India Phosphoric Acid Market to Grow at CAGR 7.2% till 2021
Rising imports of fertilizers,
increasing domestic production of phosphoric acid, coupled with growing demand
for agro-based products to drive India phosphoric acid market through 2021
According to TechSci Research
report, “India Phosphoric Acid Market By
Type, By Application, Competition Forecast and Opportunities, 2011-2021”, phosphoric acid (H3PO4)
market
in India is projected to grow at a CAGR of 7.2% during 2016 - 2021, on account
of increasing demand for phosphoric acid in various applications including fertilizer,
sugar, oil, detergent, food & beverage, etc. Phosphoric
acid is majorly categorized into fertilizer grade and technical grade. In 2013-2014, DAP (diammonium phosphate) and SSP (single
superphosphate) production in India stood at 3.6 million
tons and 4.2 million tons, respectively. With anticipated growth in DAP and SSP
production, demand for fertilizer grade phosphoric acid is expected to grow during
the forecast period. Demand for technical grade phosphoric acid is also rising
due to its increasing consumption in sugar and oil refining sectors. Sugar
production in India stood at around 26 million tons in 2015. Growing sugar production as well as rising
demand for food additives is expected to drive demand for technical grade phosphoric
acid in India in the coming years.
Browse 22 market data Tables and 47 Figures spread through 106 Pages and an in-depth TOC on "India Phosphoric Acid Market"
https://www.techsciresearch.com/report/india-phosphoric-acid-market-by-grade-fertilizer-and-technical-by-application-fertilizers-pharmaceutical-food-beverage-etc-by-region-competition-market-forecast-opportunities-2011-2021/708.html
India
phosphoric acid market was dominated by fertilizer grade in 2015, and the
segment is forecast to continue its dominance in the coming years, on account
of large quantities of phosphoric acid required for production of phosphate
fertilizers. West India accounted for the largest share in the country’s phosphoric
acid market in 2015, and the region is expected to remain the largest consumer
through 2021, predominantly owing to presence of major fertilizer manufacturing
industries in Gujarat and Maharashtra.
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“Imports
of phosphoric acid in India have comparatively declined over the past few years.
However, growing demand for agro-based products on the domestic front is
fueling demand for phosphoric fertilizers. Furthermore, consumption of
technical grade phosphoric acid is growing with its increasing adoption in food
additives across various product categories including cheese, bakery products,
yeast, refined sugar, vegetable oils, jams, jellies, preservatives, etc.”, said
Mr. Rishi Srivastava, Research Manager with TechSci Research, a research based
global management consulting firm.
“India Phosphoric Acid Market By Type, By Application, Competition Forecast and Opportunities,
2011-2021” has evaluated the future
growth potential of India phosphoric acid market and provides statistics and
information on market structure, size, share and future growth of India
phosphoric acid market. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment evaluation. Besides,
the report also identifies and analyzes emerging trends along with essential
drivers, challenges and opportunities in the global traffic management market.
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