The global phosphoric acid market is marked by the presence of many small and large vendors, making the market fragmented as well as very competitive, states Transparency Market Research (TMR) in its latest report. Near the large phosphate rock basins in China, Russia, North Africa, and North America, a large number of integrated producers of phosphate acid are located. These players hold almost half of the total global phosphate acid capacity and benefit from various advantages such as competitive pricing and low cost of production on account of the availability of cheap raw materials through integration. Key players within the global phosphoric acid market are: OCP S.A., The Mosaic Co., Yunnan Yuntianhua Co., Ltd., Agrium, Inc., Potash Corp. of Saskatchewan, Inc., PhosAgro PJSC, Wengfu Group Co., Ltd., Eurochem Group AG, Ma’aden Phosphate Company, and J.R. Simplot Co.
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According to Transparency Market Research, the global phosphoric acid market will be worth US$30,000 mn by 2022-end. By end use, the market is anticipated to be led by the DAP segment followed by the MAP segment. However, the MAP segment will expand at the fastest pace in the coming years. On the basis of geography, APEJ is anticipated to continue to hold the largest shares as India and China make extensive use of phosphoric acid for feed production and in feed additives. The high demand for food on account of the growing population and the increasing spending power of the consumers will also aid the growth of the APEJ phosphoric acid market. The Middle East and Africa is anticipated to be the second most attractive regional market for phosphoric acid. The market in North America also looks promising, as per a TMR analyst. By application, fertilizers will remain the largest application area for phosphoric acid.
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Demand for Organic Phosphoric Fertilizers Increasing in Market
The emergence of organic phosphate fertilizers, is one of the biggest trend that is gripping manufacturers in the global phosphoric acid market. Organic phosphoric fertilizers are in demand as they prevent the production of by products and also because they are chemical-free. Organic phosphoric fertilizers help soil to become healthy and improve its quality. The market also receives support from governments across the globe, which are assisting the set up of fertilizer production plants as well as for acquiring phosphate rocks for the production of phosphoric acid, which is then used to produce fertilizer.
Market Players Display Increased Interest in Joint Ventures
Another trend that can be seen among market players is the growing interest in participating in joint ventures and increasing their foreign investments. Players within the phosphoric acid market across the globe are attracting foreign investments by means of partnerships and collaborations so as to stay competitive in the market. These joint alliances help vendors in acquiring raw materials. These efforts are helping the global phosphoric acid market to grow.
Growing Popularity of Genetically Modified Seeds to Threaten Demand for Phosphoric Fertilizers
On the other hand, it is estimated that the demand for phosphoric acid will be limited on account of the increased availability of genetically modified seeds, which do not require the use of fertilizers or pesticides, and yet can give a high yield. The significant rise in the use of genetically modified seeds in arable lands will threaten the demand for phosphoric acid.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Phosphoric Acid Market (End Use – Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), other Phosphorous-based Fertilizers, Food Additives, and Industrial Uses; Application – Fertilizers, and Non-Fertilizers) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.”
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