India Phosphoric Acid Market to Grow at CAGR 7.2% Till 2021: TechSci Research Report
NEW YORK, September 6, 2016 /PRNewswire/ --
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.
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Browse 22 market data Tables and 47 Figures spread through 106 Pages and an in-depth TOC on
"India Phosphoric Acid Market"
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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