Global Phosphoric Acid Market, By Process Type (Wet Process and Thermal Process), Form (Solid and Liquid), Grade (Technical Grade, Food Grade, and Feed Grade), Applications (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) – Industry Trends and Forecast to 2031.
Phosphoric Acid Market Analysis and Size
The phosphoric acid market offers solid and liquid forms, with examples such as MAP (Monoammonium phosphate) and DAP (Diammonium phosphate) in solid form for fertilizers. Liquid phosphoric acid is a key ingredient in the production of carbonated beverages, enhancing flavors in colas. The market's diversity, spanning agriculture to the beverage industry, reflects its significance in global economic sectors and consumer goods.
Data Bridge Market Research analyses that the global phosphoric acid market is expected to reach USD 53,986.67 million by 2031, which was USD 38,845.86 million in 2023, registering a CAGR of 4.2% during the forecast period of 2024 to 2031. The “wet process” segment dominates due to cost efficiency, no heating/insulation needs, and impurities promoting super cooling, reducing crystallization tendencies. 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.
Phosphoric Acid Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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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), Applications (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 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
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Market Players Covered
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Nutrien Ltd (Canada), OCP (Morocco), 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 (Belgium), CLARIANT (Switzerland), Jordan Phosphate Mines Company (PLC) (Jordan), Quadra Chemicals Ltd. (Canada), Chemische Fabrik Budenheim KG (Germany), Grupa Azoty (Poland), EuroChem Group (Switzerland)
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Market Opportunities
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Market Definition
Phosphoric acid is a chemical compound with the formula H3PO4. It is a colorless, odorless liquid with a strong, sour taste. Widely used in the food and beverage industry as an acidulant, it also serves in fertilizers and detergents. Additionally, it plays a crucial role in rust removal and dental products.
Global Phosphoric Acid Market Dynamics
Drivers
- Growing Role in Diverse Drug Formulations
Phosphoric acid plays a vital role in the pharmaceutical industry, serving as a key ingredient in medicines and dental care products. Its use aligns with the growing emphasis on healthcare and pharmaceuticals, driving increased demand. As the global focus on well-being and medical advancements expands, the versatile applications of phosphoric acid in pharmaceutical formulations contribute to its essential role in meeting healthcare industry requirements.
- Infrastructure Growth Spurs Demand in Developing Nations
Phosphoric acid is integral to the construction sector, employed in cement and concrete formulations. With a surge in global construction and infrastructure projects, particularly in developing economies, the demand for phosphoric acid intensifies. Its role in enhancing concrete properties and contributing to construction durability aligns with the escalating need for robust and sustainable structures. As urbanization and development accelerate, phosphoric acid stands as a crucial component supporting the construction industry's evolving requirements.
Opportunities
- Population Growth Drives Phosphoric Acid Demand
The escalating global population places heightened demands on agricultural output to ensure food security. This necessitates advanced fertilizers, with phosphoric acid playing a pivotal role in their composition. As a key component in fertilizers, phosphoric acid becomes crucial for enhancing agricultural productivity. The growing need to feed a larger population indirectly propels the demand for phosphoric acid, emphasizing its significance in supporting sustainable and efficient agricultural practices globall.
- Advancements Improve Efficiency and Opening New Markets
Ongoing research and development efforts in phosphoric acid production drive technological advancements, enhancing efficiency and creating new market prospects. Evolving production processes, guided by innovation, contribute to a more sustainable and cost-effective industry. These progressions not only optimize manufacturing processes but also create opportunities for novel applications and heightened competitiveness. As the industry embraces technological progress, the phosphoric acid market stands poised for growth and diversification, aligning with contemporary demands and market dynamics.
Restraints/ Challenge
- Trade Barriers Affecting the Availability and Cost
Trade barriers, including restrictions, tariffs, or geopolitical tensions, pose restraints on the phosphoric acid market by disrupting the global supply chain. These hindrances impact the availability and cost of phosphoric acid, potentially causing market instability. Uncertainties in trade relations can lead to fluctuating prices and supply chain disruptions, affecting the market's growth rate.
