The Asia Pacific Phosphoric Acid Market would witness market growth of 4.0% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 19,978.4 Kilo Tonnes, showcasing a growth of 3.5% (2019-2022).
In the food and beverage industry, phosphoric acid is used as an acidulant and flavor enhancer. It is a fundamental ingredient in carbonated beverages, particularly cola drinks, where it contributes to their characteristic tangy taste. Additionally, it serves as a preservative in various food products and enhances the texture and quality of processed foods.
Additionally, it is employed in water treatment processes to adjust pH levels and reduce alkalinity. Its effectiveness in preventing scale formation and corrosion in water distribution systems and industrial equipment makes it an essential component in water treatment chemicals. In various industrial applications, phosphoric acid finds utility as a chemical reagent. It is utilized to produce detergents, metal surface treatment, and remove rust and mineral deposits. Additionally, it catalyzes certain chemical reactions, contributing to the synthesis of numerous industrial chemicals.
China is one of the leading agriculture producers in the Asia Pacific region. According to the International Trade Administration, China's agricultural imports, exports, and production have expanded greatly since acceding to the WTO in 2001. China was the largest export market for U.S. agricultural products in 2021 at $35.9 billion. China has heavily invested in modernizing its agriculture sector by introducing advanced machinery and technology. Additionally, China has diversified its crop production beyond staple grains like rice and wheat. It now produces a wide range of crops, including corn, soybeans, vegetables, fruits, and oilseeds, to meet the dietary demands of its large population. China has embraced biotechnology in agriculture, including cultivating genetically modified (GM) crops like insect-resistant cotton and virus-resistant papaya. Biotechnology has helped increase crop yields and reduce losses due to pests and diseases.
The China market dominated the Asia Pacific Phosphoric Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9,581.8 million by 2030. The India market is registering a CAGR of 4.3% during (2023 - 2030). Additionally, The Thailand market would showcase a CAGR of 3.4% during (2023 - 2030).
Based on Source Type, the market is segmented into Wet Process, and Thermal Process. Based on Application, the market is segmented into Fertilizers, Feed & Food Additives, Water Treatment Chemicals, Detergents, Metal Treatment, Industrial Use, and Others. Based on countries, the market is segmented into China, India, Thailand, Japan, South Korea, Australia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Phosphoric Acid Market is Predict to reach $63.1 Billion by 2030, at a CAGR of 4.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Mosaic Company, PJSC "PhosAgro", Nutrien Limited, IFFCO, EuroChem Group AG (AIM Capital Ltd.), OCP SA, ICL Group Ltd. (Israel Corp.), Yara International ASA, Innophos Holdings, Inc. (One Rock Capital Partners, LLC), and Gujarat State Fertilizers & Chemicals Limited.
By Source Type (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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