Phosphoric Acid Market revenue to hit USD 108 Billion by 2035, says Research Nester

Leading phosphoric acid market players include Eurochem Group AG, The Mosaic Company, R. Simplot Company, WengFu Group, Israel Chemicals Ltd, Maaden, Prayon S.A., OCP Group, Solvay, Yara International, and CECA.

New York, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global phosphoric acid market size is projected to expand at ~7.10% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 108 billion by the end of 2035, up from a revenue of ~USD 47 billion in the year 2022.The growth of the market is attributed to the growing demand for phosphoric acid from various end-use industries. For example, it is estimated that the global demand for fertilizers will reach 45 million tons by 2025. Furthermore, it is estimated that the growing population and the need for higher agricultural production will also contribute to the growth of the market over the forecast period.

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Furthermore, the factors which are propelling the growth of Phosphoric Acid Market are believed to include the increase in investments and the collaboration among the major key players. For example, on May 21, 2021, Desmet Ballestra entered into an agreement to acquire BusschemTech AG.Phosphoric acid is manufactured by Buss ChemTech AG for various end-user applications. This should strengthen the product line and operations of the Desmet Ballestra Group. Partnerships, acquisitions and agreements are the primary strategies used by the world's largest manufacturers to strengthen their position in a highly competitive marketplace. In order to expand their business, market players continue to focus on domestic production of phosphoric acid as well as export to

other regions. Moreover, the increasing launch of new phosphoric acid products is also expected to contribute to the growth of the market.

Phosphoric Acid Market: Key Takeaways

  • Market in Asia Pacific to propel highest growth
  • The fertilizers segment to garner the highest growth
  • Market in North America to grow at a highest rate

Increasing Demand for Phosphate Fertilizers in Agriculture across the Globe to Boost Market Growth

The increasing demand for phosphoric acid is due to the growth in world population, making the production of phosphoric acid-based fertilizers increasingly important. According to the United Nations Department of Economic and Social Affairs, the world population is expected to increase. An increase of another two billion, reaching 9.9 billion in the year 2050. Population growth contributes to the growing need for food, which can be met by growing fertilizer-fed crops. To improve the accuracy and overall functionality of new products, manufacturers have implemented a number of measures. For example, Clariant, a manufacturer of specialty chemicals that can convert gasoline oils into plasticizers, launched phosphoric acid as a catalyst for Polymax 850 in March 2017.

In addition, market participants want to expand the range of phosphoric acid in various pharmaceutical and commercial areas. According to Latest Spending Figures, global healthcare spending has grown over the past 20 years, doubling in real terms to USD 8.5 trillion in 2019 and ranking ninth in 2019 with 8% of GDP, up from 8.5% in 2000. This boom is expected to continue over the forecast period.

Phosphoric Acid Market: Regional Overview

The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Expanding fertilizer production to Drive the Market Growth in Asia Pacific Region

The phosphoric acid market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The growth of the market is largely attributed to the growing fertilizer production in the region. The fertilizer industry in Asia-Pacific is expected to grow at a compound annual growth rate of 6% over the next five years, leading to steady demand for phosphoric acid for the production of fertilizers such as monoammonium phosphate and trisodium phosphate for use in crops. For example, China accounted for more than 40% of the Asia-Pacific phosphoric acid market in 2019, making it the largest fertilizer producer. Demand in China is expected to be driven by the growth of the consumer industry during the forecast period. India, on the other hand, has numerous chemical production sites that will contribute to the growth of its economy.

In addition, market growth in this area is being driven by an increase in the disposable income of the middle-class population as well as food processing spending. The market is also expected to grow due to growing demand for processed foods in emerging markets like India and China. All these factors are expected to accelerate the growth of the market over the forecast period.

