The global phosphoric acid market
 was valued at US$ 13,399.62 Mn in 2017 and is anticipated to register a
 stable CAGR of 3.0% from 2018 to 2026, according to a new report
published by Transparency Market Research (TMR) titled “Phosphoric Acid
Market: Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2018–2026.” The global phosphoric acid market is driven by
rise in the demand for phosphate fertilizers. Asia Pacific accounts for a
 major share of the global phosphoric acid market, due to increased
usage of diammonium phosphate (DAP) in agricultural activities in the
region.

Rise in Demand for Diammonium Phosphate (DAP) projected to drive Market

Diammonium phosphate (DAP) is a
water-soluble ammonium phosphate salt, which is produced when ammonia
reacts with phosphoric acid. DAP is widely used as a fertilizer. The use
 of fertilizers in the soil increases the soil fertility and thereby,
the crop yield. DAP improves the quality of fruit and vegetable crops.
Developing countries and regions are using fertilizers increasingly, so
as to raise the crop yield. Fertilizers are employed to compensate
phosphorus deficiencies in the soil. High demand for food led by growing
 population and increasing spending power of consumers is likely to
promote growth of the phosphoric acid market during the forecast period.

Declining Arable Land per Capita likely to offer Attractive Growth Opportunities

As the population is increasing primarily
 in cities, the farmland per capita is decreasing and higher food
production is required from each acre of the farmland. According to the
data from the FAO (Food & Agriculture Organization), the arable land
 per capita is expected to decrease from 0.25 hectare per person to 0.19
 hectare per person between 2010 and 2050. This, in turn, calls for
increased yield from each unit of the planted area. Also, the arable
land is limited, due to the industrialization. Most arable land is
concentrated in Brazil. Therefore, the only viable method to increase in
 the crop production is to raise the yield in existing farms in
countries such as China, India, Russia, Africa, and the U.S. This can be
 achieved by optimizing the use of phosphoric acid in the form of potash
 fertilizers and that of water and seeds. Also, improvement in the
quality of life and decrease in the arable land led by growing
population are resulting in increased consumption of fruits and
vegetables. These fruits and vegetables need phosphate fertilizers for
their better growth and higher yields. Thus, the decreasing arable land
per capita is providing lucrative growth opportunities to the global
phosphoric acid market.

Environmental Impact of Phosphoric Acid anticipated to hamper Phosphoric Acid Market

The environmental impact of phosphoric
acid and phosphates, in general, has been investigated over the years
and with the recent and relatively clear results, regulation have been
imposed on the use of these chemicals. Phosphoric acid contains
phosphates, which impact water bodies and lead to an imbalanced system.
Presence of phosphates is necessary for plant growth; however, increase
in the phosphate content leads to increased growth of plants in water
bodies such as algae. This reduces the supply of oxygen and light to the
 animal life in water bodies and creates an ecological imbalance. This
cycle of pollution is a well-documented fact and is also the reason why
phosphoric acid is being heavily regulated and banned in several regions
 across the world. Thus, the environmental impact of phosphoric acid
hampers the global phosphoric acid market.

Fertilizers Segment to dominate Global Phosphoric Acid Market

The global phosphoric acid market has
been segmented based on application and region. Based on application,
the market can be divided into fertilizers, food additives, animal feed,
 and others. Fertilizers is the dominant segment of the phosphoric acid
market. It has been sub-segmented into diammonium phosphate (DAP),
monoammonium phosphate (MAP), trisodium phosphate (TSP), and others.
Phosphoric acid can be combined with ammonia and granulated to produce
solid fertilizers such as DAP and MAP. It can be evaporated to produce
merchant-grade phosphoric acid (MGA) or further evaporated to produce
superphosphoric acid (SPA), which is then converted into a liquid
fertilizer. Among fertilizers, DAP is the mostly used fertilizer,
followed by MAP and TSP. These fertilizers supply the soil with elements
 such as nitrogen and phosphorus in a form that is usable by plants.

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Asia Pacific dominates Global Phosphoric Acid Market

Among regions, Asia Pacific accounted for
 a major (58%) share of the global phosphoric acid market in 2017.
Presence of a large number of phosphate rock reserves in the region is
attracting a large number of customers of phosphoric acid toward the
market in Asia Pacific. Rise in the use of phosphate fertilizers is
anticipated to provide lucrative growth opportunities to manufacturers
of phosphoric acid in Asia Pacific in the next few years. In Asia
Pacific, China is the key exporter, while India is the leading importer
of phosphoric acid. In terms of volume, China is the major consumer of
phosphoric acid, followed by India. High demand for phosphoric acid in
Asia Pacific can be ascribed to increase in agricultural activities in
countries across the region. Manufacturers in Asia Pacific are engaged
in the production of phosphate fertilizers such as diammonium phosphate
(DAP), monoammonium phosphate (MAP), and trisodium phosphate (TSP). The
phosphoric acid markets in both Western and Central Europe are fairly
mature. The market in Eastern Europe is expected to expand at a
significant pace during the forecast period. Phosphate reserves have
been explored in Kazakhstan and Turkmenistan. With this, new phosphoric
acid plants are expected to be established in these countries in the
near future. Several phosphoric acid plants have also been explored in
Russia.

High Degree of Competition among Established Players

Key players profiled in the report on the
 global phosphoric acid market are The Mosaic Company, Nutrien Ltd.,
Israel Chemicals Ltd., OCP Group, Yara International, Maaden, Eurochem
Group AG, WengFu Group, Prayon S.A., J.R. Simplot Company, Solvay, and
CECA (Arkema Group). These players account for almost 50% share of the
global phosphoric acid production capacity and are forward integrated.
Manufacturers of phosphoric acid are mostly concentrated in
countries/regions where phosphate rock reserves are found in abundance;
for example, China, Russia, North Africa, and North America.