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Phosphoric acid often called as ortho-phosphoric acid is a weak, inorganic acid with formula H3PO4. The purest form of this acid is in colourless solid form. The acid has various industrial applications as a catalyst in commercial production processes like propene oligomerization, cracking of petroleum and crude oil.
Increasing demand for petroleum and natural gas sector shall foster the market growth. Most of the industrial production units use petroleum as fuel. Additionally, the use of phosphoric acid in the chemical reactions as catalysts is likely to drive the market. For instance, phosphoric acid is used for hydration of the ethane to make ethanol. Such commercially significant reactions are carried out using phosphoric acid catalyst.
However, exposure of phosphoric acid to skin and eyes can cause severe burns and permanent blindness. These negative health effect of the acid catalyst is likely to limit the market growth.
Key Market Driver -
Increasing demand from petrochemical sector.
Key Market Restraint -
Negative health effects on skin exposure.
Based on type, the market is segmented into zeolites, metals, chemical compound, and others. Based on end-use, the market is segmented into, petrochemical industry, chemical industry, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global solid phosphoric acid catalyst market consists of global & regional players operating. Some of the key players in the market include Alfa-Aesar, Axens, W.R. Grace & Co, Vineeth Chemicals, BASF SE, Evonik Industries AG, Clariant, Cdti Inc, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to hold the largest share in market attributed to the easy availability of raw materials in the region. Additionally, the government initiatives in India and China to support industrial development shall serve as a growth opportunity. North America is expected to show significant growth in demand from industrial sectors due to the large number of chemical manufacturing units. Europe Latin America and Middle East and Africa are expected to show considerable growth by the end of the forecast period.
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