The global Phosphoric Acid Market size is expected to be worth around USD 71.2 billion by 2033, from USD 46.3 billion in 2023, growing at a CAGR of 4.4% during the forecast period from 2023 to 2033.

The phosphoric acid market encompasses the global trade and demand for phosphoric acid, a vital industrial chemical used primarily in fertilizer production, as well as in food and beverage processing, detergents, and various industrial applications. This market includes the production, distribution, and consumption of phosphoric acid across different sectors. The market is driven by factors such as agricultural growth, increased demand for food and beverages, and advancements in industrial processes. Key trends include the rise in sustainable farming practices and innovations in production technologies. The market also faces challenges like fluctuating raw material prices and environmental regulations impacting production processes.

Market Key Players:

• Arkema

• Eurochem Group AG

• OCP Group S.A.

• Phosagro Group of Companies

• ICL Group Ltd.

• Nutrien Ltd.

• IFFCO

• The Mosaic Company

• Solvay S.A.

• Aditya Birla Chemicals

• Agropolychim

• Innophos

• J.R. Simplot Company

• Sterlite Copper

• Tunisian Chemical Group

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By Process Type:
In 2023, fertilizers dominated the phosphoric acid market with over 48.6% share, largely due to phosphoric acid's essential role in producing key fertilizers like Diammonium Phosphate (DAP) and Monoammonium Phosphate (MAP). DAP is favored for its high nutrient content, while MAP is chosen for its versatility with various soil types. Triple Superphosphate (TSP) also contributes significantly due to its high phosphorus content. Besides fertilizers, phosphoric acid is used in the food and feed industry as an additive, in detergents for cleaning products, and in water and metal treatments for rust prevention and durability.

By Application:
In 2023, the Thermal Process led the phosphoric acid market with over 65.7% share. This method, involving the combustion of elemental phosphorus, is preferred for producing high-purity phosphoric acid needed in precise applications like electronics. The Wet Process, which treats phosphate rock with sulfuric acid, is more cost-effective and used mainly in fertilizer production. Although it has a smaller market share, the Wet Process is crucial for meeting global agricultural demands.

Key Market Segments:

By Process Type

• Wet Process

• Thermal Process

By Application

• Fertilizers

• Diamonium Hydrogenphosphate (DAP)

• Monoammonium Dihydrogenphosphate (MAP)

• Triple Superphosphate (TSP)

• Others

• Feed and Food Additives

• Detergents

• Water Treatment Chemicals

• Metal Treatments

• Others

Drivers:
The phosphoric acid market is primarily driven by the rising global demand for phosphate-based fertilizers, essential for boosting crop yields and food production to support a growing population. This demand is fueled by the need for increased agricultural productivity and food security, particularly in emerging economies with expanding arable land. Advances in precision agriculture and sustainable farming practices also contribute to the growing use of phosphoric acid. Additionally, technological innovations in fertilizer production enhance market capacity and reduce environmental impact.

Restraints:
The phosphoric acid market faces challenges from stringent environmental regulations and the depletion of high-quality phosphate rock reserves. Environmental concerns related to phosphate mining, such as habitat destruction and pollution, have led to higher compliance costs and stricter controls. The production process also generates pollutants and waste by-products, like phosphogypsum, which require significant management. The industry is under pressure to develop greener production methods and explore alternative phosphorus sources to address these issues.

Opportunity:
The expansion of the food and pharmaceutical industries presents significant opportunities for the phosphoric acid market. In food production, phosphoric acid is used as an acidulant and preservative, with growing demand driven by increased consumer spending on processed foods. In pharmaceuticals, it serves as an intermediate in drug synthesis and a component in dental products. The rising health consciousness and innovations in both sectors create further demand for high-purity phosphoric acid, allowing manufacturers to capture new market segments.

Trends:
The phosphoric acid market is experiencing a shift towards sustainable and innovative production methods. This includes the adoption of thermal processes that reduce energy consumption and emissions, as well as the use of renewable energy sources. Recycling phosphoric acid from industrial waste and developing bio-based phosphates from organic materials are also emerging trends. These approaches aim to lessen environmental impact, reduce dependency on non-renewable resources, and align with global sustainability goals.