Phosphoric Acid Market New Revenue Pockets
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. 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.
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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..
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.
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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. The increasing demand for processed food in the emerging countries such as India and China is one of the major drivers of the market in this region.
The phosphoric acid market is dominated by key players such as ICL Group Ltd. (Israel), OCP Group S.A. (Morocco), The Mosaic Company (US), Nutrien Ltd. (Canada), Eurochem Group AG (Switzerland), Phosagro Group of Companies (Russia), and IFFCO (India) among others. These players have a strong foothold in the global phosphoric acid market as well as a strong distribution network across the globe.
