LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Phosphoric Acid Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the chemicals industry. This report breaks down the data and analysis behind the procurement of phosphoric acid and acts as an all-inclusive guide for making smart purchasing decisions.
“The fertilizer industry is a major end-user of phosphoric acid, due to its usage in manufacturing phosphate-based fertilizers such as MAP, DAP, and TSP,” says SpendEdge procurement analyst Anil Seth. “Also, the global demand for phosphoric acid is expected to register minimal growth during the forecast period due to the oversupply of phosphoric acid globally,” added Anil.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Phosphoric Acid Market:
- Growing emphasis on optimizing fertilizer usage
- Increase in production capacity of phosphoric acid
- The rise in vertical integration in the phosphoric acid industry
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Growing emphasis on optimizing fertilizer usage:
Agro commodities manufacturers are increasingly optimizing their fertilizer use to reduce damage to crops from fertilizer toxicity. Moreover, the regulations enacted by governments across the globe along with the growing consumer demand for high-quality, non-toxic food products have resulted in increased emphasis on optimization of fertilizer use. Also, optimizing fertilizer usage helps the buyers in eliminating toxicity from the soil as well as the crops.
Increase in production capacity of phosphoric acid:
To meet the expected demand volume for phosphoric acid over the forecast period, several suppliers in this market space have started establishing new production facilities to increase their production capacities of phosphoric acid and subsequently phosphate-based fertilizers. The increase in production capacity will lead to higher supply volumes which in turn will increase the supply of phosphoric acid, resulting in the reduction of prices.
The rise in vertical integration in phosphoric acid industry:
There is an increase in vertical integration among suppliers of phosphoric acid in order to reduce their dependence on third-party vendors. Implementing vertical integration also helps suppliers in ensuring consistency in the supply of raw materials due to the limitation pertaining to the sourcing of phosphate reserves. Moreover, vertical integration offers a higher assurance of supply to the buyers of phosphate-based fertilizers.
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