Phosphoric Acid Market Growth is Expanding at a CAGR of 4.20% by 2030 Due to Increasing Demand in Chemicals Segment

As per an Extensive Research Report by Market Research Future (MRFR), Phosphoric Acid Market Information By Source, Application, and Region - Forecast till 2032" The phosphoric acid industry shall develop from USD 54,420.23 million in 2023 to USD 72,722.13 million by 2030, with 4.20% CAGR from 2023 to 2030.

Market Synopsis

An inorganic substance having the chemical formula H3PO4, phosphoric acid is an odorless, colorless solid that contains phosphorus. It can be found in numerous household cleaning products as well as detergents and fertilizers.

On the other hand, the adverse effects of phosphoric acid on human health are impeding market expansion. But, both the commercialization of chiral phosphoric acid as a catalyst and the extraction of rare earth elements from phosphoric acid have the potential to significantly expand the industry.

Over the coming years, food and beverages and fertilizer will be the two most significant demand areas. The world's largest market is predicted to be in the Asia-Pacific region, where China and India will use the most products.

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Market Competitive Landscape:

ICL Group Ltd. (Israel)
OCP Group S.A. (Morocco)
The Mosaic Company (US)
Nutrien Ltd. (Netherlands)
Eurochem Group (Switzerland)
IFFCO (India)
Arkema (France)
Solvay (Belgium)
Ma'aden (Saudi Arabia)
Phosagro Group of Companies (Russia)
Market USP Covered:

Market Drivers:

Phosphoric acid is frequently used to make phosphate fertilizers like Mono-Ammonium Phosphate (MAP) and Diammonium Phosphate (DAP), which are anticipated to dominate the market over the projection period. After sulfuric acid, it is the inorganic acid that is consumed the most globally. Depending on the end purpose, it is industrially produced in three grades with varying concentration levels. Agriculture grade, food grade, and industrial grade are the three grades. Due to its extensive use in the production of fertilizers, agricultural-grade phosphoric acid dominates both the value and volume of the global market.

One of North America's most important agrochemical industries is found in the United States. Numerous businesses that produce fertilizer call it home, including Yara, Fertiliser Canada, BASF SE, and others. The nation's largest industry and net exporter of food is agriculture. In every state, agriculture is practiced, ranging from small-scale farmers to large-scale industrial farms. The country's demand for phosphatic fertilizers and therefore phosphoric acid is projected to increase as farmers' propensity for growing maize grows.

The need for phosphate fertilizers has increased due to China's rapid growth in agricultural output and its economic development. This has led to an increase in the product's domestic production and consumption across the country. However, it is projected that production will rise at a moderate rate over the forecast period due to strict government regulations. The chemical, however, is expected to experience tremendous expansion in India, both in terms of production and consumption. Additionally, it is anticipated that increased agricultural activity and rising fertilizer exports will benefit productivity.

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Market Restraints:

The ongoing debate about crop production and effective crop cultivation has a favorable effect on the market as well as the current debate over food safety. The creation of sustainable alternatives, like micronutrients and organic compounds, is a result of issues brought on by the overuse of phosphate- and nitrogen-based synthetic products. The development of such bio-based solutions has brought in a greater emphasis on their ability to compete against conventional fertilizers now available on the market. As a result, the market's growth will be negatively impacted.

Market Segmentation

By Source

The sources considered in the report are the wet process as well as the thermal process.

By Application

Phosphoric acid has applications in fertilizers, feed & food additives, detergents, water treatment chemicals, and others.

Regional Analysis of the Phosphoric Acid Market

Phosphoric acid is a vital industrial chemical used primarily in the production of fertilizers, food and beverages, detergents, and various other applications. Its market dynamics vary significantly across different regions due to factors such as raw material availability, industrial infrastructure, agricultural practices, and economic conditions. Here's a comprehensive regional analysis of the phosphoric acid market:

1. Asia-Pacific (APAC):

China: As the largest producer and consumer of phosphoric acid globally, China dominates the APAC market. The country's extensive agricultural activities and robust industrial sector drive the demand for phosphoric acid.
India: India is another significant market in APAC due to its expanding agricultural sector and growing industrial applications. Increasing demand for fertilizers and food products contributes to the growth of the phosphoric acid market in India.
Southeast Asia: Countries like Indonesia, Vietnam, and Thailand are emerging as key consumers of phosphoric acid, primarily driven by agricultural activities and the demand for processed food and beverages.
2. North America:

United States: The U.S. phosphoric acid market is driven by its well-established agricultural sector, particularly in the production of corn, soybeans, and wheat. Additionally, the food and beverage industry's demand for phosphoric acid remains robust.
Canada: Although a smaller market compared to the U.S., Canada also contributes to the North American phosphoric acid market, mainly through its agricultural and food processing industries.
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3. Europe:

Western Europe: Countries like Germany, France, and the Netherlands have significant agricultural sectors, driving the demand for phosphoric acid in fertilizer production. Moreover, the food and beverage industry in these regions also contributes to the market growth.
Eastern Europe: Emerging economies like Poland and Russia are witnessing steady growth in phosphoric acid consumption, primarily due to increasing agricultural activities and industrial applications.
4. Latin America:

Brazil: With its vast agricultural lands and agribusiness activities, Brazil stands out as a major consumer of phosphoric acid in the region. The country's fertilizer industry and food processing sector are key drivers of market growth.
Argentina: Similar to Brazil, Argentina's agricultural sector fuels the demand for phosphoric acid, particularly in fertilizer production for crops like soybeans, corn, and wheat.
5. Middle East and Africa (MEA):

Morocco: As a major phosphate rock producer, Morocco plays a crucial role in the MEA phosphoric acid market. The country's fertilizer industry heavily relies on phosphoric acid for production.
South Africa: The agricultural sector in South Africa drives the demand for phosphoric acid, particularly in crop production. Additionally, industrial applications such as detergents and food processing contribute to market growth.
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