Phosphoric Acid Market Regional Analysis:
APAC Market Insights
The market share of phosphoric acid in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2035. The growth of the market can be attributed majorly to the increasing production of fertilizers in the region. It is expected that the fertilizer industry in the Asia Pacific will grow by a CAGR of 6 % over the next five years, ensuring regular demand for phosphoric acid to produce fertilizers such as Monoammonium Phosphate and Trisodium phosphate which are used in growing crops. For instance, China made up over 40% of the Asia-Pacific phosphoric acid market in 2019, becoming the nation that is a major producer of fertilizers. It is expected that demand in China will be strengthened by the growth of end-use industries over the forecast period. In turn, India has a wide range of chemical manufacturing bases that will lead to the growth of its economy. Further, the market growth in this area is driven by increased disposable income for the middle-class population, as well as food processing expenditure. The market is also expected to grow owing to the growing demand for processed foods in emerging countries such as India and China. All these factors are anticipated to boost market growth during the forecast period.
North American Market Insights
The North American phosphoric acid market is estimated to be the second largest, registering a share of about 24% by the end of 2035. The growth of the market can be attributed majorly to the increasing demand for phosphoric acid from the food & beverages, and pharmaceuticals industry. Moreover, the market in North America is further stimulated by strict government rules on phosphoric acid. However, North American phosphoric acid market growth is expected to be impeded by significant innovation and the introduction of new products. Furthermore, the availability of substituted products could create additional obstacles to the North American market for phosphoric acid over the coming years.
Europe Market Insights
Europe region is poised to witness substantial growth through 2035. The growth of the market can be attributed majorly to the increasing demand for phosphoric acid in pharmaceutical industries, as well as growing demand from fertilizer producers. Moreover, the European market for phosphates is also expanding due to rigorous government regulations. However, the growth of the phosphoric acid market in Europe is expected to be slowed down by significant innovation and new product launches.
