Phosphoric Acid Market to Grow with a CAGR of 3.85% through 2028
Rising adoption
of sustainable agriculture practices is expected to drive the Global Phosphoric
Acid Market growth in the forecast period, 2024-2028.
According
to TechSci Research report, “Phosphoric Acid Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Phosphoric Acid Market stood at USD 43.83 billion in 2022 and is
anticipated to grow with a CAGR of 3.85% in the forecast period, 2024-2028.
Phosphoric acid, a versatile and vital chemical compound, is experiencing
significant growth in its global market due to several key drivers. This acid,
primarily produced through the wet process or thermal process, plays a pivotal
role in numerous industries, including agriculture, food and beverages,
pharmaceuticals, and industrial applications. The primary
driver behind the robust growth of the phosphoric acid market is the
ever-increasing demand for agricultural products to feed the world's expanding
population. Phosphoric acid is a crucial ingredient in the production of
phosphate-based fertilizers, such as diammonium phosphate (DAP) and
monoammonium phosphate (MAP). These fertilizers are essential for enhancing
soil fertility and crop yields. As countries strive to boost their agricultural
output to ensure food security, the demand for phosphoric acid as a fertilizer
component remains high.
The global
population is steadily increasing, and with it, the demand for phosphoric
acid-rich foods and beverages is also rising. Phosphoric acid is used as a
flavoring and acidifying agent in a wide range of food and beverage products,
including carbonated soft drinks and processed foods. The growing preference
for convenience foods and the expanding middle-class population in emerging
economies are contributing to increased consumption of these products, thereby
boosting the demand for phosphoric acid.
Beyond
agriculture and food, phosphoric acid has a significant presence in the
pharmaceutical and industrial sectors. It is used in drug formulation as a
buffering agent and in various industrial processes. For instance, it plays a
vital role in metal surface treatment, rust removal, and water treatment due to
its strong acidic properties. Additionally, phosphoric acid is used in the
electronics industry for the production of electronic components. The diverse
range of applications in these sectors provides a steady stream of demand for
phosphoric acid.
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Advancements in
technology have allowed for more efficient and cost-effective phosphoric acid
production methods. The wet process, which involves the reaction of phosphate
rock with sulfuric acid, has been optimized over the years to increase yields
and reduce production costs. Furthermore, the use of catalysts and advanced
equipment has improved the efficiency of the thermal process, where phosphoric
acid is obtained by burning elemental phosphorus. These technological enhancements
have contributed to the growth of the phosphoric acid market by making
production more economically viable. DAP is suitable for a wide range of crops, from grains
and oilseeds to fruits and vegetables. This diversity in crop applications
ensures a consistent and stable demand for DAP throughout the agricultural
sector, further fueling the need for phosphoric acid.
The Global Phosphoric
Acid Market is segmented into Application, End User, Regional Distribution, And
Company.
Based
on the Application, Diammonium Hydrogenphosphate (DAP) emerged as the dominant
segment in the global market for Global Phosphoric Acid Market in 2022. DAP is
a widely used phosphate-based fertilizer in agriculture. It contains both
ammonium nitrogen and phosphate, making it a valuable source of essential
nutrients for plant growth. Nitrogen is crucial for vegetative growth, while
phosphorus is essential for root development, flowering, and fruiting. The
balanced nutrient composition of DAP makes it highly effective for a wide range
of crops, including cereals, oilseeds, and vegetables. The global demand for
fertilizers like DAP continues to rise to meet the food demands of a growing
population, making it a major driver of the phosphoric acid market.
DAP
aligns with modern agricultural practices, including precision farming and
sustainable agriculture. As the world strives to produce more food sustainably,
DAP's role in optimizing nutrient management and enhancing soil fertility
becomes increasingly important. This trend in sustainable and efficient
agriculture contributes to the high demand for DAP and, consequently, the
phosphoric acid market.
Based on the
End-user, the Fertilizer industry segment emerged as the dominant player in the
global market for Global Phosphoric Acid Market in 2022. hosphate-based
fertilizers containing phosphoric acid, such as DAP and MAP, provide a balanced
combination of essential nutrients, including phosphorus and nitrogen, which
are critical for plant health and yield. This balanced nutrient composition
makes these fertilizers highly effective for a wide range of crops, further
driving their demand in agriculture. The fertilizer industry plays a pivotal role in global
food production by supplying the necessary nutrients to crops. As the world's
population continues to grow, there is a constant need to produce more food.
Phosphoric acid is a key ingredient in phosphate-based fertilizers, which are
vital for promoting plant growth and optimizing crop production. This
relentless demand for food production sustains the high utilization of
phosphoric acid in the fertilizer industry.
Asia-pacific
emerged as the dominant player in the global Phosphoric Acid Market in 2022,
holding the largest market share. the presence of densely populated countries with substantial
agricultural and industrial activities, such as China and India, fueled the
demand for phosphoric acid on a massive scale. These nations have significantly
invested in modernizing their farming techniques and industrial processes,
relying heavily on phosphoric acid for improved productivity and efficiency.
Asia-Pacific experienced rapid industrialization and urbanization, driving the
demand for phosphoric acid in various sectors, including agriculture, food and
beverages, chemicals, and metallurgy. The region's robust agricultural
practices and commitment to enhancing crop yields through phosphoric acid-based
fertilizers further contributed to its market leadership. Asia-Pacific's
proactive approach to environmental sustainability and adoption of cleaner
production methods aligned with phosphoric acid applications played a pivotal
role in maintaining its dominant market position.
Major companies
operating in Global Phosphoric Acid Market are:
- The Mosaic Company
- PJSC PhosAgro
- Nutrien Ltd.
- IFFCO
- EuroChem Group AG
- Prayon Group
- Israel Chemical Ltd.
- Yara International
- OCP S.A.
- Aditya Birla Group
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“The
global phosphoric acid market is poised for substantial growth in the coming
years. The increasing global population and the growing demand for food
security are driving the need for efficient agricultural practices, which rely
heavily on phosphoric acid-based fertilizers. Additionally, the adoption of
precision farming techniques, sustainability goals, and advancements in farming
technologies are further propelling the demand for phosphoric acid in the
agricultural sector. Beyond agriculture, the diverse applications of phosphoric
acid in industries such as food and beverages, pharmaceuticals, chemicals, and
metallurgy contribute to its expanding market footprint. Moreover, the ongoing
research and development efforts, and strategic investments in the phosphoric
acid industry are expected to enhance its production efficiency and open up new
avenues for growth..” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Phosphoric
Acid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented By Application (Diammonium Hydrogenphosphate, Monoammonium
Dihydrogenphosphate Triple Superphosphate, Other), By End-user (Fertilizer,
Food & Beverages, Chemicals, Medicine, Metallurgy, Other End-User
Industries) By Region and Competition”, has evaluated
the future growth potential of Global Phosphoric Acid Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Phosphoric Acid Market.
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