NEWARK, Del, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global Purified Phosphoric Acid Market value is estimated to reach US$ 8,702.8 million in 2023. Over the forecast period from 2023 to 2033, global sales of purified phosphoric acid are likely to soar at 4.7% CAGR, taking the overall market size to US$ 13,782.4 million by 2033.
Demand remains particularly high for food-grade purified phosphoric acid due to rising usage in the thriving food & beverage sector. As per the latest analysis, food grade phosphoric acid segment holds around 37% share of the global market.
The purified phosphoric acid industry is witnessing significant growth, driven by rising demand from the pharmaceutical, and food and beverage sectors.
The focus in the market is on producing and distributing high-quality purified phosphoric acid to meet the specific requirements of diverse sectors. Manufacturers are actively expanding their production capacities, with a particular emphasis on pharmaceutical-grade products, which offer greater profit margins.
Growing usage of purified phosphoric acid for making a wide range of pharmaceutical formulations are expected to boost the target market during the assessment period.
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Purified phosphoric acid is being widely used as an API, excipient, acidulant, and buffering agent in the pharmaceutical sector. It enhances therapeutic properties and improves drug stability, solubility, and bioavailability.
Increasing spending on pharmaceutical products due to rising prevalence of chronic diseases and growing health awareness will positively impact purified phosphoric acid sales.
Rising popularity of purified phosphoric acid as an ideal preservative and acidulant in the food & beverage sector will further boost the market.
The growing demand for purified phosphoric acid in the electronic sector is driven by its vital role in producing semiconductors, PCBs, and electronic displays. Overall, the purified phosphoric acid market is poised for continued growth in the future
Key Takeaways from the Market Report:
- The global market of purified phosphoric acid is projected to witness a CAGR of 4.7% through 2033.
- By application, pharmaceutical segment dominates the global market with a share of around 28%.
- By product type, food grade segment is anticipated to thrive at 4.8% CAGR during the forecast period.
- East Asia and North America together hold around 60% of the global purified phosphoric acid industry.
- The United States purified phosphoric acid industry is likely to witness steady growth during the projection period.
- Purified phosphoric acid demand in China is likely to rise at a significant pace through 2033.
“Rising demand from pharmaceutical and food & beverage sectors, with a focus on producing high-quality products directly increases the consumption of purified phosphoric acid in the global market. Prominent manufacturers are expanding production capacity and updating product portfolio, with pharmaceutical grade products offering higher profit margins.” - says a lead analyst at FMI
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Who is Winning?
The market is controlled by prominent manufacturers, with a market share ranging from 40% to 45% globally. These manufacturers of purified phosphoric acid are persistently investing in production capacity and updating their product portfolios. They also implement strategies such as agreements, partnerships, mergers, collaborations, and acquisitions to strengthen their market presence. For instance,
- In 2022, Nutrien Ltd. and Innophos Holdings, Inc. entered into a three-year agreement for the supply of Purified Phosphoric Acid (PPA).
Leading players in the Purified phosphoric Acid Market
- Nutrien Ltd.
- The Mosaic Company
- Ma'aden Wa'ad Al-Shamal Phosphate Company (MWSPC)
- ICL Group Ltd.
- Hubei Xingfa Chemicals Group Co., Ltd
- Yara International ASA
- OCP Group
- Jordan Phosphates Mines Company
- The Mosaic Company
- OCI Co. Ltd.
- PhosAgro
- EuroChem Group
- Gujarat State Fertilizers Corporation Limited
- Gujarat Alkalis and Chemicals Ltd.
- Industries Chimiques du Senegal
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Global Purified Phosphoric Acid Market Segmentation
By Product Type:
- Food Grade
- Pharmaceutical Grade
- Technical Grade
By Application:
- Agrochemical
- Animal Nutrition
- Food & Beverage
- Pharmaceutical
- Chemical
- Water Treatment
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltics
- East Asia
- South Asia Pacific
- Middle East Africa
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