[New Report]CAGR of 3.9% and US$ 37.9 billion by 2032 Dynamics Shaping the Phosphorus Acid Market-BY PMI
Phosphorus Acid Market, By Grade (Technical Grade, Agriculture Grade, and Others), By Form (Solid, Liquid, and Others), By Application (Fertilizers, Reducing Agent, Stabilizer, Water Treatment Chemical, Others), By End-user (Textiles, Oil & Gas, Agriculture, Power Industry, Construction, Automotive, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2032
Covina, Oct. 09, 2023 (GLOBE NEWSWIRE) — Phosphorus acid is used in electroplating applications. It is employed in the production of various chemicals, including flame retardants, plasticizers, and pharmaceuticals. Phosphorus acid is used as an acidity regulator and preservative in the food industry. t is used to control corrosion in water treatment processes.
Phosphorus Acid Market is expected to rise as a result of ongoing research and development projects targeted at enhancing phosphorus acid manufacturing methods and applications. These projects could result in greater efficiency, cost effectiveness, and broader applications.
Key Highlights –
- In November 2022, Pengyue Eco-technology, a subsidiary of Guizhou Chanhen Chemical Corporation, put its new phosphoric acid plant into operation. Two phases make up the project, which is situated in Guangxi. The first part of the project was finished earlier. About 400 000 t P2O5 per year is the project’s entire design capacity. Products include feed-grade phosphate, anhydrous hydrogen fluoride, merchant-grade phosphoric acid, and refined phosphoric acid.
Analyst View –
The need for fertilizers and, consequently, phosphoric acid will rise as a result of the strain that the growing world population will continue to place on agricultural production. As industries develop and modernize, expanding economies in places like Asia-Pacific can open up new markets for phosphoric acid.
|Base year for estimation||2022|
|Forecast period||2022 – 2032|
|Market representation||Revenue in USD Billion & CAGR from 2022 to 2032|
|Market Segmentation||By Grade – Technical Grade, Agriculture Grade, and Others
By Form – Solid, Liquid, and Others
By Application – Fertilizers, Reducing Agent, Stabilizer, Water Treatment Chemical, Other
By End-user – Textiles, Oil & Gas, Agriculture, Power Industry, Construction, Automotive, and Others
|Regional scope||North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
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Impact of COVID-19 on the Phosphorus Acid Market:
- Disruption in Supply Chains: The pandemic led to disruptions in supply chains, including the availability of raw materials and transportation issues, which could have affected the production and distribution of phosphorus acid.
- Reduced Demand: Many industries, such as agriculture and electronics, which are major consumers of phosphorus acid, faced slowdowns or shutdowns during the pandemic. This reduced demand for phosphorus acid in certain applications.
- Labor Shortages: Labor shortages due to lockdowns and health concerns could have affected production capacity, leading to delays and potential price increases.
- Increased Demand in Healthcare: Phosphorus acid and its derivatives are used in various pharmaceutical and healthcare applications. The demand for healthcare products and pharmaceuticals increased during the pandemic, which could have boosted the demand for certain phosphorus acid products.
- Agricultural Sector: Agriculture is a major user of phosphorus acid-based fertilizers. Despite disruptions, the agricultural sector remained essential, and the need for fertilizers continued, potentially supporting phosphorus acid demand.
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Opportunities and Challenges:
- Opportunities in Healthcare: Companies in the phosphorus acid market may have explored opportunities to supply pharmaceutical and healthcare industries with essential products.
- Diversification: Diversifying into new applications or regions may have been an opportunity for companies to mitigate the impact of reduced demand in certain sectors.
- Supply Chain Resilience: The pandemic highlighted the importance of resilient supply chains. Companies may have invested in improving their supply chain infrastructure to better handle future disruptions.
- Regulatory Changes: Regulatory changes related to environmental standards and safety protocols may have presented challenges or opportunities for companies in the phosphorus acid market.
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Key questions answered in this report:
- What is Phosphorus Acid?
Phosphorus acid, also known as orthophosphorous acid (H3PO3), is a chemical compound containing phosphorus, hydrogen, and oxygen. It is used in various industrial applications, including agriculture, chemicals, and electronics.
- What Are the Key Applications of Phosphorus Acid?
Phosphorus acid is primarily used as a precursor in the production of phosphite salts, which find applications as reducing agents, corrosion inhibitors, and stabilizers in various industries. It is also used in the manufacturing of flame retardants, agricultural fertilizers, and in the electronics industry.
- What Factors Drive the Phosphorus Acid Market?
Factors driving the phosphorus acid market include the demand for phosphite-based products in agriculture, increasing use as a reducing agent in chemical processes, and its role as a flame retardant in the plastics industry. Agricultural growth and technological advancements can also influence market dynamics.
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