New York, United States , July 24, 2023 (GLOBE NEWSWIRE) -- The Global Phosphoric Acid Market Size is to grow from USD 50.46 billion in 2022 to USD 83.24 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.13% during the projected period. The rising adoption of phosphoric acid in various applications such as fertilizers, feed & food additives, catalyst, water treatment chemicals, metal treatment, cleaning & sanitizing agent, industrial use, animal feed, and others in several industry verticals including agriculture, energy, industrial cleaning, general industrial, construction, water treatment, food & beverage, and others are expected to boost the demand for the phosphoric acid market during the forecast period.
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Phosphoric acid, also known as orthophosphoric acid, is a chemical substance with the formula H3PO4 and is a dense liquid triprotic acid. The acid is a colorless, odorless, and non-volatile liquid that is normally accessible in a nearly 85% aqueous solution. Phosphoric acid is one of the most extensively used acids in a variety of industries, primarily in the fertilizer manufacturing process, accounting for about 80% of total output. Phosphoric acid use is being driven by a growing need for chemical fertilizers made from phosphoric acid, which is being driven by the world's growing population.
Growing populations raise food demand, which is fulfilled by growing crops fed with fertilizers. Fertilizer use is significantly higher in developing countries and territories than in rising countries. The ongoing debate about food safety in terms of crop output and proper crop cultivation has also benefited the market. The growing popularity of such bio-based solutions has highlighted the significance of their competitive benefits over conventional fertilizers currently on the market.
Browse key industry insights spread across 215 pages with 122 Market data tables and figures & charts from the report on the, "Global Phosphoric Acid Market Size, Share, and COVID-19 Impact Analysis, By Process Type (Wet, Thermal), By Grade (Technical, Industrial), By Concentration (75%, 85%, 92%), By Application (Fertilizers, Feed & Food Additives, Catalyst, Water Treatment Chemicals, Metal Treatment, Cleaning & Sanitizing Agent, Industrial Use, Animal Feed, Others), By Industry Verticals (Agriculture, Energy, Industrial Cleaning, General Industrial, Construction, Water Treatment, Food & Beverage, Others), By Sales Channel (Direct Sale, Indirect Sale), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032"
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The wet process segment is dominating the market with the largest revenue share over the forecast period.
On the basis of process type, the global phosphoric acid market is segmented into the wet and thermal. Among these, the wet process segment is dominating the market with the largest revenue share of 68.6% over the forecast period. Although the phosphoric acid produced by the wet technique is impure, it can be used directly in fertilizer manufacture without being purified. The wet method is primarily motivated by the increasing growth of fertilizer consumption.
The industrial segment is witnessing significant CAGR growth over the forecast period.
On the basis of grade type, the global phosphoric acid market is segmented into technical and industrial. Among these, the industrial segment is witnessing significant CAGR growth over the forecast period. Food additives, fertilizers, animal feed, detergents (liquid laundry detergent), and other sectors utilize industrial grade phosphoric acid.
The 75% concentration segment is witnessing the highest growth rate over the forecast period.
Based on the concentration, the global phosphoric acid market is segmented into 75%, 85%, and 92%. Among them, the 75% concentration segment is expected to develop at a faster rate over the projected period. This expansion is due to the product's broad use in food and beverages as an etching, sanitizing, chelating, and flavoring agent, pH adjuster, and rust inhibitor.
The fertilizers segment is dominating the market with the largest revenue share over the forecast period.
On the basis of application, the global phosphoric acid market is segmented into the fertilizers, feed & food additives, catalyst, water treatment chemicals, metal treatment, cleaning & sanitizing agent, industrial use, animal feed, and others. Among these, the fertilizers segment is dominating the market with the largest revenue share of 75.0% over the forecast period. The growing global population and increased fertilizer use to fulfil rising food demand are driving the phosphoric acid market in the fertilizers segment. Fertilizers are chemical compounds primarily composed of nitrogen, phosphorous, and potassium.
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The agriculture segment accounted for the largest revenue share of more than 59.2% over the forecast period.
On the basis of industry verticals, the global phosphoric acid market is segmented into agriculture, energy, industrial cleaning, general industrial, construction, water treatment, food & beverage, and others. Among these, the agriculture segment is dominating the market with the largest revenue share of 59.2% over the forecast period. Agriculture is one of the world's largest industries and a net food exporter. Agriculture is practiced in all emerging and developed countries, from small-scale farmers to large-scale agricultural corporations. Farmers' increased preference for maize production is expected to raise the global demand for phosphatic fertilizers and, as a result, phosphoric acid. The rapid rise of global food production, as well as economic progress in developing countries, has raised the demand for phosphoric acid for fertilizers.
Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 53.7% market share over the forecast period. This dominance can be contributed to the region's massive demand for processed food as well as the presence of a substantial number of prominent fertilizer producers. Asia Pacific currently leads the agriculture industry and consumes the most fertilizer. This is due mostly to the accessibility of wealthy places, a large population, excellent weather, and massive exports from emerging countries. Increased fertilizer consumption in China, India, and Indonesia drives the phosphoric acid market forward.
North America is expected to grow the fastest during the forecast period.
North America, on the contrary, is expected to grow the fastest during the forecast period. The market's rise is mostly due to increased phosphoric acid demand from the food, beverage, and pharmaceutical industries. During the forecast period, the Europe market is expected to rise at a significant CAGR. The market's expansion may be attributed mostly to increased phosphoric acid demand in the pharmaceutical industry, as well as rising demand from fertilizer manufacturers.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Phosphoric Acid Market include Arkema, Eurochem Group AG, OCP Group S.A., Phosagro Group of Companies, ICL Group Ltd., Nutrien Ltd., IFFCO, The Mosaic Company, Solvay S.A., OCP, PhosAgro, ArrMaz Products, Inc., Chuanlin Chemical, Nutrien, Haifa Group, Aditya Birla Chemicals, Hydrite Chemical Co., Chuandong Chemical Co., Ltd., LANXESS, and among others.
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Recent Developments
On January 2023, Prayon S.A. (Engis, Belgium) announced the successful acquisition of its stake in Febex from Arkema SA (Colombes, France), the European market leader for phosphoric acid in the electronics industry. This acquisition significantly strengthens Prayon's position in phosphorus chemistry. The Group enters the electronics sector, which is expected to grow rapidly in Europe and the United States. It also allows the Group to penetrate the pharmaceutical sector, get access to the polyphosphoric acid market, and increase the range of industrial solutions downstream of purified phosphoric acid manufacturing, where it maintains a strong European leader.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Phosphoric Acid Market based on the below-mentioned segments:
Phosphoric Acid Market, Process Type Analysis
- Wet
- Thermal
Phosphoric Acid Market, Grade Analysis
- Technical
- Industrial
Phosphoric Acid Market, Concentration Analysis
- 75%
- 85%
- 92%
Phosphoric Acid Market, Application Analysis
- Fertilizers
- Feed & Food Additives
- Catalyst
- Water Treatment Chemicals
- Metal Treatment
- Cleaning & Sanitizing Agent
- Industrial Use
- Animal Feed
- Others
Phosphoric Acid Market, Industry Verticals Analysis
- Agriculture
- Energy
- Industrial Cleaning
- General Industrial
- Construction
- Water Treatment
- Food & Beverage
- Others
Phosphoric Acid Market, Sales Channel Analysis
- Direct Sale
- Indirect Sale
Phosphoric Acid Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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