The global phosphoric acid by furnace process market is estimated to grow at a moderate CAGR  during the forecast period. Phosphoric acid is a crystalline liquid that is colourless and odourless. It's used in soft drinks because it adds a tangy flavour and suppresses the microbial contamination and bacteria, which grow in sugary environments. Phosphoric acid, also known as orthophosphoric acid, is the most significant oxygen acid of phosphorus and is used to generate fertilizer phosphate salts. It's also utilised in dental cement, the production of albumin derivatives, and the sugar and textile industries, among other things. 

The US Food and Drug Administration has thoroughly examined phosphoric acid and declared it safe. The wet process and the dry  (electrical furnace) process are the two main commercial techniques for producing phosphoric acid. Although the acid produced (technical grade) by the dry method is pure, the cost of manufacturing is substantially higher than that of phosphoric acid generated by the wet process (WPPA or fertilizer grade acid). The global phosphoric acid by furnace process market is primarily driven by the pharmaceutical industry's expansion and the rise in demand for flavouring agents in the food industry. 

Furthermore, the phosphoric acid industry is benefiting from an increase in consumer demand for a variety of beverages. As phosphoric acid is widely used in fertilizers, the growth of the agricultural business has a substantial impact on the global phosphoric acid by furnace process market. Furthermore, the phosphoric acid industry is being driven by research on well-understood mechanisms and science-based mechanisms. Phosphoric acid is used in water treatment plants to prevent pipe corrosion and limescale deposits. It also regulates the pH of water, as well as back and red liquors. Phosphoric acid is a widely used acidifier and flavouring ingredient in food and beverages. In the agricultural industry, it is also utilised as a fertiliser.

Market Coverage

• The market number available for – 2020-2027
• Base year- 2020
• Forecast period- 2021-2027
• Segments Covered

o By Product 

o By Application

• Regions Covered

o North America

o Europe

o Asia-Pacific

o Rest of the world

• Competitive Landscape: OCP S/A, The Mosaic Company, IFFCO, Eurochem, CF industries among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominates the market in base year?
• Which segment and region will project fastest growth in the market?
• How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from pre-COVID forecast

o Most affected region and segment

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Phosphoric Acid by Furnace Process Market segmentation,

By Product, 

• Food Grade
• Electronic Grade
• Technical Grade

By End-User,

• Food and Beverage
• Electron Industry
• Other

Global Phosphoric Acid by Furnace Process Market by Region