A recent research analysis by Transparency Market Research (TMR) projects a moderate expansion for the global phosphoric acid market during the forecast period, 2017 to 2022. Revenues from global sales of phosphoric acid are estimated to exceed US$ 30,000 Mn by 2022-end.
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Rising Number of Joint Ventures and Increasing Foreign Investments to Augment Market Growth
The latest trends gaining momentum in the global phosphoric acid market are rising number of joint ventures and increasing foreign investments. Leading players enter joint ventures and attract foreign investments to remain competitive in the market. These joint ventures assist vendors in procuring raw materials. Several economies are concentrating on scaling up their investment in phosphate-based fertilizer production plants and phosphate mining. Governments of various nations are collaborating with vendors across various regions for setting up plants for production of fertilizers, or for acquiring supplies of phosphate rocks for phosphoric acid production, as phosphoric acid is an intermediate product between phosphate fertilizers and phosphate rocks.
Emergence of Organic Phosphate Fertilizers – A Key Trend in Global Phosphoric Acid Market
Another key trend gaining huge traction in the global phosphoric acid market is emergence of organic phosphate fertilizers. These organic phosphate fertilizers prevent production of by-products, as they exclude the use of chemicals during their manufacturing process. Acting as soil conditioners, organic phosphate fertilizers help in maintaining the soil health and the quality of soil through retention of the soil’s organic content without deteriorating it.
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Demand for phosphoric acid might however be restrained owing to rising availability of the genetically modified (GM) seeds. These super variant seeds do not require fertilizers and pesticides, are pest resistant, and produce high yield. The arable lands using GM seeds are witnessing a significant rise across the globe.
Fertilizers to Remain Largest Application of Phosphoric Acid
Phosphoric acid is tremendously utilized for production of fertilizers, with increasing demand in crops for essential nutrients such as potassium, phosphorous and nitrogen. In addition, demand for phosphoric acid is likely to witness a rise owing to increasing demand for feedstock, which in turn require fertilizers for cultivation. Fertilizers are expected to remain the largest application of phosphoric acid, with revenues estimated to account for nearly nine-tenth share of the market in 2017. Non-fertilizers application of phosphoric acid will continue to witness a sluggish expansion through 2022.
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