PUBLISHER: KBV Research | PRODUCT CODE: 1374262
PUBLISHER: KBV Research | PRODUCT CODE: 1374262
The Global Phosphoric Acid Market size is expected to reach $63.1 billion by 2030, rising at a market growth of 4.4% CAGR during the forecast period. In the year 2022, the market attained a volume of 44,485.6 Kilo Tonnes, experiencing a growth of 3.8% (2019-2022).
Phosphoric acid is a strong acid, and its use in detergents provides effective cleaning power for the removal of mineral deposits, rust, and scale. It is especially useful for descaling and deliming in dishwashing machines and industrial equipment. Hence, the detergents segment acquired $3,159.3 million revenue in the market in 2022. In industrial cleaning applications, phosphoric acid can be used to decontaminate surfaces by neutralizing and dissolving hazardous substances. In detergents that contain both acidic and alkaline ingredients, it can be used to adjust the pH level to the desired range. This ensures that the detergent is effective for specific cleaning tasks. Some of the factors impacting the market are growing awareness of sustainable agricultural practices, rising applications of phosphoric acid in the food & beverage industry, and waste generation during the production of phosphoric acid.
Phosphoric acid-based fertilizers provide a precise and efficient way to deliver phosphorus (P) to plants. Precision agriculture techniques, like variable rate application, allow farmers to apply phosphorus fertilizers only where and when needed, reducing waste and environmental runoff. Sustainable farming practices emphasize reducing the environmental impact of agriculture, including minimizing nutrient runoff into water bodies. Phosphoric acid-based fertilizers can be formulated to release nutrients slowly, reducing the risk of phosphorus pollution in waterways. Phosphorus is crucial for plant growth, and its availability is essential for crop yields. Additionally, Phosphoric acid can enhance the overall flavor of particular food and beverage products. It is often combined with other acids to create complex and appealing taste profiles. This flavor enhancement is particularly important in products like sauces, condiments, and processed meats. Phosphoric acid's acidic nature contributes to its preservative properties. By generating an acidic environment that prevents the growth of germs and bacteria that cause spoiling, it can aid in extending the shelf life of various foods and beverages. As a result, the market will grow in the coming years.
However, the generation of phosphogypsum waste during phosphoric acid production, especially through the wet process, is a significant environmental concern. Phosphogypsum is a byproduct that contains potentially harmful impurities, including heavy metals and radioactive elements like radium and uranium. Stringent environmental regulations and emissions standards govern the disposal and management of phosphogypsum. Meeting these regulations often requires costly treatment and disposal methods to prevent environmental contamination. In an era of increasing emphasis on sustainability and responsible production, addressing phosphogypsum waste becomes essential for the market's reputation and long-term viability. Therefore, these factors are expected to have a negative impact on the growth of phosphoric acid production.
Based on application, the market is segmented into fertilizers, feed & food additives, water treatment chemicals, detergents, metal treatment, industrial use, and others. The fertilizers segment held the largest revenue share in the market in 2022. Phosphoric acid provides an essential nutrient to plants in the form of phosphate (P2O5). Phosphorus is one of the three primary macronutrients that plants require, along with nitrogen and potassium. It plays a crucial role in various plant processes, such as energy transfer, photosynthesis, and root development. When used in combination with other fertilizers, phosphoric acid can improve the overall efficiency of nutrient uptake by plants. It can help reduce nutrient losses through leaching or runoff, ensuring that more of the applied nutrients are available to the plants.
Source Type Outlook
By source type, the market is bifurcated into wet process and thermal process. The thermal process segment acquired a considerable growth rate in the market in 2022. Phosphoric acid produced by the thermal process is typically of high purity. This makes it suitable for applications where the presence of impurities or contaminants must be minimized, such as in the electronics and semiconductor industries. The thermal process does not produce gypsum as a byproduct. As a result, it can be seen as environmentally friendly, as it reduces the generation of waste materials and the need for gypsum disposal. The thermal process does not consume large volumes of water, which can be a significant consideration in regions with limited water resources.
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. The Asia-Pacific region is home to some of the world's most populous countries, including China and India. These countries have rapidly expanded agricultural sectors that demand phosphoric acid to produce phosphate fertilizers. The need to increase crop yields to feed growing populations has driven the consumption of phosphoric acid in agriculture. These factors will boost the demand for phosphoric acid in the Asia Pacific segment.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Mosaic Company, PJSC "PhosAgro", Nutrien Limited, IFFCO, EuroChem Group AG (AIM Capital Ltd.), OCP SA, ICL Group Ltd. (Israel Corp.), Yara International ASA, Innophos Holdings, Inc. (One Rock Capital Partners, LLC), and Gujarat State Fertilizers & Chemicals Limited.
Market Segments covered in the Report:
By Source Type (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Million, 2019-2030)
Unique Offerings from KBV Research