The Latin America, Middle East and Africa Phosphoric Acid Market would witness market growth of 4.5% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 12,747.9 Kilo Tonnes, showcasing a growth of 3.8% (2023-2030).
Phosphoric acid, a colorless and odorless mineral acid, is a vital chemical compound with many applications across various industries. Its significance extends beyond its use as a chemical reagent; it plays a pivotal role in diverse industrial processes, agricultural practices, and the production of consumer goods. Phosphoric acid, with the chemical formula H?PO?, is derived primarily from phosphate rock, a finite natural resource. This acid is characterized by its exceptional versatility, manifesting in three primary forms: orthophosphoric acid (or, simply, phosphoric acid), pyrophosphoric acid, and metaphosphoric acid. Among these, orthophosphoric acid, denoted as H?PO?, holds the utmost significance in production volume and applications.
Additionally, phosphoric acid is typically produced through two main methods. The wet process method involves the digestion of phosphate rock with sulfuric acid, forming phosphoric acid. This is the most commonly used method in industrial production. In the thermal process approach, phosphate rock is heated to produce phosphoric acid. It is less commonly used than the wet process.
Some countries in the LAMEA region have significant phosphate rock reserves, and investments have been made in phosphate mining and processing facilities to meet the demand for phosphoric acid and phosphate fertilizers. For example, Morocco is one of the world's largest phosphate producers. Morocco also exports phosphoric acid and phosphate fertilizers to international markets, contributing to their economic growth. Several countries in the region, including Saudi Arabia and Egypt, have established or expanded phosphoric acid production facilities to meet domestic demand and potentially export to global markets. Therefore, the region presents lucrative growth prospects for the market.
The Brazil market dominated the LAMEA Phosphoric Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,989.9 million by 2030. The Argentina market is showcasing a CAGR of 3.8% during (2023 - 2030). Additionally, The South Africa market would register a CAGR of 5.2% 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 Brazil, Argentina, South Africa, Nigeria, Morocco, Chile, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Phosphoric Acid Market is Projected to reach USD 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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