Increasing need for the production of fertilizers and rising need for wastewater treatment are the key factors driving market revenue growth
The global North America Phosphoric Acid Market size was USD 48.75 Billion in 2021 and is expected to register a revenue CAGR of 3.8% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is expected to be driven by the growing use of North America Phosphoric Acid in the electronics and food beverage industry.
Electronic-grade North America Phosphoric Acid is used in the electronics industry as an etchant to produce semiconductors such as flash memory and Integrated Circuits (ICs), as well as a dopant for producing different types of solar cells. North America Phosphoric Acid is used to make Flat Panel Displays (FPD) for computers, televisions, and mobile phones as well as fuel cells. In addition, the food and beverage industry uses North America Phosphoric Acid as a food additive. It is mainly used as a preservative to give food products a strong flavor. The most popular way to ingest it is through soft drinks. Furthermore, the increasing use of North America Phosphoric Acid in various bottled teas, punches, sports drinks, and fruit-flavored drinks is also boosting the demand for North America Phosphoric Acid. In order to change the proteins and modify the pH value to produce a higher-quality product, the salts of North America Phosphoric Acid are also used in a variety of dairy products. These factors are expected to drive market revenue growth during the forecast period.
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Top Companies: Clariant, CF Industries Holdings, Inc., Brenntag GmbH, Arkema, Nutrien Ltd., J.R. Simplot Company, UPL, EuroChem Group, Solvay, and LANXESS.
Further Key Finding from the Report Suggestion:
- Wet process segment is expected to register a rapid revenue growth rate during the forecast period owing to increasing use in the production of phosphate fertilizers. The impurities in wet-process acid promote super cooling and reduce the tendency for crystallization, which is expected to contribute to the segment's revenue growth.
- The technical grade segment is expected to register a rapid revenue growth rate during the forecast period. Technical grades are used in plant nutrition applications to provide precise and targeted fortification with water-soluble solutions. Increasing use of these chemicals in metal finishing (rust moving), beverages and food are expected to drive the revenue growth of the segment.
- Offline segment is expected to account for the largest revenue share over the forecast period owing to the increasing need for checking the quality of goods. Offline channels are the first choice for rural consumers because they don't have access to e-commerce sites. Also, instant delivery and a personalized experience are expected to boost the revenue growth of the segment.
- Phosphate segment is expected to account for the largest revenue share over the forecast period. Increasing need for phosphate salts in fertilizers has led to an increase in demand for North America Phosphoric Acid. Also, North America Phosphoric Acid is used in reducing soluble copper and lead in potable water supplied to the consumer.
- The agriculture segment is expected to register a steady revenue growth rate during the forecast period owing to the increasing need for a rich source of phosphorous for plants. North America Phosphoric Acid is primarily used to make fertilizers. Essentially, it is converted into three phosphate salts for use as fertilizers, such as Triple Superphosphate (TSP), Diammonium Hydrogen Phosphate (DAP), and Monoammonium Dihydrogen Phosphate (MAP).
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America Phosphoric Acid market is segmented into:
Production Method Outlook (Revenue, USD Billion, Volume, Kiloton; 2019-2030)
- Wet Process
- Thermal Process
- Dry Kiln Process
Grade Outlook (Revenue, USD Billion, Volume, Kiloton; 2019-2030)
- Electronic Grade
- Food Grade
- Technical Grade
Distribution Channel Outlook (Revenue, USD Billion, Volume, Kiloton; 2019-2030)
- Online
- Offline
Application Outlook (Revenue, USD Billion, Volume, Kiloton; 2019-2030)
- Phosphate
- Industrial Application
- Fertilizer Chemicals
- Home Cleaning Agents
- Others
Industry Vertical Outlook (Revenue, USD Billion, Volume, Kiloton; 2019-2030)
- Agriculture
- Food Beverage
- Pharmaceutical
- Electronics
- Water Treatment
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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