- Raw Material Cost Fluctuations Cause Price Volatility
Fluctuations in raw material costs, such as phosphorus rock and energy expenses, contribute to significant price volatility in the phosphoric acid market. These uncertainties adversely affect production costs, profitability, and overall market dynamics. Abrupt increases in raw material prices can stress profit margins, impeding the market's growth rate and rendering it vulnerable to fluctuations in both economic conditions and energy markets.
This global phosphoric acid market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global phosphoric acid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Developments
- In July 2022, Ineos Group Ltd. finalized three agreements with SINOPEC, totaling USD 7 billion, aimed at expanding its chemical production capabilities. This strategic move signifies Ineos' commitment to growth, enhancing its position in the chemical industry and potentially influencing the phosphoric acid market through diversified chemical production approaches
- In January 2022, SABIC concluded its transformation by establishing a dedicated agri-nutrients company, aiming for sustainable growth in the agricultural sector and offering comprehensive agricultural solutions. This strategic shift is expected to boost phosphoric acid production within SABIC, reflecting the industry's dynamic nature and the pursuit of market expansion through strategic initiatives by major producers
- In September 2020, Clariant AG introduced an innovative phosphate ester, enhancing performance and sustainability in metalworking fluid formulations. This strategic product launch expanded Clariant's product portfolio, showcasing its commitment to advancing solutions in the phosphoric acid sector, meeting evolving industry needs for efficient and environmentally sustainable metalworking fluids
- In August 2020, OCP initiated the construction of a new plant for purified phosphoric acid production through its subsidiary Euro Maroc Phosphore (EMAPHOS). This strategic move aimed at expanding OCP's production capacity, positioning the company to meet growing demands for phosphoric acid and reinforcing its role as a key player in the global phosphorus-based products market
Global Phosphoric Acid Market Scope
The global phosphoric acid market is segmented on the basis of process type, form, grade, and applications. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Process Type
- Wet Process
- Thermal Process
Form
- Solid
- Liquid
Grade
- Technical Grade
- Food Grade
- Feed Grade
Applications
- Food and Beverages
- Animal Feed
- Personal Care
- Chemical Manufacturing
- Leather and Textile
- Cleaning Agents
- Ceramics and Refractories
- Agricultural Fertilizers
- Diamonium Hydrogenphosphate (DAP)
- Monoammonium Dihydrogenphosphate (MAP)
- Triple Superphosphate (TSP)
- Metallurgy
- Water Treatment
- Construction
- Mining
- Semiconductors
- Oral and Dental Care
- Pharmaceuticals
- Others
Global Phosphoric Acid Market Regional Analysis/Insights
The global phosphoric acid market is analyzed and market size insights and trends are provided by process type, form, grade, and applications as referenced above.
The countries covered in the global 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.
The Asia-Pacific is expected to dominate the phosphoric acid market is attributed to its increasing utilization in the healthcare sector. The region's process type segment anticipates the highest growth due to rising phosphoric acid use in the food and beverage industry, with China leading in product segment dominance, particularly in healthcare applications.
In Europe, Germany leads the phosphoric acid market, with the wet process segment prevailing. In this method, impurities in wet-process acid facilitate super cooling, minimizing crystallization tendencies. This dominance underscores the significance of production processes in shaping regional market dynamics.
In North America, the U.S. leads the growth of the phosphoric acid market, with the wet process segment prevailing. Increased demand for phosphoric acid as a food additive in the food and beverage industry fuels this dominance, emphasizing the role of consumer-driven applications in shaping regional market trends.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Phosphoric Acid Market Share Analysis
The global phosphoric acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global phosphoric acid market.
Some of the major players operating in the global phosphoric acid market are:
- Nutrien Ltd (Canada)
- OCP (Morocco)
- 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 (Belgium)
- CLARIANT (Switzerland)
- Jordan Phosphate Mines Company (PLC) (Jordan)
- Quadra Chemicals Ltd. (Canada)
- Chemische Fabrik Budenheim KG (Germany)
- Grupa Azoty (Poland)
- EuroChem Group (Switzerland)
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