Global Phosphoric Acid Market 2017-2021

Overview of the global phosphoric acid market

The demand for phosphate rocks is increasing on a global level due to the rising demand for food and the growing population. Consequently, the world food production will increase by around 70% to feed the increasing population. This in turn, will boost the production rate of industrial fertilizers such as phosphate fertilizers using feedstocks. Also, the manufacturing process of phosphate fertilizers includes the production of phosphoric acid or orthophosphoric acid using phosphate rocks. Technavio's market research report identifies that the high availability of phosphate rocks will be one of the primary growth drivers for the global phosphoric acid market till 2021. More than 70% of the phosphate rock reserves in the world are found in Morocco. Apart from this, phosphate rock reserves are also found in Iraq, Algeria, Jordan, and Syria. According to our market research analyst the global phosphoric acid market will grow at a CAGR of more than 2% by 2021 in terms of million tons.

One of the key trends that will gain traction in the global phosphoric acid market during the projected period is the introduction of organic phosphate fertilizers. The phosphoric acid fertilizer prevents the production of by-products as it does not require chemicals during the manufacturing process. They maintain the soil health by acting as soil conditioners. They also maintain the quality of the soil by retaining the organic content in the soil without deteriorating it.

Competitive landscape and key vendors