USD 41.28 billion
Phosphoric Acid Market Size, Share, Growth Analysis, By Method(Wet Process, Thermal Process, Dry Skin Process), By Grade(Technical, Food, Electronic), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15C2055 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|Tables:
63
|Figures:
77
Phosphoric Acid Market Insights
Global Phosphoric Acid Market size was valued at USD 41.28 billion in 2022 and is poised to grow from USD 43.06 billion in 2023 to USD 60.30 billion by 2031, at a CAGR of 4.3% during the forecast period (2024-2031).
Phosphoric acid is a crucial component of many fertilisers since it serves multiple purposes, including supplying nutrients to plants, adjusting pH levels, and clearing lime precipitation from irrigation equipment. It provides a plentiful supply of phosphorus for plants. During the forecast period, the worldwide fertilizer market is anticipated to expand at a CAGR of 5%. Around 2.7 billion hectares of land still have the potential to be used for crop production, mostly in the Asia-Pacific region, South and Central America, and Sub-Saharan Africa. Demand for fertilisers is rising alongside the world population in order to meet the rising food demands. Sugary foods can have their shelf life extended and become more affordable by using phosphoric acid to stop the growth of germs and mold. As a result, producers of phosphoric acid will have bright futures due to the rising demand for convenience foods and drinks. Product uptake may be somewhat constrained, nevertheless, by governmental pressure and environmental issues. Regulations for fertilisers, tailing management, and plant and product certifications have been put in place by lawmakers. Additionally, the sector outlook may be negatively impacted by trade disputes and global economic disruptions.
US Phosphoric Acid Market is poised to grow at sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Wet Process
Fastest Growth
Thermal Process
Growth Rate
4.3% CAGR
Global Phosphoric Acid Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Phosphoric Acid Market Segmental Analysis
Global Phosphoric Acid Market is segmented on the basis of method, grade and region. By method, the market is segmented into wet process, thermal process, dry kiln process. By grade, the market is segmented into technical, food, electronic. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Phosphoric Acid Market Analysis by Method
The wet process is the most widely used method for the production of phosphoric acid. It accounts for the largest share of the market and is expected to continue to grow at a significant rate during the forecast period. The wet process is a two-step process that involves the reaction of phosphate rock with sulfuric acid to produce phosphoric acid. The first step is the reaction of phosphate rock with sulfuric acid to produce a slurry of calcium sulfate and phosphoric acid. The second step is the concentration of the slurry to produce phosphoric acid.
The thermal process is used to produce phosphoric acid from byproducts of other industries, such as the steel industry. It accounts for a small share of the market and is expected to grow at a slow rate during the forecast period. The thermal process is a three-step process that involves the heating of phosphate rock to produce phosphoric acid. The first step is the heating of phosphate rock to produce a molten mass of calcium phosphate. The second step is the addition of water to the molten mass of calcium phosphate to produce a slurry of calcium phosphate and phosphoric acid. The third step is the concentration of the slurry to produce phosphoric acid.
Phosphoric Acid Market Analysis by Grade
The dominant segment of the global phosphoric acid market is the technical grade segment. It accounts for the largest share of the market and is expected to continue to grow at a significant rate during the forecast period. The technical grade segment is driven by the increasing demand for fertilizers from the agricultural sector.
The fastest growing segment of the global phosphoric acid market is the food grade segment. It is expected to grow at a significant rate during the forecast period due to the increasing demand for food and beverage products that contain phosphoric acid. The food grade segment is also driven by the increasing awareness of the health benefits of phosphoric acid.
Global Phosphoric Acid Market By Method
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Phosphoric Acid Market Regional Insights
A size of USD 16,801.5 million was the Asia Pacific industry in 2022. The area, which dominated the global market during the forecast period and is likely to keep doing so, is heavily reliant on the government, the chemical sector, agriculture, and consumer spending, all of which are essential to GDP. The regional market will undoubtedly be pushed by the expanding agricultural sector. Over 40% of the market in Asia Pacific was accounted for by China. The country is a significant hub for the manufacture of fertilizer. It is projected that the expansion of end-use industries will increase demand in China throughout the forecast period. The abundance of chemical production facilities in India will help the economy of the nation.
In 2022, North America collectively made for over 20% of the worldwide market. The demand in the area would increase if more people started using this acid as animal feed and food additives. More than 2 billion ha are contained within the region known as Latin America and the Caribbean (LAC). It is made up of 34 nations, with a population of 657 million or so overall and a low average population density of 0.34 persons per ha. Agribusiness occupies 38% of the land that is available, while forests occupy 46% of the remaining space.
