Phosphoric Acid Market is projected to reach US$ 56.8 Billion by 2027 Globally, at a CAGR of 4.1%, says MarketsandMarkets™

Chicago, Nov. 18, 2022 (GLOBE NEWSWIRE) -- The global Phosphoric Acid Market will grow to USD 56.8 billion by 2027, at a CAGR of 4.1% from USD 46.4 billion in 2022, as per the recent study by MarketsandMarkets™. Phosphoric acid is an inorganic type of acid that is derived from one or more than one inorganic compound. The key raw materials for phosphoric acid production are rock phosphate, sulfuric acid, and elemental phosphorous. Phosphoric acid is manufactured from majorly two processes, the wet process, and the thermal process. The wet process is the most commonly used for phosphoric acid production. The thermal process is used to produce high-purity phosphoric acid.

This growth is primarily triggered by the growing demand for phosphoric acid in fuel cells and demand from the food industry. Phosphoric acid is used in the food & beverage industry as an acidity regulator, flavoring agent, and additive in the animal and human feed. In the food industry, it is often referred to as additive E338.

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Browse in-depth TOC on "Phosphoric Acid Market”

244- Market Data Tables
63- Figures
235- Pages

List of Key Players in Phosphoric Acid Market:

1. ICL Group Ltd. (Israel)
2. OCP Group S.A. (Morocco)
3. The Mosaic Company (US)
4. Nutrien Ltd. (Canada)
5. Eurochem Group AG (Switzerland)
6. Phosagro Group of Companies (Russia)
7. IFFCO (India)
8. Others

Drivers, Restraints, Opportunities and Challenges in Phosphoric Acid Market:

1. Drivers: Increasing demand for phosphate fertilizers
2. Restraints: Environmental concerns & increasing regulatory pressure
3. Opportunity: Recovery of rare earth elements from phosphoric acid
4. Challenges: Diminishing supply of phosphate

Key Findings of the Study:

1. Thermal Process is estimated to be the second-largest process type of phosphoric acid market in 2021
2. Feed & food additives is projected to be the fastest-growing application, in terms of value, during the forecast period.
3. North America accounted for the second-largest market share, in terms of value, in 2021.

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Thermal Process is estimated to be the second-largest process type of phosphoric acid market in 2021

The thermal process uses elemental phosphorous and air as raw materials for phosphoric acid production. There are two steps involved in the thermal process: combustion and hydration. In this process, phosphorous is sprayed into the furnace and burnt in the air at about 1,800-3,000 Kelvin. In the next step, these products are hydrated to obtain phosphoric acid. Thermal phosphoric acid is much higher in purity (around 85%) and used in high-end applications, including food, pharmaceuticals, detergent, and other non-fertilizer applications.

Feed & food additives is projected to be the fastest-growing application, in terms of value, during the forecast period.

Phosphoric acid is used as an acidity regulator and a flavoring agent in the food & beverage industry. It is also used as an additive in both animal and human feed. Phosphoric acid in the food industry is often referred to as additive E338. The demand for phosphoric acid in the food industry depends on the growth of the dairy and processed food segment. Processed food is currently experiencing an upward growth trend driven by emerging economies such as India, China, and Brazil.

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North America accounted for the second-largest market share, in terms of value, in 2021.

North America is the second-largest market for phosphoric acid. The increasing consumption of fertilizers primarily drives the demand for phosphoric acid in this region. Food & beverage, metal finishing, water treatment, and other industries are important in increasing the need for phosphoric acid in the region. Phosphoric acid has high demand in developed countries such as the US and Canada owing to increasing packaged food consumption. With the increased feed production, the feed additives market is also expected to grow in the region. The United States Department of Agriculture (USDA) adopts biotechnological methods such as chemical and biological treatment of animal feed to improve nutritional value and focuses on the discovery of more efficient feed additives such as feed phosphates, genetic manipulation of the embryo, and the use of rumen microbes.

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