What are the Historical Developments and Current Growth Metrics of the Phosphoric Acid Market?
The phosphoric acid market has seen considerable growth due to a variety of factors.
• The market size of phosphoric acid has seen considerable growth in the recent past. It is expected to grow from a value of $52.17 billion in 2024 to $55.34 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%.
Factors behind the previous period's growth include an increase in food and beverage industries, the production of phosphate-based chemicals, applications in water treatment and purification, processes for treating metal surfaces, and rising demand in pharmaceuticals and dentistry.
What Does Future Hold for The Phosphoric Acid Market Size?
The phosphoric acid market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the phosphoric acid market is projected to experience robust growth, increasing to a value of $72.28 billion in 2029 with a compound annual growth rate (CAGR) of 6.9%.
The predicted upswing can be linked to the burgeoning renewable energy storage, the evolution of lithium-ion batteries, a surge in the need for industrial-grade phosphoric acid, management and treatment of water resources, and utilization in pharmaceutical production. Notable trends over the projection period encompass eco-friendly and sustainable production of phosphoric acid, use of phosphoric acid in removing nutrients from wastewater, generation of hydrogen through phosphoric acid, pioneering dental uses for phosphoric acid, and phosphoric acid employed for clean energy storage.
What Are The Primary Growth Drivers In The Phosphoric Acid Market?
The phosphoric acid market is experiencing significant growth due to the rising requirement for Di-ammonium Phosphate (DAP) fertilizers. Di-ammonium phosphate belongs to a variety of water-soluble ammonium phosphate salts created through the reaction of ammonia with phosphoric acid. Fertilizer production frequently involves the use of phosphoric acid, as its mixture with finely crushed phosphate results in triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP). The World Bank, an international financial institution based in the US, reports that phosphate DAP prices increased by 23% due to heightened demand from farmers globally. Consequently, the boosting need for DAP phosphate fertilizers is pushing up the demand in the phosphoric acid market.
What Is The Segmentation Of The Global 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
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What Emerging Trends Are Shaping The Phosphoric Acid Market Landscape?
Technological advancements are becoming a popular trend in the phosphoric acid industry. Companies dealing with phosphoric acid are consistently innovating, developing novel technologies and superior products to boost their market share. For example, in August 2024, scholars from Saitama University, a prestigious Japanese institution, managed to achieve a 20.5% power conversion efficiency in a thin-film perovskite solar cell. This was achieved by integrating fluorinated phosphoric acid (TPFP) into the absorber's precursor solution, which significantly improved passivation at the intersection between the perovskite film and the hole transport layer. This ground-breaking solar cell eliminates the requirement for conventional surface treatments and additional post-processing steps, demonstrating enhanced efficiency, decreased hysteresis, and potential suitability for wider scale deposition techniques.
Who Are the Key Players in the Phosphoric Acid Market?
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 Regional Insights into 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.