Global Phosphoric Acid Market By Region
- Largest
- Fastest
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Phosphoric Acid Market Dynamics
Phosphoric Acid Market Drivers
Growing demand Agricultural Demand
- The agriculture sector is a major consumer of phosphoric acid, primarily in the form of fertilizers. Phosphorus is an essential nutrient for plant growth and plays a vital role in promoting root development, flowering, and fruiting. With the increasing global population and the need to enhance agricultural productivity, the demand for phosphoric acid-based fertilizers is expected to rise, driving the growth of the phosphoric acid market.
Food and Beverage Industry
- Phosphoric acid is widely used in the food and beverage industry as an acidulant and flavouring agent. It is commonly used in carbonated beverages, processed foods, and food additives. The growing population and changing dietary preferences, coupled with the expanding food and beverage industry, are driving the demand for phosphoric acid in this sector.
Phosphoric Acid Market Restraints
Price Volatility
- The phosphoric acid market is susceptible to price volatility due to factors such as fluctuating raw material costs, energy prices, and geopolitical factors affecting the supply chain. Price fluctuations can impact the profitability of phosphoric acid manufacturers and create uncertainty for buyers, thereby restraining market growth.
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Phosphoric Acid Market Competitive Landscape
The majority of these corporations have formed several mergers and acquisitions, joint ventures, and other alliances in the industry on a global scale. It is predicted that this strategic move will increase SABIC's phosphoric acid production. Numerous additional similar strategic actions taken by important producers to improve their market share have resulted from the industry's continual evolution.
Phosphoric Acid Market Top Player’s Company Profiles
- OCP Group (Morocco)
- The Mosaic Company (United States)
- Nutrien Ltd. (Canada)
- Yara International ASA (Norway)
- EuroChem Group AG (Switzerland)
- Israel Chemicals Ltd. (Israel)
- Prayon S.A. (Belgium)
- Ma'aden - Saudi Arabian Mining Company (Saudi Arabia)
- Kazphosphate LLC (Kazakhstan)
- Wengfu Group Co., Ltd. (China)
- Solvay SA (Belgium)
- PhosAgro (Russia)
- Agrium Inc. (Canada)
- ICL Group (Israel)
- JPMC (Jordan Phosphate Mines Company) (Jordan)
- Vale S.A. (Brazil)
- Copebrás (Brazil)
- Grupa Azoty S.A. (Poland)
- Wengfu (Group) Co., Ltd. (China)
- Rhodia (France)
- Agrofoska (Poland)
- Minbos Resources Limited (Australia)
Phosphoric Acid Market Recent Development
- In February 2024, TOYO SOLAR, a subsidiary solar cell company of VSUN SOLAR, inked a long-term strategic supply deal with OCI Company Ltd., a top South Korean-owned polysilicon producer. The agreement was signed at the headquarters of TOYO SOLAR in Vietnam.
- In February 2024, First Phosphate Corp. achieved a major milestone by completing a pilot project to produce battery-grade phosphoric acid. This success establishes the company as a prominent player in the North American supply chain for lithium iron phosphate batteries, showcasing its dedication to promoting sustainable energy solutions.
- In January 2024, Moroccan Minister of Industry and Trade, Ryad Mezzour, said in Gandhinagar, India, that Morocco and India could work closely together through South-South and triangular cooperation. Speaking at the 10th edition of the "Vibrant Gujarat" investors' summit, Mezzour highlighted the potential for a strategic partnership between the two countries. He mentioned the opportunity to create joint projects across Africa to promote industrialization and economic growth while ensuring food security and health safety.
Phosphoric Acid Key Market Trends
Growing Demand for Enhanced Efficiency Fertilizers
- There is a rising demand for fertilizers that offer increased efficiency in nutrient delivery and minimize environmental impact. Phosphoric acid-based fertilizers, such as monoammonium phosphate (MAP) and diammonium phosphate (DAP), are gaining popularity due to their balanced nutrient content and ease of application. These fertilizers provide controlled release of phosphorus, reducing the risk of nutrient runoff and improving crop yields.
Phosphoric Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global phosphoric acid market has witnessed significant growth and plays a vital role in various industries. Phosphoric acid, with its diverse applications in agriculture, food and beverages, chemicals, and more, is a critical ingredient in numerous products and processes. Phosphoric acid is utilized in various industrial processes, including the production of detergents, water treatment chemicals, metal surface treatment, and pharmaceuticals. Its properties as a strong acid and corrosion inhibitor make it valuable in these applications. The growth of industrial activities, especially in emerging economies, fuels the demand for phosphoric acid. The global phosphoric acid market is driven by agricultural demand, the growth of the food and beverage industry, industrial applications, water treatment needs, and regional consumption patterns. While challenges exist, the market is expected to witness steady growth due to the increasing population, rising food demand, and the need for sustainable agricultural practices and water treatment solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 41.28 billion |
| Market size value in 2031 | USD 60.30 billion |
| Growth Rate | 4.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Phosphoric Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Phosphoric Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Phosphoric Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Phosphoric Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Phosphoric Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Phosphoric Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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