fertilizers, on the other hand, has increased dramatically.


DAP is one of the most commonly used phosphorus fertilizers in the world. Because of its moderately high nutrient content and exceptional physical properties, it is a commonly used fertilizer. For plant feeding, DAP is a significant source of phosphorus and nitrogen. The farming of grains such as barley, fruits, wheat, and vegetables supplies the right proportion of phosphorus and nitrogen.


The use of DAP soil fertilizer increases the soil's fertility and thus the crop's production. It improves the consistency of fruit and vegetable crops. Developed countries and regions are increasingly using DAP fertilizers to increase crop yields. These fertilizers are used to make up for the soil's lack of phosphate. The strong demand for food, driven by the surging population and increasing consumer buying power, is anticipated to support the growth of the phosphoric acid industry over the projected era.


RESTRAINING FACTORS


Environmental Concerns & Increasing Regulatory Pressure to Hamper Growth


At state, provincial, and national levels in many jurisdictions, phosphoric acid supply is related to government regulations. New rules are being implemented by lawmakers on fertilizers, certifications for goods and plants, and tailings management due to various environmental considerations.


In high-standard certification schemes, more fertilizer companies are pursuing registration. China's Regulatory Phosphogypsum Control and the EU's Green Deal criteria, as well as the introduction of emissions trading and carbon schemes around the world, are projected to have larger consequences in the fertilizer industry in the future.


Several risks could impact the usage of fertilizers, in addition to the main risk factors associated with COVID-19, including global development, the pace of economic recovery, geopolitics, trade relations, animal and plant health, temperature, and government behavior.


SEGMENTATION


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Fertilizers Segment to Lead in the Forecast Period


On the basis of the application, the phosphoric acid market is segmented into fertilizers, animal feed, food additives, and others. This acid is ideal for usage in a number of applications, including industrial water treatment, phosphating metal treatment, machine washing, pH adjustment, aqueous paints, varnishes and wash primer systems, conversion of rust, and horticultural fertilizers. The global fertilizer demand is forecast to rise by an annual average rate of 0.7 percent to hit 197.1 Mt of nutrients at the end of 2024, according to the International Fertilizer Association (IFA). The P2O5 consumption is projected to rise at a marginally higher average annual rate (+0.8%) than N (+0.7%) and K2O (+0.6%).


Latin America, accounting for 37 percent of the overall growth, is projected to fuel global fertilizer production. It would be followed by EECA (27%), South Asia (22%), Africa (15%), and North America (12%). This growth is expected to slow down in East Asia, with an expected decrease in the overall demand for fertilizers. It is anticipated that West Asia and Oceania will make modest contributions to the global rise in fertilizer production and consumption, while Europe is projected to see the least growth over time.


REGIONAL INSIGHTS


Asia Pacific Phosphoric Acid Market Size, 2020 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


In 2020, the Asia Pacific industry size stood at USD 16,801.5 million. During the forecast period, the region dominated the global market and is likely to retain its position, highly driven by government, the chemical industry, agriculture and consumer spending, all of which are core components of GDP. It is also certain that the increasing agricultural industry will push the regional market.


In 2019, China accounted for a more than 40% share of the Asia Pacific market. The nation is a major fertilizer production center. During the forecast period, the growth of end-use industries is anticipated to boost the demand in China. India has a vast number of chemical manufacturing bases that will, in turn, propel the country’s economy.


North America and Europe together accounted for more than 20% of the global market in 2020. A rise in the usage of this acid as food additives and animal feed would augment the demand in the region. The region of Latin America and the Caribbean (LAC) encompasses more than 2 billion ha. It comprises 34 countries with an approximate total population of 657 million in 2018, with a low average population density of 0.34 people per ha. Thirty-eight percent of the available land is used for agriculture, and the remaining 46 percent is covered by forests.


To know how our report can help streamline your business, Speak to Analyst


KEY INDUSTRY PLAYERS


Key Companies to Adopt Strategic Planning for Strengthening Their Market Shares


With the involvement of multiple large players and some global and regional small and medium-sized players worldwide, the industry is competitive in nature. On the basis of the product quality delivered and the technologies used in terms of production, multiple firms are competing. They are searching for opportunities for vertical differentiation across the supply chain.


Major players are interested in mergers and acquisitions, infrastructure growth, expansion of their production facilities, investment in R&D facilities.


LIST OF KEY COMPANIES PROFILED:



  • Nutrien (Saskatoon, Canada)

  • The Mosaic Company (Tampa, Florida, United States)

  • OCP (Casablanca, Morocco)

  • Ma’aden (Riyadh, Saudi Arabia)

  • EuroChem Group AG (Zug, Switzerland)

  • Solvay S.A. (Brussels, Belgium)  

  • Arkema (Colombes, France)

  • Other Key Players


KEY INDUSTRY DEVELOPMENTS:



  • July 2018 – Innophos Holdings, Inc. reported that it has entered into a three-year supply agreement for Purified Phosphoric Acid ('PPA') with Nutrien. This global agricultural leader was established in January 2018 with the merger of Agrium and PotashCorp.

  • July 2017 – EuroChem Group AG announced the purchase of a minority stake in Hispalense de Liquidos, a family-owned manufacturer of liquid NPK blends, based in southern Spain (50 percent-1 share). No announcement was made of the price and other terms of the contract.


REPORT COVERAGE


An Infographic Representation of Phosphoric Acid Market

To get information on various segments, share your queries with us



The market research report provides a detailed phosphoric acid market analysis and focuses on crucial aspects such as leading companies, products, and applications. The market includes insights into trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years. It includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the latest market dynamics and opportunities in the industry.


Report Scope & Segmentation










































 ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Million) and Volume (Kilo Tons)



Segmentation



By Application & By Region



By Application




  • Fertilizers

  • Animal Feed

  • Food Additives

  • Others



By Geography




  • North America

    • By Application

    • By Country

      • U.S. (By Application)

      • Canada (By Application)





  • Europe

    • By Application

    • By Country

      • Germany (By Application)

      • UK (By Application)

      • France (By Application)

      • Italy (By Application)

      • Rest of Europe (By Application)





  • Asia Pacific

    • By Application

    • By Country

      • China (By Application)

      • Japan (By Application)

      • India (By Application)

      • ASEAN (By Application)

      • Rest of Asia Pacific (By Application)





  • Latin America

    • By Application

    • By Country

      • Brazil (By Application)

      • Mexico (By Application)

      • Rest of Latin America (By Application)





  • The Middle East & Africa

    • By Application

    • By Country

      • GCC (By Application)

      • South Africa (By Application)

      • Rest of Middle East & Africa (By Application)







Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028.

In 2020, the Asia Pacific market value stood at USD 16,801.5 million.

Registering a CAGR of 4.7%, the market will exhibit steady growth in the forecast period (2021-2028).

The fertilizers segment is expected to lead this market during the forecast period.

The rising demand for fertilizers is a key factor driving the market growth.

The Mosaic Company, Nutrien Ltd., Israel Chemicals Ltd., OCP Group, Maaden, Eurochem Group AG, and Arkema Group are the major players in the global market.

Asia Pacific dominated the market in terms of share in 2019.

The rising demand for DAP fertilizers is expected to drive the adoption.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Phosphoric Acid Market Size, Share and Global Industry Trend Forecast till 2026
  • Feb, 2021
  • 2020
  • 2017-2019
  • 120

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Chemicals & Materials Clients

uniliver
Petronas
Mckinsey
3M
BASF

Related Reports

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . More info.
X