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Phosphoric Acid Global Market Report 2023
Major players in the phosphoric acid market are The Mosaic Company, PJSC PhosAgro, Prayon, EuroChem Group AG, OJSC Phosagro, Prayon Group, Israel Chemical Ltd., Yara International, OCP S.A., Yuntianhua Group, Fertiliser and Chemicals Travancore Ltd.
New York, March 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Phosphoric Acid Global Market Report 2023" - https://www.reportlinker.com/p06323492/?utm_source=GNW
, and Kazphosphate LIC.
The global phosphoric acid market grew from $46.53 billion in 2022 to $49.37 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The phosphoric acid market is expected to grow to $59.94 billion in 2027 at a CAGR of 5.0%.
The phosphoric acid market consists of sales of hypophosphorous acid, orthophosphorous acid and pyrophosphoric acid.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Phosphoric acid is a tricrotic acid that exists in the form of a dense liquid.It is corrosive to both human and laboratory animal skin, eyes, and mucous membranes.
Dilute solutions of phosphoric acid have a pleasing acid taste.Thus, it is also used as a food additive, lending acidic properties to soft drinks and other prepared foods, and in water treatment products.
Phosphoric acid is used as a component of fertilizers, detergents, and many household cleaning products.
Asia-Pacific was the largest region in the phosphoric acid market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the phosphoric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of phosphoric acid are calcium phosphate, phosphoric acid, potassium phosphate, and sodium tripolyphosphate.Calcium phosphate is a calcium salt of phosphoric acid with a chemical formula of Ca3(PO4)2.
It is also known as calcium phosphate tribasic or tricalcium phosphate and appears as a white amorphous or crystalline powder that is odorless and tasteless.The different process types include the furnace process, the dry kiln process, and others that have various grades such as food, agricultural, and industrial.
The end-user industries using this acid are fertilizer, food and beverages, chemicals, medicine, metallurgy, and others.
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.
Furthermore, according to an article published by the American Farm Bureau Federation, a US-based insurance company, in the year 2019/20 global fertilizer demand was 190.5 MMT (million metric tons), and in 2020/21 global fertilizer demand reached 192.9 MMT (million metric tons). Therefore, the increasing demand for DAP phosphate fertilizers is driving the demand for 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.
In May 2021, Desmet Ballestra Group, a France-based engineering, and provision of facilities and machinery company, acquired Buss ChemTech AG for an undisclosed amount.With this acquisition, Desmet Ballestra would round off its offer in the fertilizer industry in addition to expanding its applications portfolio in gas-liquid reaction processes, including alkoxylation, hydrogenation, and phonation.
Furthermore, by employing Desmet Ballestra Group’s project management, engineering, procurement, and field skills, Buss would be able to increase the range of services that it can provide to clients. Buss ChemTech AG is a Switzerland-based company specializing in developing and licensing chemicals, including phosphoric acid.
The countries covered in the phosphoric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The phosphoric acid market research report is one of a series of new reports that provides phosphoric acid market statistics, including phosphoric acid industry global market size, regional shares, competitors with phosphoric acid market share, detailed phosphoric acid market segments, market trends, and opportunities, and any further data you may need to thrive in the phosphoric acid industry. This phosphoric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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