Phosphoric Acid Market Size, Share & Growth, Forecast | 2032
Phosphoric Acid Market Size, Share & Growth, Forecast | 2032
Segments - Phosphoric Acid Market by Process Type (Wet and Thermal), Concentration (75%, 85% and, 92%), Application (Fertilizer, Food and Beverages, Chemicals, Medicine, and Metallurgy), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024 – 2032
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| Report ID :MC-6617
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Report Description
The global phosphoric acid market size was USD 55.8 Billion in 2023 and is likely to reach USD 85.8 Billion by 2032, expanding at a CAGR of 4.9% during 2024–2032. The market growth is attributed to the increasing demand for phosphate fertilizers in agriculture.
Phosphoric Acid (H3PO4) is a chemical used in the manufacturing of phosphate fertilizers. Some of the major phosphate fertilizer used are Diammonium phosphate (DAP), Monoammonium phosphate (MAP), NPKs, and SSP. Phosphoric acid (also known as orthophosphoric acid) is derived from phosphate ores (Fluorapatite and Francolite). Phosphoric acid is the second largest consumed acid in the world, after sulfuric acid.
Common applications of phosphoric acid include fertilizer, cleaning irrigation equipment from lime precipitation, removal of rust, personal care, and food & beverage. Increasing demand for the crop production rises the demand for the phosphate fertilizers. For instance,
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According to the United Nations Department of Economic and Social Affairs, the global population is expected to grow by 2 billion population by 2050. It will be reaching a total number of 9.7 billion people by that time.
Phosphoric Acid Market Dynamics
Major Drivers
Increasing demand for phosphate fertilizers due to the growing population is driving the market. Rise in the adoption of fertilizers is fueling the market significantly. The highly nutritious content of phosphoric acid is driving the demand for it in the agriculture sector. Agricultural phosphoric acid yields the crops by providing necessary nutrients for their optimal growth and development.
Existing Restraints
Increasing concerns related to the environmental harm is expected to hinder the global market. Environmental concerns such as implementation of new rules regarding the fertilizer needing certificates for plants and food is impeding the market. The stringent regulations by China’s Regulatory Phosphogypsum Control and Eu’s Green Deal standards are impacting the global fertilizer business and hence the phosphoric acid market.
Emerging Opportunities
High crop yielding capabilities of the farmers is one of the future opportunities imposed by the phosphoric acid market. Furthermore, the increasing recovery of rare earth elements from phosphoric acid is expected to fuel the market demand. Numerous developing countries are now focusing on scaling up their phosphate mining and phosphate production. For instance,
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In October 2023, Jordan Phosphate Mines Company and Transport, a petroleum and energy company, signed an agreement to jointly build a phosphoric acid plant with a capacity of 300 tons per year with US$ 400 Mn.
Scope of the Phosphoric Acid Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Phosphoric Acid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2023 |
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Historic Data |
2017–2022 |
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Forecast Period |
2024–2032 |
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Segmentation |
Process Type (Wet and Thermal), Concentration (75%, 85% and, 92%), Application (Fertilizer, Food and Beverages, Chemicals, Medicine, and Metallurgy) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Aditya Birla Group; EuroChem Group AG; IFFCO; Israel Chemical Ltd.; Nutrien; OCP S.A.; PJSC PhosAgro; Prayon Group; The Mosaic Company; and Yara International |
Market Segment Insights
Regional Analysis
In terms of region, the global phosphoric acid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominates the global market in 2023 owing to growing population and increasing agriculture sector. Increasing demand for fertilizers due to a huge agriculture supply is fueling the market. Increasing demand for processed food in India, China, and other emerging countries is propelling the regional market. For instance,
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February 2024 – Coromandel International Ltd (CIL) announced plans to increase the production capacities of phosphoric acid and sulfuric acid at its plant located in southeastern Andhra Pradesh, India.
The market in North America is projected to grow at a significant pace in the years to come owing to increasing production of fertilizers. Furthermore, Canada being the world’s largest supplier of potash fertilizers is boosting the fertilizer export, driving the regional market. For instance,
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In September 2022, the US government announced programs worth USD 500 million to increase the production of domestic fertilizer, and the European Union is being urged to take similar action.
Segment Analysis
Process Type Segment Analysis
Based on process type, the phosphoric acid market is divided into wet and thermal. The wet segment held the largest share in the global market in 2023 owing to large production of phosphoric acid by using method. The wet method is impure yet the phosphoric acid produced with this method is used directly in fertilizer manufacturing without purification.
The thermal segment is anticipated to grow at a substantial CAGR during the forecast period due to its high production efficiency. The thermal process is highly efficient and cost effective as compared to other manufacturing methods.
Concentration Segment Analysis
On the basis of concentration, the global market is segregated into 75%, 85% and, 92%. The 75% segment is anticipated to register a considerable CAGR in over the predicted period due to the wide application of food and beverages. The 75% concentration is used as an etching agent. Furthermore, it is also utilized as a sanitizing, chelating, and flavoring agent. The properties such as rest inhibitor and pH adjuster are expected to boost the segment during the forecast period.
Application Segment Analysis
On the basis of application, the phosphoric acid market is segmented into fertilizer, food and beverages, chemicals, medicine, and metallurgy. The fertilizer segment registers a robust growth rate in 2023 due to the increasing requirement of food and crop production. The fertilizers are mostly used for the nitrogen, potassium, and phosphorus infusion into the soil. The increasing focus towards plant growth and production is fueling the segment.
