Global Phosphoric Acid Market - 2019-2026
|磷酸的全球市場(2019年∼2026年) Global Phosphoric Acid Market - 2019-2026|
|出版日期: 2020年07月18日||內容資訊: 英文|
Global Phosphoric Acid Market Overview
The Global Phosphoric Acid market was valued at USD XX million in 2019 and expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2027.
Phosphoric acid is the largest produced and consumed acid in terms of revenue, and the second largest in terms of volume, after sulfuric acid. It is also known as orthophosphoric acid. The various applications include phosphatic fertilizers, animal feeds, water treatment solutions, and food and beverages. Phosphatic fertilizers is the largest application in the global phosphoric acid market, followed by detergents, metal treatment, and water treatment. The demand for phosphoric acid from these end-user industries propels market growth.
The main raw material used for the production of phosphoric acid is phosphate rock, which is mined in several locations worldwide. Phosphate rock is found in two different types of deposits: igneous and sedimentary. Sedimentary phosphate deposits account for 90% of the reserves. The largest producers of phosphate rock are Morocco, Tunisia, China, Jordan, Russia, the US, Brazil, and Egypt.
Global Phosphoric Acid Market - Market Dynamics
The global phosphoric acid market is driven by various factors such as Increased Demand for Synthetic Fertilizers, Increased Production and Availability of Phosphate Rock, and Retail Price Administration and Subsidies on Sales of Fertilizers.
Many developing countries in Asia and Africa still focus on the conventional methods of farming, which includes usage of synthetic fertilizers instead of bio-based fertilizers. About 91% of the total phosphoric acid supply is consumed in the production of fertilizers. Rising demand for food because of the growing population in these regions have significantly increased the use of fertilizers. Biofertilizers are less preferred because of their uneven and inconsistent performance, which in turn increases the demand for synthetic fertilizers made up of phosphoric acid.
Trade barriers is major factor hindering the market growth. Protectionism refers to the policy of regulating the trade between two geographies through the levy of tariffs on imports and exports. Trade protectionism is very prevalent in the chemical industry and is widely enacted by emerging nations such as Brazil, China, Russia, and India. These countries levy significant import duties on phosphoric acid, to secure the prices and interests of indigenous vendors. This practice leads to the artificial price fixing and can mean higher prices for the end-consumers.
Global Phosphoric Acid Market - Segment Analysis
Phosphoric acid has three major applications: in the manufacture of fertilizers, animal feed, and food additives. The fertilizer segment accounted for around 90% of the total demand in 2019, while the food additives and animal feed segments accounted for XX% and XX%, respectively. The others segment constituted about XX% of the total demand. Phosphorus serves as an essential macronutrient, and hence is used as a fertilizer for optimum crop production. Rock phosphate and sulfuric acid are the raw materials used for the production of commercial phosphatic fertilizers. Morocco is the major exporter of phosphate rock. A rise in demand for food increases the demand for phosphoric acid to manufacture phosphatic fertilizers. The global food demand is on a continuous rise because of a rise in the birth rate and an increase in consumption of value-added meat products. With a rise in disposable incomes, the demand for meat products has increased, which in turn boosts the demand for fodder. The production of fodder grain requires a significant amount of fertilizers to achieve maximum productivity within a constrained land resource.
Global Phosphoric Acid Market- Geographical Analysis
By Geography, the global Phosphoric Acid market is segmented into North America, Asia-Pacific, Europe, South America and the Middle East and Africa.
The phosphoric acid market in APAC was valued at USD XX million in 2019, and we expect it to reach USD XX million by 2027, growing at a CAGR of XX%. The region accounts for a major share of the population growth in the world. The population growth in countries such as China, India, Indonesia, and Thailand are more than the global average. A rise in population results in an increased demand for food. China is the largest producer of phosphate rock in the world. The country accounts for a 41% share of the global phosphate rock production and about a 40% share of the global phosphoric acid production. The country, though rich in phosphate rock reserves, is not among the major exporters of the feedstock. About 85% of the phosphate rock produced in the country is consumed for indigenous production of phosphoric acid, which in turn is used in the production of phosphatic fertilizers such as MAP and DAP. India is the largest importer of phosphate rock in the world, as the country lacks major reserves. The country is among the top five regions, with farm output and agriculture constituting about 15% of the nation's GDP.
Global Phosphoric Acid Market- Competitive Analysis
The global phosphoric acid market is dominated by chemical majors from EMEA and APAC such as OCP, Sinofert, PotashCorp, and PhosAgro. These companies have an expanded portfolio of fertilizer products with integrated upstream capacities and rely upon their captive sources for raw materials. They have manufacturing locations across the world and operate capacities through strategic partnerships and joint ventures. Most of the players in the phosphate value chain either ensure proximity to the raw materials - sulfuric acid and phosphate rock - or easy access to the fast-growing end-user markets of China, India, and Brazil.