Phosphoric acid is widely used to produce numerous fertilizers, including DAP, MAP, NPKs, and SSP. There are several regulations by different government regulatory bodies for the wide use and production of phosphoric acid. Increasing usage of phosphoric acid in medical applications is anticipated to increase the growth of the global phosphoric acid market. Furthermore, it is noticed that this cement is known for its high compressive strength and moderate tensile strength. Though, zinc phosphate may have few drawbacks as well.
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Data Bridge Market Research analyses that the Global Phosphoric Acid Market is expected to reach USD 47,718.13 million by 2028 from USD 34,372.15 million in 2020, growing at a CAGR of 4.2% in the forecast period of 2021 to 2028. The increasing demand for the phosphoric acid will provide potential opportunities for the market growth in the forecast period.
Increasing usage as a food additive in food and beverage industry is anticipated to drive the market's growth rate
The food additives market is increasing significantly with the wide use of additives in food & beverage sector for several functions, such as preservatives, flavour enhancers, emulsifiers, sweeteners, colorants, and other functions. Phosphoric acid is one of the most used food additives in the food & beverage sector. This acid acts as a type of acidity regulator in a number of processed food products. The salts of phosphoric acid are used in numerous dairy products to change the proteins and adjust the pH to produce a higher-quality product. Also, phosphoric acid salts are combined along with baking soda to produce baking powder.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019 (Customizable to 2013 - 2018)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Process Type (Wet Process and Thermal Process), Form (Solid and Liquid), Grade (Technical Grade, Food Grade and Feed Grade), Application (Food and Beverages, Animal Feed, Personal Care, Chemical Manufacturing, Leather and Textile, Cleaning Agents, Ceramics and Refractories, Agricultural Fertilizers, Metallurgy, Water Treatment, Construction, Mining, Semiconductors, Oral and Dental Care, Pharmaceuticals and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, and Rest of Europe, Japan, China, South Korea, India, Australia, Singapore, New Zealand, Malaysia, Indonesia, Taiwan, Hong Kong, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, and Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, and Rest of Middle East and Africa
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Market Players Covered
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Nutrien Ltd (Canada), J.R. Simplot Company. (U.S.), Brenntag North America, Inc. (U.S.), Arkema (France), ICL (Israel), Innophos (U.S.), Spectrum Chemical (U.S.), Solvay (Belgium), Merck KGaA (Germany), Prayon S.A. (Belgium), Clariant AG (Switzerland), Jordan Phosphate Mines Company (PLC) (Jordan), and Quadra Chemicals (Canada)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand
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Segment Analysis:
Global phosphoric acid market is segmented into four notable segments which are based on process type, form, grid, and application.
- On the basis of process type, the phosphoric acid market is segmented into wet process and thermal process.
The wet segment of process type is anticipated to dominate the phosphoric acid market
The wet segment has dominated the phosphoric acid market with 53.18% market share because of less cost of wet process as heating and insulation are not required in storage or during shipment. Furthermore, impurities in wet-process acid promote super cooling and minimize the tendency for crystallization.
- On the basis of form, the phosphoric acid market is segmented into liquid and solid.
The liquid form segment of form type is anticipated to dominate the phosphoric acid market
The liquid form has dominated the phosphoric acid market with 72.13% market share because of its application in many sectors such as agricultural use of phosphorus fertilizers.
- On the basis of the grade, the phosphoric acid market is segmented into food grade, feed grade and technical grade. The technical grade segment has dominated the phosphoric acid market with 59.31% market share because of its use in the production of STTP, which is a preservative. It is also widely used for production of crop nutrients, fertilizers, animal feeds, and others.
- On the basis of application, the phosphoric acid market is segmented into food and beverages, animal feed, personal care, chemical manufacturing, leather and textile, cleaning agents, ceramics and refractories, agricultural fertilizers, metallurgy, water treatment, construction, mining, semiconductors, oral and dental care, pharmaceuticals and others. The agricultural fertilizers has dominated the phosphoric acid market with 33.49% market share due to its highly essential in plant nutrition that helps in plant growth and development.
Major Players
Data Bridge Market Research recognizes the following companies as the major phosphoric acid market players in phosphoric acid market are Nutrien Ltd (Canada), J.R. Simplot Company. (U.S.), Brenntag North America, Inc. (U.S.), Arkema (France), ICL (Israel), Innophos (U.S.), Spectrum Chemical (U.S.), Solvay (Belgium), Merck KGaA (Germany), Prayon S.A. (Belgium), Clariant AG (Switzerland), Jordan Phosphate Mines Company (PLC) (Jordan), and Quadra Chemicals (Canada)
Market Development
- In 2020, Clariant AG launched a new and innovative phosphate ester providing great performance and superior sustainability in metalworking fluid formulations. This product launch has assisted the company in enhancing its product portfolio
- In 2020, OCP has launched a new plant to producea new plant to produce purified phosphoric acid through their subsidiary Euro Maroc Phosphore (EMAPHOS). This launch has assisted the company to increase the production capacity of the company
Regional Analysis
Geographically, the countries covered in the phosphoric acid market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in phosphoric acid market during the forecast period 2021 to 2028
Asia-Pacific dominates the phosphoric acid market because of the increasing use of phosphoric acid in food and beverage industry for various means. The product segment in China also leads the Asia-Pacific market due to the increasing usage of phosphoric acid in the healthcare sector.
North America is estimated to be the fastest-growing region in phosphoric acid market the forecast period 2021 to 2028
North America is expected to grow during the forecast period of 2021 to 2028 due to the impurities in wet-process acid that helps to promote supercooling and decrease the tendency for crystallization. Furthermore, the U.S. is leading the market's growth, and the wet process segment is dominating in this country because of its growing demand for phosphoric acid in the food and beverage industry as a food addictive.
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