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Phosphoric Acid Market Research Analysis, In-Depth Qualitative Insights And Future Growth
Phosphoric Acid Market Research
As per the report, the phosphoric acid market size has grown strongly in recent years. It will grow from $49.37 billion in 2023 to $52.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The phosphoric acid market size is expected to see strong growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
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Growing DI-Ammonium Phosphate (DAP) Fertilizer Demand Fuels Phosphoric Acid Market
The increasing demand for Di-ammonium Phosphate (DAP) fertilizers is significantly contributing to the growth of the phosphoric acid market. Di-ammonium phosphate is one of a series of water-soluble ammonium phosphate salts that can be produced when ammonia reacts with phosphoric acid. Phosphoric acid is widely utilized in fertilizer production because its combination with finely ground phosphate produces triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP). For instance, according to the World Bank, a US-based international financial institution, phosphate DAP prices jumped 23% owing to increased demand by farmers across the world.. Therefore, the increasing demand for DAP phosphate fertilizers is driving the demand for the phosphoric acid market.
Technological Advancements Reshaping The Phosphoric Acid Market
Technological innovations are the key trend gaining popularity in the phosphoric acid market. Phosphoric acid companies are continuously developing new technology and advanced products to increase their share in the market. For instance, in December 2021, Clean TEQ Water, an Australia-based water treatment and resource recovery company, launched the new PHOSPHIX technology, which combines continuous ionic filtration (CIF) technology and chemical precipitation to particularly remove phosphate from water and recover a reusable solid phosphorus product. PHOSPHIXTM achieves very low effluent concentrations (0.1 ppm) with over 99% water recovery and recycles phosphate into hydroxyapatite, which is used to produce fertilizer.
The phosphoric acid market covered in this report is segmented -
1) By Type: Calcium Phosphate, Sodium Tripolyphosphate, Potassium Phosphate, Other Types
2) By Grade: Food, Agricultural, Industrial
3) By Process Type: Furnace Process, Dry Kiln Process, Other Process Types
4) By End-User: Fertilizer, Food and Beverages, Chemicals, Medicine, Metallurgy, Other End-Users
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Major companies operating in the phosphoric acid market include The Mosaic Company, PJSC PhosAgro, Prayon S.A., EuroChem Group AG, OJSC Phosagro, Israel Chemicals Ltd., Yara International, OCP S.A., Yuntianhua Group, Fertiliser and Chemicals Travancore Ltd., Kazphosphate LIC, Solvay S.A., Innophos Holdings Inc., Jordan Phosphate Mines Company, Chemische Fabrik Budenheim KG, Abu Qir Fertilizers and Chemical Industries Company, J.R. Simplot Company, Nutrien Ltd., Haifa Chemicals Ltd., Wengfu Group, Rotem Amfert Negev, Fertiberia S.A., Chemische Fabrik WIBARCO GmbH, Sichuan Chuantou Energy Co. Ltd., Acron Group, Nutrien Ltd., ICL Food Specialties
Contents of the report:
1. Executive Summary
2. Phosphoric Acid Market Report Structure
3. Phosphoric Acid Market Trends And Strategies
4. Phosphoric Acid Market - Macro Economic Scenario
5. Phosphoric Acid Market Size And Growth
…..
27. Phosphoric Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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