Press release
Phosphoric Acid Global Market Expected to Reach $66.93 Billion with a CAGR of 6.2% By 2028
Phosphoric Acid Market
The Business Research Company presents an extensive market research report on the Phosphoric Acid Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The phosphoric acid market size has grown strongly in recent years. It will grow from $49.37 billion in 2023 to $52.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to growth in food and beverage industries, production of phosphate-based chemicals, water treatment and purification applications, metal surface treatment processes, demand in pharmaceuticals and dentistry.
The phosphoric acid market size is expected to see strong growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to expansion of renewable energy storage, development of lithium-ion batteries, increase in demand for industrial-grade phosphoric acid, water resource management and treatment, adoption in pharmaceutical manufacturing.. Major trends in the forecast period include green and sustainable phosphoric acid production, phosphoric acid for wastewater nutrient removal, hydrogen production using phosphoric acid, advanced dental applications with phosphoric acid, phosphoric acid for clean energy storage..
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Key Market Players:
The Mosaic Company, PJSC PhosAgro, Prayon S.A., EuroChem Group AG, OJSC Phosagro, Israel Chemicals Ltd., Yara International, OCP S.A., Yuntianhua Group, Fertiliser and Chemicals Travancore Ltd., Kazphosphate LIC, Solvay S.A., Innophos Holdings Inc., Jordan Phosphate Mines Company, Chemische Fabrik Budenheim KG, Abu Qir Fertilizers and Chemical Industries Company, J.R. Simplot Company, Nutrien Ltd., Haifa Chemicals Ltd., Wengfu Group, Rotem Amfert Negev, Fertiberia S.A., Chemische Fabrik WIBARCO GmbH, Sichuan Chuantou Energy Co. Ltd., Acron Group, Nutrien Ltd., ICL Food Specialties are prominent players in the industry.
Market Drivers:
The increasing demand for Di-ammonium Phosphate (DAP) fertilizers is significantly contributing to the growth of the phosphoric acid market. 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). For instance, according to the World Bank, a US-based international financial institution, phosphate DAP prices jumped 23% owing to increased demand by farmers across the world.. Therefore, the increasing demand for DAP phosphate fertilizers is driving the demand for the phosphoric acid market.
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Market Segments Include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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Phosphoric Acid Market 2031 Competitor Analysis
The Phosphoric Acid Market is expected to register a CAGR of 4% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
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Based on Apllication Type, By Application Fertilizers, Food and Feed Phosphate, Detergents, Water Treatment Chemicals, Industrial, Electronics.
Major Companies operating in the Phosphoric Acid Market are:
• Arkema Group
• J.R. Simplot Company
• Nutrien Ltd.
• OCP Group
• PJSC PhosAgro
• Prayon Group
• Solvay
• Spectrum Chemical Manufacturing Corporation
• The…
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The diammonium hydrogen phosphate market will grow significantly in the years to come with a rate of about 5%, because of the growing need for manure to increase agricultural yields.
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The growing export value and volume of fertilizers, increased demand for phosphoric acid from the food and beverage and pharmaceutical industries, and increasing concerns…
