Phosphoric Acid Market worth US$ 56.8 Billion by 2027- Exclusive Report by MarketsandMarkets™ The report " Phosphoric Acid Market by Process Type (Wet, Thermal), Application (Fertilizers, Feed & Food Additives, Detergents, Water Treatment Chemicals, Metal Treatment, Industrial Use), and Region ( North America, Europe, APAC, RoW)- Global Forecast to 2027". According to MarketsandMarkets, The global phosphoric acid market will grow to USD 56.8 Billion by 2027, at a CAGR of 4.1% from USD 46.4 Billion in 2022. This growth is primarily triggered by the growing demand for phosphate fertilizers. Phosphoric acid is used as a raw material for fertilizers production as it is an excellent nutrient to crops. In recent years, the agriculture industry across the world is showing strong growth, supported by the increased demand for food. This provoked the farmers to manufacture high-quality yields, which in turn increased the demand for fertilizers. Phosphorus is an important plant growth nutrient. It is consumed by plant roots, usually as an H2PO4- (dihydrogen phosphate ion) from phosphoric acid. PDF Download: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=177852938 Browse and in-depth TOC on "Phosphoric Acid Market” 244 - Tables 63 - Figures 235 - Pages View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/phosphoric-acidmarket-177852938.html The wet process is estimated to be the largest process type of phosphoric acid market in 2021 The wet process accounted for the largest share of the global phosphoric acid market, in 2021. In wet process, low phosphorous content rock can also be used as a raw material. The diminishing supply of rock phosphate is a major concern in the phosphoric acid market. As there is no alternative available for phosphate, it is important to take adequate measures to ensure the future supply for phosphates. Even though phosphate recycling from wastewater is possible, it does not seem economically feasible yet. The high growth in fertilizers demand is the major factor driving the wet process of phosphoric acid. Fertilizers is estimated to be the largest application in the phosphoric acid market in 2021 The fertilizers application accounted for the largest share of the global phosphoric acid market, in 2021. Fertilizers are chemical compounds that are mainly comprised of nitrogen, phosphorus, and potassium. They are vital for the growth and development of plants and crops. Phosphoric acid is an intermediate product in the process of fertilizers production using phosphate rock. Phosphate fertilizers are essential for successful root development. They are produced from phosphate rock. Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=177852938 The Asia Pacific is projected to be the fastest-growing market for phosphoric acid during the forecast period. The Asia Pacific is projected to be the fastest-growing market, in terms of value, during the forecast period. The Asia Pacific has a high consumption of fertilizers because of growing production capacities, competitive manufacturing costs, and high economic growth rates; these factors are also expected to favor the growth of the phosphoric acid market during the forecast period. As Asia Pacific is the largest as well as the most populated continent, the consumption of phosphoric acid, especially in terms of fertilizers and food additives, is high in the
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