Phosphotungstic Acid Market Trends

Growth Drivers

• Growing Demand in Paint and Coatings Industry – Phosphotungstic pigments are used in the manufacture of printing inks, paints, and enamels. As per research, in 2019, about 11 billion gallons of paints and coatings were produced globally. The growing demand for inks and paints is estimated to boost the growth of the market.
• Growing Use as a Staining Agent in Diagnosticsto Detect Tumors - It is predicted that by the end of the forecast period, the worldwide cases of cancer is going to touch more than 25 million.
• Expansion of Construction Industry- There is a growing demand for phosphotungstic acid in the production of paints used in construction. With the pressing need to build over 12,000 buildings every single day to support the growing population, the global phosphotungstic acid market is predicted to surge.
• Growing Use in the Manufacture of Cosmetic Formulations that Protects the Skin - Skincare industry is projected to attain a revenue of approximately USD 180 billion by 2025, as per recent studies. Moreover, skincare accounted for about 40% of the global cosmetics industry.
• Increasing Use as a Catalyst in the Synthesis of Pharmaceutical Products- Phosphotungstic Acid is used in the production of antimalarial, anti-inflammatory, antibacterial, and antihypertensive drugs. The phosphotungstic acid market is expected to grow with the rise in the pharmaceutical industry which has been steadily expanding over the past few decades and stood at over USD 1.6 trillion in 2020.

Challenges

• May Cause Skin Irritation
• May Emit Toxic Fumes at Very High Temperatures
• Lack of Awareness of its Utility in Some Developing Countries