Phosphoric Acid Market Size, Share, Trends, Growth and Forecast 2032

Phosphoric Acid Market Insights

According to a report from Zion Market Research, the global Phosphoric Acid Market was valued at USD 48.49 Billion in 2023 and is projected to hit USD 70.22 Billion by 2032, with a compound annual growth rate (CAGR) of 4.2% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Phosphoric Acid industry over the next decade.

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Global Phosphoric Acid Market: Overview

Phosphoric acid is also recognized as an inorganic mineral/element acid. It is a chemical-reagent that can act as rust-inhibitor, orthopedic etchant, flux, electrolyte, industrial etchant, fertilizer feedstock, dispersing agent, and home cleaning product. Phosphate fertilizers utilize phosphoric acid. Phosphoric acid can be utilized for the production of phosphate chemicals that have applications in fire control chemicals, detergent builders, and water treatment, among other products.

Global Phosphoric Acid Market: Growth Factors

The major growth driver in the global phosphoric acid market is phosphoric acid’s use as a flavoring agent, acidity regulator in various foods and beverages. The acid plays an essential role in water treatment plants, as it reduces the pipework’s corrosion and limescale deposits and controls the pH of water along with black and red liquors. Numerous developing countries are now focusing on scaling up their phosphate mining and phosphate production.

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Governments of different nations are now collaborating with various vendors globally for setting up plants for generating fertilizers or for obtaining phosphate rocks for phosphoric acid manufacturing, thus, driving the global phosphoric acid market growth. The appearance of organic phosphate fertilizers is also contributing to the phosphoric acid market expansion. These fertilizers prevent the manufacturing of by-products, as they do not utilize chemicals during manufacturing and act as soil conditioners. Increasing the accessibility of genetically modified seeds might hamper the expansion of the phosphoric acid market on a global scale. This is because these variant seeds do not need pesticides and fertilizers apart from being are pest-resistant.

Global Phosphoric Acid Market: Segmentation

By process type, the market is classified into thermal process, wet process, and others (furnace process, dry kiln process, etc.).

By grade, the market is bifurcated into technical grade and food grade. The food-grade division is mainly utilized as an acidifying and flavoring agent in beverages, dentistry, and sugar production as well as a food additive.

By application, this market is categorized into other fertilizer chemicals, phosphate, industrial application (electrolyte in phosphoric acid fuel cell, rust inhibitor, flux, dispersing agent, etc.), home cleaning agents (detergents and soaps), and others.

By end-user, this market is classified into electronics, medical, fertilizer, food and beverage, and others (fire control chemical, water treatment, etc.).

Phosphoric Acid Market: Report Scope

Global Phosphoric Acid Market: Regional Analysis

The global phosphoric acid market is categorized into the Middle East and Africa, Europe, North America, Asia Pacific, and Latin America. The Asia Pacific region is likely to be the fastest-growing market and is projected to dominate the global market. This is due to the developed agriculture market of China and India, which will help in the development of the phosphoric acid market in the region. The phosphoric acid market is likely to face a strong demand and requirement in the future due to the supplies of sulfur. The Middle Eastern and African and Latin American markets are projected to grow at a rapid pace. This can be attributed to the rising demand for phosphate fertilizers, which, in turn, has concurrently augmented the demand for phosphoric acid.

Global Phosphoric Acid Market: Competitive Players

Some main participants of the Phosphoric Acid market are-

• Kazphosphate LIC
• Acron OAO
• Eurochem
• Argium
• CF Industries
• Innophos Holdings
• Foskor
• Italmatch Chemicals
• Chemische Fabric Budenheim
• Vale
• Yara International
• The Mosaic Company
• Yuntianhua Group
• United Phosphorus
• Saudi-Arabian Mining Company
• Jordan Phosphate Mines
• Solvay-Rhodia
• Laxness
• OCP
• Potash Corp.
• OJSC Phosagro
• Israel Chemical
• Prayon
• among others.

The Global Phosphoric Acid Market is segmented as follows:

By Type

• Thermal Process
• Wet Process
• Others

By Grade

• Technical Grade
• Food Grade

By Application

• Phosphate
• Other Fertilizer Chemicals
• Industrial Application
• Home Cleaning Agents
• Others

By End User

• Fertilizers
• Food Additives
• Animal Feed
• Others

Phosphoric Acid Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa