Global Phosphoric Acid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Phosphoric Acid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Phosphoric Acid is the oxygen acid of phosphorous which is used to obtain different phosphate salts. It is generally colorless, non-volatile, and nontoxic in nature and generally has a concentrating of 85% in water. It is classified as electronic grade, food grade, and tech grade and is utilized in several industries including Fertilizers, Food & Beverages, Electronics among others.

Market Overview:

The latest research study on the global Phosphoric Acid market finds that the global Phosphoric Acid market reached a value of USD 64792.05 million in 2022. It’s expected that the market will achieve USD 44092.96 million by 2028, exhibiting a CAGR of -6.21% during the forecast period.

Key Opportunities and Drivers for Phosphoric Acid

Asia Pacific was the largest market in 2020. The phosphorus acid and phosphates have gained strong benefits from the rapid development of the food processing industry in countries, like China and India, and other developing countries. The rapid growth in agricultural output in China and the economic progress of the country has propelled the demand for phosphate fertilizers. This, in turn, has resulted in a rise in the domestic production and consumption of the product in the nation. In India, the chemical is anticipated to register significant growth, both in terms of production as well as consumption. Moreover, an increase in agricultural activities and the growing exports of fertilizers are expected to have a positive impact on production. Most of the manufacturers are consistently expanding production capabilities in order to cater to the growing demand for phosphoric acid.

Phosphoric Acid Market Challenges

At state, provincial, and national levels in many jurisdictions, phosphoric acid supply is related to government regulations. New rules are being implemented by lawmakers on fertilizers, certifications for goods and plants, and tailings management due to various environmental considerations. In high-standard certification schemes, more fertilizer companies are pursuing registration. China's Regulatory Phosphogypsum Control and the EU's Green Deal criteria, as well as the introduction of emissions trading and carbon schemes around the world, are projected to have larger consequences in the fertilizer industry in the future. Several risks could impact the usage of fertilizers, in addition to the main risk factors associated with COVID-19, including global development, the pace of economic recovery, geopolitics, trade relations, animal and plant health, temperature, and government behavior.

Phosphoric Acid Market Risks

Problems arising due to the over usage of phosphate and nitrogen-based synthetic products have led to the development of sustainable options, such as micronutrients and organic chemicals. Development of such bio-based products has ushered in a greater emphasis on their competitiveness against conventional fertilizers available in the market today. This, in turn, will have a negative influence on market growth.

Region Overview:

From 2022-2027, Asia-Pacific is estimated to witness robust growth prospects.

Company Overview

Mosaic is one of the major players operating in the Phosphoric Acid market, holding a share of 8.15% in 2021.The Mosaic Company is the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Mosaic is the largest integrated phosphate producer in the world and one of the largest producers and marketers of phosphate-based animal feed ingredients in North America.The OCP Group (OCP S.A.) (formerly Office Chérifien des Phosphates) is a Moroccan state-owned phosphate rock miner, phosphoric acid manufacturer and phosphate fertilizer producer. Founded in 1920, the company has grown into one of the world's largest producers of phosphate and phosphate-based products and it is one of the largest phosphate, Chemicals and Mineral industrial companies in the world by revenue.

Segmentation Overview:

Among different product types, Tech Grade segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Fertilizers segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Phosphoric Acid market covered in Chapter 3:

MosaicPhosAgroICLHubei Xinyangfeng FertilizerYuntianhuaWENGFU GROUPEuroChemTunisian Chemical Group (GCT)MaadenIFFCONutrienUralChemARKEMA GROUPOCP

In Chapter 4 and Chapter 14.2, on the basis of types, the Phosphoric Acid market from 2018 to 2029 is primarily split into:

Electronic GradeFood GradeTech Grade

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Phosphoric Acid market from 2018 to 2029 covers:

FertilizersFood & BeveragesElectronicsOthers

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)Latin America (Brazil, Mexico, Argentina)Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)