Press release
Phosphoric Acid Market: Major Trends Reshaping the Future of the Industry
Phosphoric Acid
What Will the Phosphoric Acid Industry Market Size Be by 2025?
In recent years, the phosphoric acid market has seen robust growth. The market is expected to expand from $52.17 billion in 2024 to $55.34 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.1%. The surge in the historical period is accredited to the expansion of food and beverage sectors, the manufacturing of phosphate-based chemicals, applications in water treatment and purification, processes involving metal surface treatment, as well as the growing demand in the pharmaceutical and dentistry fields.
What's the Long-Term Growth Forecast for the Phosphoric Acid Market Size Through 2029?
Sturdy expansion is predicted for the phosphoric acid market in the coming years, with forecasts predicting it to reach $72.28 billion by 2029, translating to a compound annual growth rate (CAGR) of 6.9%. This growth trajectory during the predicted period can be linked to the proliferation of renewable energy storage, advancements in lithium-ion batteries, rising demand for industrial-grade phosphoric acid, water resource handling and processing, and application in the field of pharmaceutical manufacturing. The forecast period will also witness substantial trends such as eco-friendly and sustainable phosphoric acid production, the usage of phosphoric acid for the removal of wastewater nutrients, phosphoric acid-based hydrogen production, phosphoric acid's role in advanced dental applications and clean energy storage.
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What Are the Key Growth Drivers Fueling the Phosphoric Acid Market Expansion?
The phosphoric acid market is experiencing significant growth due to the rising demand for Di-ammonium Phosphate (DAP) fertilizers. DAP forms part of a group of water-soluble ammonium phosphate salts created when ammonia undergoes a reaction with phosphoric acid. In the production of fertilizers, phosphoric acid is extensively used as it combines with finely milled phosphate to yield triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP). A case in point is the data from the World Bank, a U.S based international financial institution, where it was revealed that phosphate DAP prices soared by 23%, triggered by heightened demand from global farmers. Consequently, the elevated demand for DAP phosphate fertilizers is spurring demand in the phosphoric acid market.
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What Are the Key Trends Driving Phosphoric Acid Market Growth?
Latest technological breakthroughs are emerging as the main trend within the phosphoric acid market. Firms operating in this sphere are persistently inventing cutting-edge technology and superior products to boost their market presence. An example includes, in August 2024, specialists at Saitama University, a national university based in Japan, attained an energy conversion efficiency of 20.5% in a thin-film perovskite solar cell. This was achieved by infusing fluorinated phosphoric acid (TPFP) into the forerunner solution of the absorber, bolstering passivation at the junction between the perovskite film and the hole transport layer. This contemporary solar cell avoids the requirement for standard surface treatments and succeeding processing stages, showcasing enhanced efficiency, minimized hysteresis, and potential usability in large-scale deposition methods.
How Is the Phosphoric Acid Market Segmented?
The phosphoric acid market covered in this report 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
Subsegments:
1) By Calcium Phosphate: Dicalcium Phosphate (DCP), Tricalcium Phosphate (TCP), Monocalcium Phosphate (MCP)
2) By Sodium Tripolyphosphate: Food Grade Sodium Tripolyphosphate, Industrial Grade Sodium Tripolyphosphate
3) By Potassium Phosphate: Monopotassium Phosphate (MKP), Diphosphate (DKP), Tripotassium Phosphate (TKP)
4) By Other Types: Ammonium Phosphate, Sodium Phosphate, Phosphoric Acid Esters
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Which Companies Are Leading the Charge in Phosphoric Acid Market Innovation?
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
Which Regions Are Leading the Global Phosphoric Acid Market in Revenue?
Asia-Pacific was the largest region in the phosphoric acid market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the phosphoric acid market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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