The Europe Phosphoric Acid Market would witness market growth of 4.7% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 3,901.3 Kilo Tonnes, showcasing a growth of 4.1% (2019-2022).
Phosphoric acid plays a crucial role in modern agriculture as a key component in producing phosphate fertilizers. These fertilizers, such as single superphosphate (SSP), triple superphosphate (TSP), and diammonium phosphate (DAP), are essential for improving soil fertility and promoting robust plant growth. Phosphoric acid's role in agriculture supports food security and sustainable farming practices.
Furthermore, phosphate fertilizers, which contain phosphoric acid as a primary component, provide essential nutrients to plants, primarily phosphorus (P). Phosphorus is a critical macronutrient for various plant functions, including energy transfer, photosynthesis, and root development. Phosphorus deficiency can limit crop yields and quality. Farmers can overcome these deficiencies by applying phosphate fertilizers containing phosphoric acid and achieve higher crop yields, improving food production and agricultural productivity. Phosphoric acid in phosphate fertilizers aids in root development. Strong and healthy root systems are essential for plants to access water and nutrients from the soil, making them more resilient to drought conditions. Thus, all the aforementioned factors will aid in the expansion of the market.
Agriculture in Germany has a broad range of different farm structures. This primarily reflects significant variation in natural conditions from region to region but also differences in other conditions for agricultural production, including socio-structural patterns (such as urban versus rural), economic factors (such as industrialization), and historical influences (such as inheritance law). Thus, major regional differences exist between the southwest of Germany, where farms are mostly small, and the east, where large farms predominate. According to the International Trade Administration, Germany is one of the most significant European markets for foreign producers in 2021 and the third largest importer and exporter of agricultural goods geared toward consumers globally. Therefore, as the regional agriculture sector expands, it will propel the growth of the market.
The Russia market dominated the Europe Phosphoric Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,943.4 million by 2030. The France market is experiencing a CAGR of 3.4% during (2023 - 2030). Additionally, The Germany market would exhibit a CAGR of 6% 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 Russia, France, Germany, UK, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Phosphoric Acid Market will Hit $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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