The North America Phosphoric Acid Market would witness market growth of 5.2% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 4,788.2 Kilo Tonnes, showcasing a growth of 4.5% (2019-2022).
The adoption of phosphoric acid spans across industries and regions, driven by its indispensable role in various applications. Agriculture remains a primary driver of phosphoric acid demand, as it is instrumental in addressing the global need for increased food production. The adoption of intensive farming practices and the necessity to replenish nutrient-depleted soils have led to a continuous demand for phosphate fertilizers.
Furthermore, the popularity of carbonated soft drinks and processed foods sustains the demand for phosphoric acid in the food and beverage sector. Consumer preferences for these products ensure a steady adoption rate. Phosphoric acid's versatility in industrial processes, from metal surface treatment to semiconductor manufacturing, has established it as a valuable chemical agent. Industries recognize its importance in ensuring the efficiency and quality of their operations. The importance of clean and potable water is a universal concern. Phosphoric acid's role in water treatment, reducing scale and corrosion, has led to its widespread adoption in municipal and industrial applications.
Moreover, Canada's vast landmass and diverse climate zones allow for various agricultural activities. The country produces a variety of crops, including grains, oilseeds, pulses, fruits, vegetables, and specialty crops. The primary agricultural regions in Canada include the Prairie provinces (Manitoba, Saskatchewan, and Alberta), which are known for grain and oilseed production, and the provinces of Ontario and Quebec, which have a strong presence in dairy, poultry, and horticulture.
In addition, as one of the world's top exporters of food, Canada's agriculture sector strongly depends on its capacity to trade with other nations. The Canadian government estimated that in 2022, Canada exported agricultural and food goods worth $92.8 billion. In 2022, there were 189,874 farms with farms covering 62.2 million hectares or 6.2% of Canada's land area. Consolidation and technological advances have almost doubled the average farm size over the last 50 years. Due to these factors, the demand for phosphoric acid will increase in North America.
The US market dominated the North America Phosphoric Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,796.6 million by 2030. The Mexico market is exhibiting a CAGR of 5.7% during (2023 - 2030). Additionally, The Canada market would experience a CAGR of 5.5% 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 U.S., Canada, Mexico, and Rest of North America.
Free Valuable Insights: The 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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