Phosphoric Acid Global Market Report 2024

Phosphoric acid is a tricrotic acid found in the form of a dense liquid. It has corrosive properties, affecting human and laboratory animal skin, eyes, and mucous membranes. Dilute solutions of phosphoric acid have a pleasant acidic taste, making it a food additive used in soft drinks and various prepared foods. Additionally, it is employed in water treatment products. Phosphoric acid is a component in fertilizers, detergents, and numerous household cleaning items.

The main types of phosphoric acid include calcium phosphate, potassium phosphate, sodium tripolyphosphate, and phosphoric acid itself. Calcium phosphate, also known as calcium phosphate tribasic or tricalcium phosphate, is a calcium salt of phosphoric acid appearing as a white amorphous or crystalline powder that is odorless and tasteless. Different processes, such as the furnace process and the dry kiln process, produce various grades like food, agricultural, and industrial. The end-user industries for phosphoric acid include fertilizer, food and beverages, chemicals, medicine, metallurgy, and others.

The phosphoric acid market research report is one of a series of new reports that provides phosphoric acid market statistics, including phosphoric acid industry global market size, regional shares, competitors with phosphoric acid market share, detailed phosphoric acid market segments, market trends, and opportunities, and any further data you may need to thrive in the phosphoric acid industry. This phosphoric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The phosphoric acid market size has grown strongly in recent years. It will grow from $49.37 billion in 2023 to $52.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to several factors, including the expansion of the food and beverage industries, increased production of phosphate-based chemicals, applications in water treatment and purification, utilization in metal surface treatment processes, and demand in pharmaceuticals and dentistry.

The phosphoric acid market size is expected to see strong growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to the expansion of renewable energy storage, the development of lithium-ion batteries, an increase in demand for industrial-grade phosphoric acid, applications in water resource management and treatment, and adoption in pharmaceutical manufacturing. Major trends in the forecast period include green and sustainable phosphoric acid production, the use of phosphoric acid for wastewater nutrient removal, hydrogen production using phosphoric acid, advanced dental applications with phosphoric acid, and phosphoric acid for clean energy storage.

The significant rise in demand for Di-ammonium Phosphate (DAP) fertilizers is a key factor contributing to the growth of the phosphoric acid market. DAP is among the water-soluble ammonium phosphate salts produced when ammonia reacts with phosphoric acid. Phosphoric acid plays a crucial role in fertilizer production, forming triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP) when combined with finely ground phosphate. The World Bank reports a 23% increase in DAP prices due to heightened demand from farmers globally. Consequently, the growing demand for DAP fertilizers propels the phosphoric acid market.

Anticipated growth in the food and beverage industry is expected to drive the phosphoric acid market. This industry encompasses various activities related to the production, processing, packaging, distribution, and retailing of food and drink items. Phosphoric acid is utilized in food and beverages to regulate acidity levels in carbonated drinks, jams, jellies, and canned foods, influencing taste and preservation. In 2021, the USDA Rural Development reported $467.20 billion in food and beverage sales, and a report by Kirin Holdings Company Limited highlighted a global beer consumption of 185.60 million kiloliters in 2021, indicating a 4.0% increase. The rising demand in the food and beverage industry is a driving force for the phosphoric acid market.

A key trend gaining traction in the phosphoric acid market is technological innovation. Companies in the phosphoric acid sector are consistently developing advanced technology and products to expand their market share. Clean TEQ Water introduced the PHOSPHIX technology in December 2021, which combines continuous ionic filtration (CIF) technology and chemical precipitation to efficiently remove phosphate from water and recover a reusable solid phosphorus product. With over 99% water recovery and the recycling of phosphate into hydroxyapatite for fertilizer production, PHOSPHIXTM achieves low effluent concentrations (0.1 ppm).

Major companies in the phosphoric acid market are innovating products for use in animal feeds. The development of animal nutrition with phosphoric acid involves improving dietary phosphorus availability to support healthy growth and skeletal development in animals. Phosphea launched HumIPHORA in April 2022, an organic mineral and type of phosphate that provides mineral phosphorus, controls the antinutritional effect of calcium, and forms complexes when combined with other nutrients like proteins, orthophosphates, or phytic acid.

In May 2021, Desmet Ballestra Group acquired Buss ChemTech AG for an undisclosed amount. This acquisition enables Desmet Ballestra to enhance its fertilizer industry offerings and expand its applications portfolio in gas-liquid reaction processes. Buss ChemTech AG, based in Switzerland, specializes in developing and licensing chemicals, including phosphoric acid.

Major companies operating in the phosphoric acid market include The Mosaic Company, PJSC PhosAgro, Prayon S.A., EuroChem Group AG, OJSC Phosagro, Israel Chemicals Ltd., Yara International, OCP S.A., Yuntianhua Group, Fertiliser and Chemicals Travancore Ltd., Kazphosphate LIC, Solvay S.A., Innophos Holdings Inc., Jordan Phosphate Mines Company, Chemische Fabrik Budenheim KG, Abu Qir Fertilizers and Chemical Industries Company, J.R. Simplot Company, Nutrien Ltd., Haifa Chemicals Ltd., Wengfu Group, Rotem Amfert Negev, Fertiberia S.A., Chemische Fabrik WIBARCO GmbH, Sichuan Chuantou Energy Co. Ltd., Acron Group, Nutrien Ltd., ICL Food Specialties

Asia-Pacific was the largest region in the phosphoric acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the phosphoric acid market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the phosphoric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The phosphoric acid market consists of sales of hypophosphorous acid, orthophosphorous acid and pyrophosphoric acid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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