Used as a fertilizer, owing to being nutrient-rich, phosphoric acid will seean increased use in agriculture over the coming few years. Known to form the Pin N-P-K (Nitrogen – Phosphorous – Potassium) fertilizers, it is crucial forsuperior plant health.
It is highly significant to make note of the fact that as agriculturalland and productivity is shrinking worldwide, need for fertilizers in growing.Besides, world population is also seeing an upwards curve and as per experts inthe field, the number of people will go up by 2 billion in the next 30 years.To feed these people, better yield from limited land is required andfertilizers play a critical role here.
As per Transparency Market Research, “This segment would contributesignificantly to the overall growth of global phosphoric acid market. And, theglobal phosphoric market would grow at 2.5%, compounded annually from 2018 to2026.” This growth would help improve the market worth – pull it from USD13,4 bn. in 2017 to USD 17.4 bn. in 2026.
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Asia Pacific to Generate Lucrative Opportunities inthe Global Phosphoric Acid Market
Region-wise, Asia Pacific will be bullish over the forecast period. Inthe year 2017, the region held more than half of the total market share and thetrend will continue through the assessment period. It is worth noting here thatas urbanization and industrialization increases in this region, the per capitafarmland decreases, driving demand for phosphate fertilizers in order toimprove per unit yield from what is available. One of the most common phosphatefertilizers include DAP – Diammonium Phosphate.
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Environment Concerns to Act as Restraint in theGlobal Phosphoric Acid Market
One of the factors that is hampering growth in global phosphoricacid market is the growing concern regarding environmental degradation,related to use of phosphates. It is noted that soil health deteriorates andwater bodies get polluted. This has led to a stricter regulatory frameworkaround the use of phosphoric acid and phosphates. In certain regions, this isleading to adoption of natural fertilizers. In turn, it hurts growth in demandin the phosphoric acid market. However, easy availability and affordabilitywill act in favor of global phosphoric acid market.
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Price Containment and Robust Distribution to be KeyGoals for Global Phosphoric Acid Market Players
The global phosphoric acid market is a consolidated vendor landscapewith a major share being held by the top ten companies. It is pertinent to notehere that one factor common against each one is forward integration. Some ofthe prominent names are J.R. Simplot Company, Yara International, IsraelChemicals Ltd., The Mosaic Company, Eurochem Group AG, Nutrien Ltd., PrayonS.A., OCP Group, CECA (Arkema Group), WengFu Group, Solvay, and Maaden, amongothers. The focus is on containing price and ensuring a smooth supply chain.
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