Phosphoric acid is a weak acid with the chemical formula H3PO4. It is widely used in fertilizer electronics, food and other industry.
Phosphoric acid is an inorganic mineral acid and can be referred to as phosphoric (V) acid or orthophosphoric acid. In addition to being a chemical reagent, phosphoric acid acts as rust inhibitor, dental and orthopedic etchant, flux, electrolyte, industrial etchant, dispersing agent, home cleaning product and fertilizer feedstock. Phosphate fertilizer is a major application of phosphoric acid which consumes approximately 90% of the production.
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The global consumption of phosphoric acid increases from 42.8 Million MT in 2014 to 52.2 Million MT in 2018, at a CAGR of more than 5%. In 2016, the global Phosphoric Acid consumption market is led by China and North America, China is the largest region consumption market, accounting for about 38% of global consumption of Phosphoric Acid.
Phosphoric Acid can be mainly divided into Electronic Grade, Food Grade and Tech Grade. which Tech Grade captures about 88% of Phosphoric Acid market in 2018. According to our research.
Technical grade consumption is concentrated in the fertilizer industry in China. The consumption of the most value-added electronic grade phosphoric acid is mainly concentrated in the electronics industry in China, especially in China's display panel industry.
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Asia pacific is currently the largest market and is expected to dominate over the forecast period owing to India and China manufacturing various application products of phosphoric acid and other phosphate products. African, Middle-east and Latin American phosphoric acid market are also growing at a fast pace. The increasing demand for phosphate fertilizers has simultaneously increased the demand of phosphoric acid. The rising requirements of food production in India and China have been predicting a high rise in its phosphoric acid market. Moreover, the strong agriculture market of India and China will support the growth of phosphoric acid.
Phosphoric acid market will face a strong demand in the coming years because of the tight supplies of sulfur.
The global supply/demand balance is supply driven. Overall and on a global level, the phosphoric acid market value is expected to grow annually by almost 2% per year.
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