Phosphoric Acid Market Research Report 2023

Phosphoric Acid Market

The global Phosphoric Acid market was valued at US$ 36380 million in 2020 and it is expected to reach US$ 42520 million by the end of 2027, growing at a CAGR of 2.2% during 2021-2027.

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Trends Influencing the Growth of the Global Phosphoric Acid Market

Phosphoric acid is used as an intermediary element in the production of various phosphate fertilizers. Diammonium phosphate (DAP), mono ammonium phosphate (MAP), NPKs, and SSP are the most widely used phosphatic fertilizers. Phosphate rock is used to make commercial phosphate fertilizers. Around two-thirds of the world's phosphate resources are found in deposits of sedimentary and aquatic phosphate rocks, which are used to create phosphate. In the past, ground rock phosphate was used to provide phosphorus to soils. The use of rock phosphate in agriculture has significantly declined because to the low phosphorus concentration of this native fiber, high delivery costs, and restricted crop responses. On the other hand, phosphorus-based fertilizers have seen a sharp increase in usage. This factor is expected to drive the growth of the Phosphoric Acid market.

Rare earth elements are recovered using the sulfuric acid process, which is based on the removal of impurities from phosphoric acid and phosphogypsum. The fundamental issue with these goods is their diluted rare earth element content. Other breakdown techniques, such those utilizing HNO3, H3PO4, and HCl, totally transfer rare earth elements into leaching solutions, which are then applied to extract rare earth elements. Due to impurity involvement, low efficiency, and high energy consumption, the precipitation, crystallization, and ion exchange processes are not taken into account for leaching solutions with high phosphorus content. These rare earth elements are used in the manufacture of catalysts, ceramics, glass, polishing, metallurgy, and military systems, among many other things. This factor is expected to drive the growth of the Phosphoric Acid market.

Phosphoric acid is used to remove environmental contaminants during wastewater treatment. This mineral acid is one of the most beneficial and important ones. By using phosphoric acid, the effects of iron and manganese exposure to groundwater are prevented. Manganese and iron oxidize when exposed to air, causing the water to turn brownish-black from the manganese and rusty from the iron. These stains can be found, among other places, in bathtub and laundry drains. The amount of lead and copper in drinking water is also decreased thanks to phosphoric acid's assistance in lowering corrosion and scale buildup in water distribution systems. These factors are expected to drive the Phosphoric Acid market growth during the forecast period.

Phosphoric Acid Market Share

In the international phosphoric acid market, there are numerous significant players, including OCP, Mosaic, Yuntianhua, PhosAgro, Tongling Chemical Industrial Group, and others. Around 35% of the market is under the control of the top five producers globally.

China, which has a market share of almost 40%, is the largest market. The next two biggest regions are Europe and North America, each with a share of roughly 20%.

By Type
• Electronic Grade
• Food Grade
• Tech Grade

By Application
• Fertilizers
• Food & Beverages
• Electronics
• Others

By Company
• OCP
• Mosaic
• PhosAgro
• PotashCorp (Nutrien)
• Itafos
• EuroChem
• Tunisian Chemical Group (GCT)
• Arkema
• Solvay
• ICL Performance Products
• Hubei Xingfa Chemicals Group
• Chengxing Group
• Yunphos
• IFFCO

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This release was published on openPR.