The medicine segment is expected to expand at a significant growth rate over the projection period owing to the increasing pharmaceutical production. The increasing utilization of phosphorus into the pharmaceuticals for boosting its solubility, bioavailability, and stability of the drugs is driving the segment. Additionally, the phosphoric acid is also used as a pH modifier, propelling the segment.
Segments
The phosphoric acid market has been segmented on the basis of
Process Type
- Wet
- Thermal
Concentration
- 75%
- 85%
- 92%
Application
- Fertilizer
- Food & Beverages
- Chemicals
- Medicine
- Metallurgy
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Aditya Birla Group
- EuroChem Group AG
- IFFCO
- Israel Chemical Ltd.
- Jordan Phosphate Mines Company (JPMC)
- Nutrien
- OCP S.A.
- PJSC PhosAgro
- Prayon Group
- The Mosaic Company
- Yara International
Competitive Landscape
Key players competing in the global phosphoric acid market are Aditya Birla Group; EuroChem Group AG; IFFCO; Israel Chemical Ltd.; Nutrien; OCP S.A.; PJSC PhosAgro; Prayon Group; The Mosaic Company; and Yara International.
These players utilize several development strategies, such as product launches and acquisitions, to boost their global presence. For instance,
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On April 2023, LiqTech International, Inc. and Silicon Filter, a clean technology company manufacturing highly specialized filtration products and a chemical application technologies-based company have entered into a distribution agreement to supply LiqTech's advanced filtration systems for phosphoric acid purification in China. Silicon Filter specializes in commercializing industrial technology for process design and operations optimization into diverse chemical industry production processes.
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In May 2023, Jordan Phosphate Mines Company (JPMC) and Transpet, a Turkish business, partnered to jointly develop a phosphoric acid factory with a production capacity of 165,000 tonnes per year in the Sheidiya district of Maan Governorate.
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In May 2023, The OCP Group strategically acquired GlobalFeed SL with a 50% ownership. This parnership enables OCP to broaden its presence in the animal nutrition industry and enhances customers' accessibility to phosphoric acid products produced by the company.
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In December 2023 – PhosAgro announced to expand its overall agrochemical production by 1.4 million tons by 2026. The expansion includes developing company’s phosphoric and sulfuric acid production facilities.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Phosphoric Acid Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Phosphoric Acid Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Phosphoric Acid Market - Supply Chain
4.5. Global Phosphoric Acid Market Forecast
4.5.1. Phosphoric Acid Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Phosphoric Acid Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Phosphoric Acid Market Absolute $ Opportunity
5. Global Phosphoric Acid Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Phosphoric Acid Market Size and Volume Forecast by Applications
5.3.1. Fertilizer
5.3.2. Food & Beverages
5.3.3. Chemicals
5.3.4. Medicine
5.3.5. Metallurgy
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Phosphoric Acid Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Phosphoric Acid Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Phosphoric Acid Demand Share Forecast, 2019-2026
7. North America Phosphoric Acid Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Phosphoric Acid Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Phosphoric Acid Market Size and Volume Forecast by Applications
7.4.1. Fertilizer
7.4.2. Food & Beverages
7.4.3. Chemicals
7.4.4. Medicine
7.4.5. Metallurgy
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Phosphoric Acid Demand Share Forecast, 2019-2026
8. Latin America Phosphoric Acid Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Phosphoric Acid Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Phosphoric Acid Market Size and Volume Forecast by Applications
8.4.1. Fertilizer
8.4.2. Food & Beverages
8.4.3. Chemicals
8.4.4. Medicine
8.4.5. Metallurgy
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Phosphoric Acid Demand Share Forecast, 2019-2026
9. Europe Phosphoric Acid Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Phosphoric Acid Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Phosphoric Acid Market Size and Volume Forecast by Applications
9.4.1. Fertilizer
9.4.2. Food & Beverages
9.4.3. Chemicals
9.4.4. Medicine
9.4.5. Metallurgy
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Phosphoric Acid Demand Share Forecast, 2019-2026
10. Asia Pacific Phosphoric Acid Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Phosphoric Acid Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Phosphoric Acid Market Size and Volume Forecast by Applications
10.4.1. Fertilizer
10.4.2. Food & Beverages
10.4.3. Chemicals
10.4.4. Medicine
10.4.5. Metallurgy
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Phosphoric Acid Demand Share Forecast, 2019-2026
11. Middle East & Africa Phosphoric Acid Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Phosphoric Acid Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Phosphoric Acid Market Size and Volume Forecast by Applications
11.4.1. Fertilizer
11.4.2. Food & Beverages
11.4.3. Chemicals
11.4.4. Medicine
11.4.5. Metallurgy
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Phosphoric Acid Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Phosphoric Acid Market: Market Share Analysis
12.2. Phosphoric Acid Distributors and Customers
12.3. Phosphoric Acid Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Aditya Birla Group
12.4.2. EuroChem Group AG
12.4.3. IFFCO
12.4.4. Israel Chemical Ltd.
12.4.5. Jordan Phosphate Mines Company (JPMC)
12.4.6. Nutrien
12.4.7. OCP S.A.
12.4.8. PJSC PhosAgro
12.4.9. Prayon Group
12.4.10. The Mosaic Company
12.4.11. Yara International
Methodology
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