Westford, USA, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The global Phosphoric Acid Market size is expected to reach USD 60.30 billion by 2031 and exhibit a CAGR of 4.3% in the forecast period (2024−2031), according to Skyquest's latest research report. The increasing demand for fertilizers, food and beverage industry growth, industrial applications, rising agricultural activities, phosphate rock mining, water treatment processes, demand for detergents and cleaners, pharmaceutical manufacturing, and the production of animal feed supplements is fueling the market's growth.
According to SkyQuest's latest global research of the Phosphoric Acid market, sustainable production methods, phosphoric acid recycling, innovative applications in flame retardants and ceramics, market consolidation and mergers, environmental regulations on phosphorus use, increased focus on food-grade phosphoric acid, exploration of rare earth extraction from phosphate waste, and emerging markets in Asia-Pacific are the trends that aid in the market's growth.
Browse in-depth TOC on "Phosphoric Acid Market"
- Pages - 157
- Tables - 63
- Figures -77
Phosphoric acid is an inorganic acid with the chemical formula H3PO4. It is a colorless, odorless, and syrupy liquid that is soluble in water. Phosphoric acid is a weak acid, but it is more corrosive than other weak acids, such as acetic acid.
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Prominent Players in Phosphoric Acid Market
- OCP Group (Morocco)
- Nutrien (Canada)
- Yara International (Norway)
- Mosaic (United States)
- CF Industries Holdings (United States)
- EuroChem Group (Switzerland)
- PhosAgro (Russia)
- Sinofert Holdings (China)
- ICL Group (Israel)
- Grupo Fertiberia (Spain)
- Koch Industries (United States)
- URALCHEM (Russia)
- Helm AG (Germany)
- Coromandel International (India)
- IFFCO (India)
- GS Caltex (South Korea)
- Lotte Chemical (South Korea)
- Prayon (Belgium)
- Innophos (United States)
- Kemira (Finland)
- ICL Performance Products (Israel)
- Prayon Specialties (Belgium)
- Fosroc (United Kingdom)
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Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2024-2031 |
| Market Size in 2022 | 41.28 Billion |
| 2031 Value Projection | 60.30 Billion |
| CAGR | 4.3% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Technical Grade Demand to Grow Substantially in the Forecast Period
Technical Grade dominates the global online market as they are used in producing fertilizers, especially complex fertilizers like diammonium phosphate (DAP) and monoammonium phosphate (MAP). These fertilizers are in high demand globally to enhance agricultural productivity and address food security concerns.
Clinics and Medical Spas are the Leading Application Segment
In terms of application, clinics and medical spas are the leading segment due to their professional expertise. In addition, clinics and medical spas typically offer a comprehensive range of body contouring services, including non-surgical fat reduction, cellulite treatment, skin tightening, and liposuction. This broad portfolio allows them to cater to a diverse patient base with varying aesthetic goals and preferences, thereby driving sales.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. Factors contributing to its importance include rapid population growth, increasing agricultural activities, and expanding industrial and manufacturing sectors, which drive demand for phosphoric acid in various applications. Additionally, Asia-Pacific is a major producer of phosphoric acid due to its robust fertilizer and chemical industries.
A recent report thoroughly analyzes the major players operating within the Phosphoric Acid market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Phosphoric Acid.
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Key Developments in Phosphoric Acid Market
- In March 2023, Mosaic Company announced that it would be investing USD1.2 billion to expand its phosphate production capacity in Florida. The expansion is expected to be completed by 2025 and will increase Mosaic's annual production capacity by 1 million tons.
- In February 2023, OCP Group announced that it would be investing USD1 billion to expand its phosphoric acid production capacity in Morocco. The expansion is expected to be completed by 2026 and will increase OCP's annual production capacity by 500,000 tons.
Key Questions Answered in Phosphoric Acid Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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