Wilmington, Delaware, United States, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The phosphoric acid market was valued at US$ 43.5 billion in 2022. The market is projected to reach US$ 60.6 billion by 2031. It is estimated to increase at a CAGR of 3.7% from 2023 to 2031. With a growing emphasis on sustainability and eco-friendliness in agriculture, sustainable phosphorus management might be given more attention. In order to reduce the impact on the environment, precision agriculture techniques could be developed, waste streams could be recycled, and phosphorus could be recycled from waste streams.
Technological advancements could lead to more sustainable and efficient methods of making phosphoric acid. Alternative phosphate sources could be explored, extraction processes optimized, or eco-friendly production techniques developed. Changes in environmental regulations and sustainability goals could affect the production and use of phosphoric acid. By enforcing stricter regulations, companies may adopt cleaner, more environmentally friendly processes when mining and processing phosphate ores.
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The depletion of conventional phosphate reserves may lead to a greater research focus on alternative phosphorus sources. The extraction of phosphorus from waste can be performed using chemical or biological methods. This process could include the development of technologies for phosphorus recovery from waste and the analysis of unconventional phosphate deposits.
Global Phosphoric Acid Market: Key Players
Manufacturers of phosphoric acid work with government and cooperative agencies to provide information about phosphate products. As part of their efforts to increase their market share of phosphoric acid, they are expanding their production capacities.
- The Mosaic Company
- Nutrien Ltd.
- ICL
- OCP Group
- Yara International
- Ma’aden
- EuroChem Group AG
- WengFu Group
- Prayon S.A.
- J.R. Simplot Company
- Solvay
- Arkema
Key Findings of Market Report
- Due to the increasing use of phosphoric acid as a source of phosphorus in crops, its demand is expected to increase.
- The demand for phosphoric acid is rising as water treatment and purification become more important.
- With a growing population and increasing food demand, phosphoric acid fertilizers are becoming increasingly popular.
- As agricultural demand grows in the Asia-Pacific region, phosphorus acid will be in high demand.
Global Phosphoric Acid Market: Growth Drivers
- Agricultural phosphate fertilizer demand dominates the market for phosphoric acid. Food production is becoming increasingly important as the global population increases. Fertilizers containing phosphoric acid contribute to food security by improving soil fertility. In addition to being used in several industrial processes, phosphoric acid is also used to produce detergents, metal treatments, water treatments, and specific chemical productions.
- Increasing industrial output and expansion can increase phosphoric acid demand. As part of the water treatment process, phosphoric acid is used to prevent corrosion of pipes and the accumulation of scale. Phosphoric acid demand will likely increase as water quality regulations and awareness increase. Especially in the automotive and electronics industries, phosphoric acid is used as an electrolyte material for batteries. Portable electronic devices and electric cars can impact the phosphoric acid market.
- Cement and construction materials based on phosphoric acid use phosphoric acid. Thus, growing construction demand, especially in developing regions, could assist in driving phosphoric acid demand. Environmental regulations and sustainability initiatives can affect phosphoric acid production processes and applications. As environmental standards change and eco-friendly products become more popular, the industry may see changes in demand.
- Advances in technology related to the production process or the application of phosphoric acid can significantly impact market dynamics. Developing new uses for phosphoric acid or improving production methods may result from innovation. The supply chain and trade of phosphoric acid can be affected by political instability, trade policies, and geopolitical events. Geopolitics can influence raw material access and transportation routes.
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Global Phosphoric Acid Market: Regional Landscape
- Agricultural activities in the Asia Pacific region are expected to rise, increasing the demand for chemical fertilizers containing phosphoric acid. A growing agricultural sector and favorable government regulation drive agricultural activities in Asia Pacific. Phosphate fertilizers have become more popular in China in response to the rapid growth in agricultural output and the country's economic progress. Thus, domestic consumption and production are increasing.
- Phosphoric acid manufacturers are continuously expanding production capacity to meet growing demand. Due to their high production rate and low labor costs, developing countries dominate the region's phosphoric acid market. China consumes nearly one-quarter of global fertilizer supplies, according to the International Fertilizer Association (IFA). The production of NPK fertilizer in China in 2022 reached 55.7 million tons.
Key Developments
- In October 2023, Jordan Phosphate Mines Company and Transpet, an energy company, signed an agreement for the joint construction of a US$ 400 million phosphoric acid plant capable of producing 300 tons of the chemical.
- In November 2023, PCBL, a specialty chemicals firm under the RP Sanjiv Goenka group, will acquire Pune's Aquapharm Chemicals (ACPL) for Rs 3,800 crore. Due to this strategic move, PCBL plans to enter into global specialty segments, such as oil & gas and water treatment chemicals.
Global Phosphoric Acid Market: Segmentation
By Application
- Fertilizers
- Diammonium Phosphate (DAP)
- Monoammonium Phosphate (MAP)
- Trisodium Phosphate (TSP)
- Others
- Food Additives
- Animal Feed
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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