Global Phosphotungstic Acid Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global phosphotungstic acid market is estimated to garner noteworthy revenue by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated significant revenue in the year 2021. This growth is on the back of the rising demand for phosphotungstic acid in multiple industries such as scientific research and development services, biotechnology, chemical, and pharmaceutical industries. Phosphotungstic acid (PTA) is a heteropoly acid that is less permeable to the beam of an electron microscope and is extensively used in scientific research and development, which was valued at over USD 225 billion in the United States alone for the year 2020.
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Phosphotungstic acid is mainly used in the precipitation of proteins in various applications which has earned it the title of universal precipitant.As per latest report, India’s biotechnology industry grew from about USD 30 billion to over USD 65 billion in the span of 5 years by 2020. The growing demand for precipitation of proteins in biotechnological applications are likely to boost the growth of the global phosphotungstic acid market over the assessment period.
Global Phosphotungstic Acid Market: Growth Drivers and Challenges
Growth Drivers
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Growing Demand in Paint and Coatings Industry – Phosphotungstic pigments are used in the manufacture of printing inks, paints, and enamels. As per research, in 2019, about 11 billion gallons of paints and coatings were produced globally. The growing demand for inks and paints is estimated to boost the growth of the market.
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Growing Use as a Staining Agent in Diagnosticsto Detect Tumors - It is predicted that by the end of the forecast period, the worldwide cases of cancer is going to touch more than 25 million.
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Expansion of Construction Industry- There is a growing demand for phosphotungstic acid in the production of paints used in construction. With the pressing need to build over 12,000 buildings every single day to support the growing population, the global phosphotungstic acid market is predicted to surge.
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Growing Use in the Manufacture of Cosmetic Formulations that Protects the Skin - Skincare industry is projected to attain a revenue of approximately USD 180 billion by 2025, as per recent studies. Moreover, skincare accounted for about 40% of the global cosmetics industry.
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Increasing Use as a Catalyst in the Synthesis of Pharmaceutical Products- Phosphotungstic Acid is used in the production of antimalarial, anti-inflammatory, antibacterial, and antihypertensive drugs. The phosphotungstic acid market is expected to grow with the rise in the pharmaceutical industry which has been steadily expanding over the past few decades and stood at over USD 1.6 trillion in 2020.
Challenges
- May Cause Skin Irritation
- May Emit Toxic Fumes at Very High Temperatures
- Lack of Awareness of its Utility in Some Developing Countries
The phosphotungstic acid market is segmented and analyzed for demand and supply by gradeinto industrial and reagent grades. Of them, the industrial grade phosphotungstic acid is expected to acquire a larger share of the global market over the forecast period owing to the large-scale cost-effective commercial manufacture of phosphotungstic acid. For instance, global chemical production is set to grow by around 9% above the 2019 level by 2022.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Global Phosphotungstic Acid Market Regional Synopsis
Regionally, the global phosphotungstic acid market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. This growth is owing to the demand for phosphotungstic acid inthe fast-developing industries such as pharmaceuticals, research and development, textile, and cosmetics in the region. The Chinese pharmaceutical industry is growing at a rapid pace owing to the increasing investments in research and development. In 2019, China spent over USD 140 billion in pharmaceutical-related research and development, as per research.
The global phosphotungstic acid market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global phosphotungstic acid market includes the following segments:
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By Type |
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By Grade |
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By Purity |
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By Application |
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By End-use |
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Top Featured Companies Dominating the Global Phosphotungstic Acid Market
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Merck KGaA
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Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
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- TCS Biosciences Ltd
- Thermo Fisher Scientific
- MP Biomedicals, LLC
- VWR International, LLC.
- TRC Inc.
- American Elements
- Central Drug House Pvt. Ltd.
- Oxford Lab Fine Chem LLP
- Noah Chemicals INC
