Press release
Global Phosphoric Acid Market Comprehensive Study: Forecasted Market Size And Growth Rate | The Mosaic Company, PJSC PhosAgro, Prayon S.A., EuroChem Group AG, OJSC Phosagro, Israel Chemicals Ltd., Yara International, OCP S.A., Yuntianhua Group, Fertiliser
Phosphoric Acid Market Size
The Business Research Company offers in-depth market insights through Phosphoric Acid Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main types of phosphoric acid are calcium phosphate, phosphoric acid, potassium phosphate, and sodium tripolyphosphate. Calcium phosphate is a calcium salt of phosphoric acid with a chemical formula of Ca3(PO4)2. It is also known as calcium phosphate tribasic or tricalcium phosphate and appears as a white amorphous or crystalline powder that is odorless and tasteless. The different process types include the furnace process, the dry kiln process, and others that have various grades such as food, agricultural, and industrial. The end-user industries using this acid are fertilizer, food and beverages, chemicals, medicine, metallurgy, and others.
Major Driver - Growing DI-Ammonium Phosphate (DAP) Fertilizer Demand Fuels Phosphoric Acid Market
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.
Competitive Landscape:
Major companies operating in the phosphoric acid market include 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
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Top Trend - Technological Advancements Reshaping The Phosphoric Acid Market
Technological innovations are the key trend gaining popularity in the phosphoric acid market. 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.
The Table Of Content For The Market Report 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
…..
27. Phosphoric Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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