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Phosphoric Acid Market Overview, Growth, Size, Key Insights And Trends Report 2032
Phosphoric Acid Global Market
The Business Research Company's Phosphoric Acid Global Market Report 2023 identifies increasing demand for Di-ammonium Phosphate (DAP) fertilizers as the major driver for the phosphoric acid market's growth in the forecast period. 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).
The global phosphoric acid market size grew from $46.53 billion in 2022 to $49.37 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The phosphoric acid market size is expected to grow to $59.94 billion in 2027 at a CAGR of 5.0%.
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Major competitors in the phosphoric acid market are The Mosaic Company, PJSC PhosAgro, Prayon, EuroChem Group AG, OJSC Phosagro, Prayon Group, Israel Chemical Ltd.
A key trend in the phosphoric acid market includes technological innovations. Phosphoric acid companies are continuously developing new technology and advanced products to increase their share in the market. For instance, in December 2021, Clean TEQ Water, an Australia-based water treatment and resource recovery company, launched the new PHOSPHIX technology, which combines continuous ionic filtration (CIF) technology and chemical precipitation to particularly remove phosphate from water and recover a reusable solid phosphorus product. PHOSPHIXTM achieves very low effluent concentrations (0.1 ppm) with over 99% water recovery and recycles phosphate into hydroxyapatite, which is used to produce fertilizer.
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The phosphoric acid market 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
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the phosphoric acid market.
The Business Research Company's "Global Phosphoric Acid Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Phosphoric Acid Market Include:
1. Executive Summary
2. Phosphoric Acid Market Characteristics
3. Phosphoric Acid Market Trends And Strategies
4. Phosphoric Acid Market - Macro Economic Scenario
5. Phosphoric Acid Market Size And Growth
….
26. Africa Phosphoric Acid Market
27. Phosphoric Acid Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Phosphoric Acid Market
29. Phosphoric Acid Market Future Outlook and Potential Analysis
30. Appendix
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