Phosphoric Acid Market worth $56.8 billion by 2027 Globally, at a CAGR of 4.1%, says MarketsandMarkets™

Chicago, Aug. 02, 2023 (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 inorganic type of acid, derived from one or more inorganic compounds. The key raw materials for phosphoric acid production are rock phosphate, sulfuric acid, and elemental phosphorous. Phosphoric acid is manufactured from three commercial processes including wet process, thermal process, and dry rotary kiln processes. Wet process is the most used for phosphoric acid production. Thermal process is used to produce high purity phosphoric acid.

The wet process expected to register the highest CAGR, in terms of value, during the forecast period. The phosphoric acid produced using wet process is impure but can be used directly without purification in fertilizers production. The high growth in fertilizers demand is the major factor driving the wet process phosphoric acid. Moreover, there are few advantages of using wet process for phosphoric acid such as low operating cost, less process time, low operating temperatures, and easy operation.

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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, and Opportunities in Phosphoric Acid Market:

• Driver: Increasing demand for phosphate fertilizers
• Restraint: Environmental concerns & increasing regulatory pressure
• Opportunity: Recovery of rare earth elements from phosphoric acid
• Challenge: Diminishing supply of phosphate

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The fertilizers application accounted for the largest share of the global phosphoric acid market, in terms of value, in 2021. The demand for phosphoric acid in the fertilizers segment is largely driven by growing world population and increased use of fertilizers to fulfill the rising need for food. The fertilizers application segment is projected to dominate the phosphoric acid market during the forecast period. Feed & food additives is the second-largest application of phosphoric acid, followed by the detergent application. The changing lifestyle and increased spending over packaged and processed food is driving the market.

Asia Pacific was the largest market for phosphoric acid, in terms of value, in 2021 due to the strong presence of key fertilizers manufacturers and the high demand for processed food in the region. High fertilizers consumption in the countries such as China, India, and Indonesia are supporting this growth. The phosphoric acid market in Asia Pacific is projected to register the highest CAGR, in terms of both value and volume, during the forecast period. Increasing disposable income of the middle-class population and spending on processed food are supporting the growth of the market in the region.

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ICL Group Ltd. (ICL) is a global leader in specialty minerals. The shares of the company are listed in the New York Stock Exchange. The company creates impactful solutions in applications of global agriculture, food, and industrial markets. The company is involved in unique potash, bromine, and phosphate resources. The company is operating its business into five segments, namely, industrial products, potash, phosphate solutions, innovative Ag solutions, and other activities. The company offers phosphoric acid through phosphate solutions segment.

•              IGL Group Ltd. has announced a completion of acquisition of Fertilaqua. IGL Group Ltd. expects the usage of strong market presence of Fertilaque to distribute the organic chemicals and fertilizers of the company in the world.

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