Phosphoric Acid Market Expansion Outlook: $70.25 Billion in 2029

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What Is the Projected CAGR for the Phosphoric Acid Market from 2024 to 2025?
There has been a consistent increase in the size of the phosphoric acid market over the past few years. The market is expected to expand from $52.17 billion in 2024 to $54.47 billion in 2025, with a compound annual growth rate (CAGR) of 4.4%. The growth observed during the historic period can be linked to expansion in the food and drink sectors, manufacture of phosphate-related chemicals, applications in water sanitation and purification, metal surface treatment methods, and demand in the pharmaceutical and dental fields.

What are the Expected Market Size and CAGR for Phosphoric Acid by 2029?
Predictions indicate robust progress in the phosphoric acid market size in the forthcoming years, potentially reaching $70.25 billion in 2029 at a compound annual growth rate (CAGR) of 6.6%. The expected growth during this forecast period is tied to the escalation of renewable energy storage, advancement of lithium-ion batteries, heightened demand for phosphoric acid of industrial quality, management, and treatment of water resources, and its implementation in the manufacturing of pharmaceuticals. The forecast period is also anticipated to witness trends such as environmentally-friendly and sustainable production of phosphoric acid, its use for the removal of nutrients in wastewater, hydrogen production through phosphoric acid, advanced dental practices using phosphoric acid, and using phosphoric acid for clean energy storage.

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Which Factors Are Driving the Global Phosphoric Acid Market Expansion?
The phosphoric acid market is witnessing significant growth due to the escalating demand for Di-ammonium Phosphate (DAP) fertilizers. DAP is part of a range of water-soluble ammonium phosphate salts generated when ammonia interacts with phosphoric acid. Phosphoric acid finds extensive application in fertilizer production as its fusion with finely pulverized phosphate gives rise to products like triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP). For example, the World Bank, an international financial institution based in the US, noted a 23% surge in phosphate DAP prices as a result of the heightened demand from global farmers. Consequently, the upsurging demand for DAP phosphate fertilizers serves as a primary driver for the phosphoric acid market.

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Which Segment Currently Holds the Largest Share of the Phosphoric Acid Market?
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

Which Major Trends Are Shaping the Future of the Phosphoric Acid Industry?
Emerging technological advancements are becoming a prevalent trend in the phosphoric acid industry. Businesses dealing with phosphoric acid are consistently adopting novel technology and superior products to amplify their market slice. For example, in August 2024, scholars from Saitama University, a prestigious university in Japan, attained a power conversion efficiency of 20.5% in a slender-film perovskite solar cell, thanks to the integration of fluorinated phosphoric acid (TPFP) into the absorber's antecedent solution, which heightened the passivation at the juncture between the perovskite film and the hole transport layer. This revolutionary solar cell sidesteps the necessity for conventional surface treatments and posterior processing phases, thereby demonstrating enhanced efficiency, diminished hysteresis, and potential suitability in extensive-area deposition methodologies.

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Which Key Players Dominate the Phosphoric Acid Industry Globally?
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

What Are the Fastest-Growing Regions in the Phosphoric Acid Market?
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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