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The global phosphoric acid market size was valued at $xx Million in 2017. It is anticipated to expand up to $xx Million rising with a substantial CAGR of xx% during the forecast period. The factors that drives the growth of global phosphoric acid market is various subsidies of government on fertilizers and increasing demand of phosphoric acid for the formation of phosphate fertilizers. As there is increase in population, there will be rise in demand for food, which will also increase demand for fertilizers. Although, phosphoric acid harmfully affects human body and environment which may hinder the growth of phosphoric acid industry.
In terms of consumption value and production, phosphoric acid is largest which is following sulphuric acid on the basis of volume. As phosphoric acid is a chemical reagent, it acts as inhibitor of rust, flux, dispersing agent, feedstock for fertilizer, home cleaning product and orthopedic and dental etchant. The main applications of phosphoric acid are acts as phosphate fertilizer, produce animal food & beverages and surface healing of metals. The drivers that upsurge the phosphoric acid market growth over the forecast period is rise in demand for applications of phosphoric acid from end-user industries.
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Phosphoric acid market trends are attracting the phosphoric acid market towards the organic phosphate fertilizers. Organic phosphate fertilizers avoid the production of products that use chemicals during the manufacturing. Organic phosphate fertilizers act as soil conditioners, helps in maintaining the quality and health of soil by maintaining the organic content of soil.
Global phosphoric acid industry is segmented on the basis of application and region. On the basis of application, phosphoric acid market is divided into animal feed, food additives, fertilizers and many more. Fertilizers are sub-divided into monoammonium phosphate (MAP), diammonium phosphate (DAP), trisodium phosphate (TSP) and many more. Fertilizers is the dominating the phosphoric acid industry.
Geographically, regions in the global phosphoric acid market analysis are Europe, North America, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific is dominating the phosphoric acid market. Asia Pacific is the region which uses phosphoric acid for the manufacture of several products such as food additives, fertilizers, chemicals and is increasing amongst the regions like India and China. Latin America and Middle East & Africa are the regions which are expected to rapidly increase the phosphoric acid market outlook in the coming years. Strong agricultural conditions in Asian countries create demand for phosphoric acid in Asia Pacific region.
Key Segments in the “Global Phosphoric Acid Market” are-
By Application market is segmented into:
• Animal Feed
• Food Additives
• Fertilizers
o Monoammonium Phosphate (MAP)
o Diammonium Phosphate (DAP)
o Trisodium Phosphate (TSP)
By Regions market is segmented into:
• Europe
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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