Phosphoric Acid Market Size to Grow USD 42520 Million by 2027 at a CAGR of 2.2% | Valuates Reports
BANGALORE, India, April 3, 2023 /PRNewswire/ -- The Global Phosphoric Acid Market is Segmented by Type (Electronic Grade, Food Grade, Tech Grade), by Application (Food & Beverages, Fertilizers, Electronics): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is published in Valuates Reports under the Chemicals Industry.
The global Phosphoric Acid market was valued at USD 36380 million in 2020 and it is expected to reach USD 42520 million by the end of 2027, growing at a CAGR of 2.2% during 2021-2027.
Major Factors Driving the Growth of the Phosphoric Acid Market:
The Phosphoric Acid market is primarily driven by rising demand from the food and beverage and fertilizer sectors as well as the expanding usage of phosphoric acid in fuel cells.
Opportunities for the phosphoric acid market can be found in the commercialization of chiral phosphoric acid as a catalyst and in the recovery of rare earth elements from phosphoric acid. Growing demands for wastewater treatment and fertilizer production are some of the reasons propelling global revenue development.
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TRENDS INFLUENCING THE GROWTH OF THE PHOSPHORIC ACID MARKET
Several types of phosphate fertilizers are made using phosphoric acid as an intermediate material. The most popular phosphatic fertilizers include diammonium phosphate (DAP), mono ammonium phosphate (MAP), NPKs, and SSP. Commercial phosphate fertilizers are produced from phosphate rock. The production of phosphate comes from deposits of sedimentary and aquatic phosphate rocks, which make up around two-thirds of the world's phosphate resources. In the past, soils were supplied with phosphorus using ground rock phosphate. However, due to the low phosphorus content in this native fiber, high delivery costs, and constrained crop responses, the use of rock phosphate in agriculture has drastically decreased. On the other hand, the use of fertilizers with phosphorus as a main ingredient has drastically expanded. This factor is expected to drive the growth of the Phosphoric Acid market.
With the sulfuric acid method, which is based on the elimination of contaminants from phosphoric acid and phosphogypsum, rare earth elements are recovered. The main problem is the diluted rare earth element content of these products. Other decomposition methods, such as those involving HNO3, H3PO4, and HCl, completely transfer rare earth elements into leaching solutions, which are subsequently used to extract rare earth elements. The precipitation, crystallization, and ion exchange procedures are not taken into consideration for leaching solutions with high phosphorus content due to impurity involvement, low efficiency, and high energy consumption. These rare earth elements have a wide range of applications, including the production of catalysts, ceramics, glass, polishing, metallurgy, and defense. This factor is expected to drive the growth of the Phosphoric Acid market.
In wastewater treatment, phosphoric acid is used to eliminate environmental pollutants. One of the most useful and significant mineral acids is this one. The impacts of iron and manganese exposure to groundwater are avoided by the application of phosphoric acid. Manganese and iron oxidize when exposed to air, causing the water to turn brownish-black from the manganese and rusty from the iron. These stains can be found in laundry and bathtub drains, among other places. Moreover, phosphoric acid aids in reducing corrosion and scale buildup in water distribution lines, which lowers the amount of lead and copper in drinking water. These factors are expected to drive the Phosphoric Acid market growth during the forecast period.
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PHOSPHORIC ACID MARKET SHARE ANALYSIS:
OCP, Mosaic, Yuntianhua, PhosAgro, Tongling Chemical Industrial Group, and others are major participants in the global phosphoric acid market. The top five producers worldwide control around 35% of the market.
The biggest market is China, which has a market share of around 40%. Europe and North America are the next-largest regions, each with a share of about 20%.
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Key Companies:
- OCP
- Mosaic
- PhosAgro
- PotashCorp (Nutrien)
- Itafos
- EuroChem
- Tunisian Chemical Group (GCT)
- Arkema
- Solvay S A
- ICL Performance Products
- Hubei Xingfa Chemicals Group
- Chengxing Group
- Yunphos
- IFFCO
- Maaden
- Wengfu Group
- Yuntianhua
- Tongling Chemical Industry Group
- Kailin Group
- Hubei Xinyangfeng Fertilizer
- Arkema S A
- Segment
- PotashCorp
- Nutrien
- ICL
- Prayon
- Fosfa
- Nippon Chemical
- RIN KAGAKU KOGYO
- OCI Chemical
- Yunnan Phosphate Group
- Guangxi Qinzhou Capital Success Chemical
- Changzhou Chuanlin Chemical
- Chongqing Chuandong Chemical
- Hubei Lianxing
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SIMILAR REPORTS:
- Electronic Grade Nitric Acid market size is estimated to be worth USD 85 million in 2022 and is forecast to a readjusted size of USD 115.3 million by 2028 with a CAGR of 5.3% during the review period.
- Phosphate Fertilizers market is estimated at USD 54850 million in the year 2022, is projected to reach a revised size of USD 61050 million by 2028, growing at a CAGR of 1.8% during the forecast period 2022-2028.
- High Purity Electronic Grade Phosphoric Acid market size is estimated to be worth USD 157.2 million in 2022 and is forecast to a readjusted size of USD 224.2 million by 2028 with a CAGR of 6.1% during the review period.
- Isopropyl Alcohol market was valued at USD 2486.8 million in 2022 and is anticipated to reach USD 3093.2 million by 2029, witnessing a CAGR of 3.1% during the forecast period 2023-2029.
- Wet Process Phosphoric Acid Market
- Ultra Purity Electronic Grade Phosphoric Acid Market
- High Purity Phosphoric Acid for Semiconductor Market
- Ultra High Purity Phosphoric Acid Market
- High Selectivity Phosphoric Acid(HSP) Market
- Phosphoric Acid by Furnace Process Market
- Purified Phosphoric Acid Market
- Technical Grade Phosphoric Acid Market
- Fertilizer Grade Phosphoric Acid Market
- Thermal Phosphoric Acid Market
- Solid Phosphoric Acid Catalyst Market
- Lauryl Alcohol Phosphoric Acid Ester Potassium Market
- Diammonium Phosphate (DAP) Market
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