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Growing manufacturing and industrial sectors to Propel the Growth in the North America Region

The North America phosphoric acid market is estimated to garner the highest CAGR by the end of 2035. Phosphoric acid is utilized in various industrial applications, including the production of phosphate-based chemicals, detergents, water treatment, and metal surface treatment. The industrial sector's growth contributes to the demand for phosphoric acid in North America. The expanding manufacturing and industrial sectors in North America drive the need for phosphoric acid as a raw material in chemical processes. Phosphoric acid is used in the construction industry for manufacturing cement and phosphate-based building materials. The growth in infrastructure development and construction projects in North America drives the demand for phosphoric acid.

The construction industry in North America is experiencing steady growth, contributing to the increased demand for phosphoric acid in building materials. Phosphoric acid is utilized in the food and beverage industry as an acidity regulator and flavor enhancer. The growing food and beverage industry in North America fuels the demand for phosphoric acid. Continuous research and development efforts have led to technological advancements in phosphoric acid production, improving its quality and cost-effectiveness.

Phosphoric Acid, Segmentation by Application

  • Fertilizers
  • Feed & Food Additives
  • Detergents
  • Water Treatments
  • Chemicals
  • Metal Treatment
  • Industrial Use

Amongst these segments, the fertilizers segment in phosphoric acid market is anticipated to hold the largest share over the forecast period. The segment's growth is due to the increasing use of phosphoric acid in fertilizer production. Phosphoric acid is an intermediate in the manufacture of fertilizers.

Fertilizers such as monoammonium phosphate (MAP), diammonium phosphate (DAP) and trisodium phosphate (TSP) are made from phosphoric acid. Because phosphoric acid is a multifunctional agent for plant nutrition, pH regulation, and disinfecting irrigation equipment, it is an essential ingredient in many fertilizers. For example, in the year 2019, the total agricultural potential of the production area remains about 2 .7 billion hectares, concentrated in Asia Pacific, South and Central America and sub-Saharan Africa. Demand for fertilizers is growing and the world population is growing at about 1.05% per year in 2020, 1.08% per year in 2018 and 1.12% per year to meet the ever-increasing food needs of the world population. This is expected to contribute to the growth of the segment over the forecast period.

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Phosphoric Acid, Segmentation by Process Type

  • Wet
  • Thermal

Amongst these two segments, the wet segment in phosphoric acid market is anticipated to hold a significant share over the forecast period. Wet processes are commonly used in chemical reactions and synthesis, where liquids are used as solvents or reactants. The growth of industries such as pharmaceuticals, specialty chemicals, and fine chemicals contributes to the demand for wet processes. Wet processes often offer greater precision and control over reaction conditions, such as temperature, pressure, and mixing, leading to improved product quality. Industries that require precise manufacturing processes, such as semiconductors, optoelectronics, and microelectronics, rely on wet processes for their production.

Wet processes play a significant role in research and development activities, particularly in the fields of chemistry, materials science, and biology. Wet processes enable scientists and researchers to explore and develop new materials, formulations, and chemical reactions. According to the UNESCO Institute for Statistics, global R&D expenditure reached a total of USD 1.7 trillion in 2019, with North America and Asia accounting for the majority of the spending. Some industries opt for wet processes due to environmental considerations. Wet processes often offer better control and containment of hazardous substances, reducing emissions and environmental impact. This is particularly relevant in industries like wastewater treatment, where wet processes are utilized for water purification and treatment.

Few of the well-known market leaders in the phosphoric acid market that are profiled by Research Nester are Eurochem Group AG, The Mosaic Company, R. Simplot Company, WengFu Group, Israel Chemicals Ltd, Maaden, Prayon S.A., OCP Group, Solvay, Yara International, CECA, and other key market players.

Recent Development in the Market

  • The company has raised approximately INR 1.255 billion in equity to finance the planned expansion of the Paradeep Phosphates plant in Goa. The company's production capacity will be increased to a total of 2.22 million tons per year for fertilizers such as diammonium phosphate (DAP), as well as nitrogen, phosphorus, potassium (NPK) and phosphoric acid.
  • EuroChem Group has signed an agreement to acquire the Serra do Salitre phosphate project in Minas Gerais, Brazil from the Norwegian company Yara. A 1 million tonne per year phosphate plant is scheduled to start up in 2023 and will produce MAP NPs, SSP and TSP.

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