India Phosphoric Acid Market to Grow with a CAGR of 3.07% through 2029
Growing applications of phosphoric acid in metal
treatment are the major drivers for the India Phosphoric Acid Market.
According to TechSci Research report, “India Phosphoric
Acid Market –By Region, Competition, Forecast and Opportunities, 2019-2029”, the India Phosphoric Acid Market stood at USD 2.6 Billion
in 2023 and is anticipated to project robust growth in the forecast period with
a CAGR of 3.07% through 2029. This can be ascribed to collaborations and
partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market.
Phosphoric acid, an essential chemical compound
derived from phosphate rock, plays a pivotal role in various industries due to
its versatile properties. One significant sector where phosphoric acid is
extensively utilized is the food and beverage industry. Phosphoric acid is
commonly employed in the food and beverage industry as an acidulant and flavor
enhancer. Its tart and tangy taste imparts a distinctive flavor profile to
carbonated soft drinks, fruit juices, and other beverages. The acid's capacity
to provide a well-balanced level of acidity is essential for creating
consistent taste experiences, enhancing product appeal, and maintaining
consumer preferences. Phosphoric acid's acidic properties also make it an
effective preservative. It aids in extending the shelf life of various food
products by inhibiting the growth of microorganisms that can cause spoilage.
This is particularly crucial in the production of canned and bottled foods,
condiments, and dressings, where maintaining quality and safety over extended
periods is of utmost importance.
Browse over XX market data Figures and spread through 110 Pages and an in-depth TOC on "India Phosphoric Acid Market.”
In the food industry, phosphoric acid acts as
an emulsifying agent, facilitating the mixing of ingredients that would
otherwise separate. This property is particularly valuable in the production of
processed foods, dairy products, and salad dressings. Phosphoric acid helps
stabilize emulsions, ensuring products maintain their desired texture and
appearance. Phosphoric acid also serves as a source of phosphorus, an essential
nutrient for human health. As a result, it is sometimes utilized as a nutrient
enhancer in fortified food products, contributing to the nutritional value of
items such as fortified breakfast cereals and beverages. This application
aligns with the increasing consumer demand for healthier and more nutritious
food options. Furthermore, phosphoric acid finds applications in the bakery and
confectionery sector. It plays a role in leavening agents used in baking,
contributing to the rise and texture of baked goods such as bread and cakes.
Additionally, in the confectionery industry, phosphoric acid can influence the
texture and consistency of products such as gummy candies. Passivation, a
process that creates a protective layer on metal surfaces, preventing further
corrosion, also benefits from phosphoric acid-based solutions. These solutions
are employed in passivation treatments, promoting the formation of a passive
oxide layer that acts as a barrier against corrosive agents. Phosphoric acid's
ability to react with metal surfaces makes it useful in etching and cleaning
applications. It is utilized to create microtextures on metal surfaces,
enhancing paint adhesion and improving lubrication characteristics in
mechanical components. Moreover, phosphoric acid is used in acid pickling
processes to remove surface impurities and scale from metals, preparing them
for further treatments or manufacturing processes. Collaborations offer
significant advantages, including access to new markets and regions. By
partnering with local players or established industry leaders, companies can
leverage their partners' customer base, distribution networks, and market
insights. This is particularly relevant in diverse markets like India, where
regional nuances and preferences can impact success. Collaborative efforts
enable companies to navigate these complexities effectively and achieve greater
market penetration. A recent collaboration in India involving phosphoric acid
is the joint venture project between Jordan Phosphate Mines Company (JPMC) and
Indian Farmers Fertilisers Cooperative (IFFCO), valued at $860 million. The
focus is on supplying Jordanian raw phosphate and DAP fertilizer to India,
aiming to enhance fertilizer production by ensuring a stable phosphoric acid
supply.However, disruption in supply of phosphates and
growing environmental concerns are expected to slow down the growth of the
market in the coming years.The India Phosphoric Acid Market segmentation is
based on Grade, Application, By Company, and Region.
Some of the major companies operating in the India Phosphoric
Acid Market include:
- Budenheim India Pvt. Ltd.
- Grasim Industries Limited
- Gujarat Alkalies and Chemicals Ltd.
- Indo Maroc Phosphore S.A (IMACID)
- Jordan India Fertilizer Company (JIFCO)
- Punjab Chemicals & Crop Protection Limited
- United Phosphorus Limited
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“Certain regions, particularly the West India, are
projected to exert significant demand for phosphoric acid in India. The growth
in the competitive landscape and the presence of well-established companies in
the market, committed to enhancing their phosphoric acid productivity each
year, are expected to contribute to a remarkable growth of the India Phosphoric
Acid Market in the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
India
Phosphoric Acid Market By Grade (Technical, Fertilizer), By Application (Fertilizers,
Pharmaceutical, Food & Beverage, Detergent, Metal Treatment, Water
Treatment, Others), By Region, Competition, Forecast and Opportunities, 2019-2029F
has evaluated the future growth potential of India
Phosphoric Acid Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide innovative
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India Phosphoric Acid
Market.
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