Selective focus of weak Formic, Acetic and Phosphoric acids in brown amber bottle. Blur white laboratory backdrop with copy space. Weak acids.
Overview and Scope
Phosphoric acid is a tricrotic acid that exists in the form of a dense liquid. It is corrosive to both human and laboratory animal skin, eyes, and mucous membranes. Dilute solutions of phosphoric acid have a pleasing acid taste. Thus, it is also used as a food additive, lending acidic properties to soft drinks and other prepared foods, and in water treatment products. Phosphoric acid is used as a component of fertilizers, detergents, and many household cleaning products.
Sizing and Forecast
The phosphoric acid market size has grown strongly in recent years. It will grow from <b>$49.37 billion in 2023 to $52.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. </b> The growth in the historic period can be attributed to growth in food and beverage industries, production of phosphate-based chemicals, water treatment and purification applications, metal surface treatment processes, demand in pharmaceuticals and dentistry.
The phosphoric acid market size is expected to see strong growth in the next few years. It will grow to <b>$66.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. </b> The growth in the forecast period can be attributed to expansion of renewable energy storage, development of lithium-ion batteries, increase in demand for industrial-grade phosphoric acid, water resource management and treatment, adoption in pharmaceutical manufacturing.. Major trends in the forecast period include green and sustainable phosphoric acid production, phosphoric acid for wastewater nutrient removal, hydrogen production using phosphoric acid, advanced dental applications with phosphoric acid, phosphoric acid for clean energy storage.
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Segmentation & Regional Insights
The phosphoric acid market covered in this report is segmented –
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
<b>Asia-Pacific</b> was the largest region in the phosphoric acid market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the phosphoric acid market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing demand for Di-ammonium Phosphate (DAP) fertilizers is significantly contributing to the growth of the phosphoric acid market. Di-ammonium phosphate is one of a series of water-soluble ammonium phosphate salts that can be produced when ammonia reacts with phosphoric acid. Phosphoric acid is widely utilized in fertilizer production because its combination with finely ground phosphate produces triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP). For instance, according to the World Bank, a US-based international financial institution, phosphate DAP prices jumped 23% owing to increased demand by farmers across the world.. Therefore, the increasing demand for DAP phosphate fertilizers is driving the demand for the phosphoric acid market.
Key Industry Players
Major companies operating in the phosphoric acid market include <b> The Mosaic Company, PJSC PhosAgro, Prayon S.A., EuroChem Group AG, OJSC Phosagro, Israel Chemicals Ltd., Yara International, OCP S.A., Yuntianhua Group, Fertiliser and Chemicals Travancore Ltd., Kazphosphate LIC, Solvay S.A., Innophos Holdings Inc., Jordan Phosphate Mines Company, Chemische Fabrik Budenheim KG, Abu Qir Fertilizers and Chemical Industries Company, J.R. Simplot Company, Nutrien Ltd., Haifa Chemicals Ltd., Wengfu Group, Rotem Amfert Negev, Fertiberia S.A., Chemische Fabrik WIBARCO GmbH, Sichuan Chuantou Energy Co. Ltd., Acron Group, Nutrien Ltd., ICL Food Specialties </b>
The phosphoric acid market report table of contents includes:
1. Executive Summary
2. Phosphoric Acid Market Characteristics
3. Phosphoric Acid Market Trends And Strategies
4. Phosphoric Acid Market – Macro Economic Scenario
5. Global Phosphoric Acid Market Size and Growth
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26. South America Phosphoric Acid Market
27. Brazil Phosphoric Acid Market
28. Middle East Phosphoric Acid Market
29. Africa Phosphoric Acid Market
30. Phosphoric Acid Market Competitive Landscape And Company Profiles
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