The global phosphoric acid market is set to gain traction from the decreasing per capita farmland. The population is surging rapidly worldwide. The FAO declared that in South Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa, only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a new report, titled, “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.” The report further states that 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.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Ethyl Acetate Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Ethyl Acetate Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
How Did We Conduct Our Research?
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent and peer markets. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the market size.
Drivers & Restraints-
Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid Growth
Phosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly used phosphatic fertilizers as they possess excellent physical properties and relatively high nutrient content. It is also an important source of nitrogen and phosphorus for plant feeding applications. At the same time, it is extensively utilized for the farming of grains, such as vegetables, fruits, barley, and wheat. However, the rising implementation of stringent norms on the usage of fertilizers may hinder the phosphoric acid market growth in the near future.
Segment-
Fertilizers Segment to Dominate in the Near Future
Based on the application, the fertilizers segment is set to retain its leading position throughout the forthcoming years by procuring the largest phosphoric acid market share. The International Fertilizer Association (IFA), for instance, mentioned that by 2024, the demand for fertilizers is expected to surge by an average rate of 0.7 percent. It will reach approximately 197.1 Mt of nutrients.
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Regional Insights-
Rising Agricultural Activities to Help Asia Pacific Lead in Upcoming Years
Geographically, Asia Pacific is anticipated to remain at the forefront in the upcoming years. It generated USD 16,801.5 million in 2020 in terms of revenue. This growth is attributable to the rising consumer spending, agricultural activities, expansion of the chemical industry, and government initiatives. In emerging nations, such as China, the demand for this acid would increase because of the presence of numerous end-use industries.
On the other hand, in 2020, Europe and North America together held more than 20% of the global market. The surging usage of phosphoric acid as animal feed and food additives in both regions would accelerate growth.
Competitive Landscape-
Key Players Focus on Mergers and Acquisitions to Compete with Their Rivals
The global market contains several renowned companies that are presently adopting the strategy of merger and acquisition to gain a competitive edge. A few others are signing new agreements to supply their in-house products to local and international firms. Below are the two latest industry developments:
- July 2018: Innophos Holdings, Inc. entered into a purified phosphoric acid (PPA) supply agreement with Nutrien. It is a three-year-old agreement that will enable the latter to provide PPA to help Innophos serve its customers with unique products.
- August 2016: Prayon Technologies will offer the technical know-how and license for two latest phosphoric acid plants that were constructed in Egypt. They are located in the NCIC Ain Sokhna Fertilizer Complex.
A list of all the renowned players operating in the global market:
- 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
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