What Are the Forecasted Market Size and Growth Rates for the Global Phosphoric Acid Market?
The phosphoric acid market has shown a strong growth pattern in recent years, escalating from $52.17 billion in 2024 to an estimated $55.34 billion in 2025. This progression equates to a compound annual growth rate (CAGR) of 6.1%. Driving forces behind this growth during the historic period include burgeoning food and beverage industries, increased production of phosphate-based chemicals, and the application of phosphoric acid in water treatment and purification as well as metal surface treatments. Demand from pharmaceutical and dentistry sectors have also played a significant role.
Continued robust growth is projected for the phosphoric acid market size, which is anticipated to reach a value of $72.28 billion by 2029, growing at a CAGR of 6.9%. Future growth is expected to be driven by the expansion in renewable energy storage, the development of lithium-ion batteries, and rising demand for industrial-grade phosphoric acid. Trends such as sustainability in phosphoric acid production and its applications in wastewater nutrient removal, hydrogen production, and advanced dental applications also contribute to the market’s future growth.
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What are the Key Growth Drivers of the Phosphoric Acid Market?
A significant factor contributing to the phosphoric acid market’s growth is the increasing demand for Di-ammonium Phosphate (DAP) fertilizers. DAP, a product of the reaction between ammonia and phosphoric acid, is a key component in fertilizer production. The growing demand for phosphate DAP fertilizers, driven in part by global agricultural advancements, in turn drives the demand for the phosphoric acid market.
What are the Major Market Segments within the Global Phosphoric Acid Market?
1) By Type: Calcium Phosphate, Sodium Tripolyphosphate, Potassium Phosphate, Other Types
2) By Grade: Food, Agricultural, Industrial
3) By Process Type: Furnace Process, Dry Kiln Process, Other Process Types
4) By End-User: Fertilizer, Food and Beverages, Chemicals, Medicine, Metallurgy, Other End-Users
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Which are the Prominent Companies Operating in the Phosphoric Acid Market?
Market leader companies such as The Mosaic Company, PJSC PhosAgro, Prayon S.A., EuroChem Group AG, OJSC Phosagro, Israel Chemicals Ltd., Yara International, OCP S.A., Yuntianhua Group, and Fertiliser and Chemicals Travancore Ltd., among others, have significant operations in the phosphoric acid market.
What Are the Emerging Trends in the Phosphoric Acid Market?
Technological advances, such as green and sustainable phosphoric acid production and advanced wastewater nutrient removal using phosphoric acid, are key trends gaining traction in the phosphoric acid market. Researchers and companies are innovating with novel applications for phosphoric acid, such as hydrogen production and advanced dental applications, contributing to market growth.
Which Region Is Set to Witness Rapid Growth in the Phosphoric Acid Market?
In 2024, Asia-Pacific was the largest region in the phosphoric acid market and is predicted to be the fastest-growing region through the forecast period. The report covers the phosphoric acid market in regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Phosphoric Acid Market Report 2025 Offer?
Phosphoric acid is a dense liquid that is corrosive to human and laboratory animal skin, eyes, and mucous membranes. It is used as a food additive, water treatment product, and a component of fertilizers, detergents, and many household cleaning products. The Phosphoric Acid Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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