Phosphoric Acid Market Size, Scope 2022-2028
The global phosphoric acid market size was valued at USD x billion in 2021, growing at a CAGR of x% during the forecast period 2022-2028. Food-grade phosphoric acid is an inorganic acid that is colourless and odourless and can be consumed. It's made using wet, thermal, and dry kiln techniques, and it's commonly employed as an acidity regulator and yeast nourishment agent in light beverages, canned goods, and wines. Food-grade phosphoric acid is generally used to preserve and acidify foods and beverages, also including colas and jams, as well as to give them a sour and tangy flavour. It's also used in the production of beverages, metal treatment, sugar refining, and food preservation. It's usually kept and packaged in intermediate bulk containers (IBCs) and high-density polyethylene (HDPE) drums, and it's used to make carbonated beverages, packaged foods, and baked goods.
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Phosphoric acid is a component of nitrogen-phosphorus-potassium fertilisers and is commonly utilised in their production. Phosphorus is a vital and abundant nutrient for the growth of some crops because it aids in the absorption of other nutrients that the crop receives and converts them into building blocks that aid in the plant's healthy growth. The demand for various grains, pulses, fruits, and vegetables is increasing as a result of rising population and the rise of the food and beverage sector, necessitating the need to improve crop output with greater quality in order to meet food quality standards. As a result, there is an increase in the need for fertilisers, which in turn increases the demand for phosphoric acid. Phosphorous, which accounts for 80 percent of phosphorus in animal feed, is also found in bones and teeth. As a result, a predetermined amount of phosphorous must be supplied to animals and is used to make animal feed. The rising demand for meat, poultry, and dairy products, among other foods, is driving up demand for animal feed, which in turn is driving up demand for phosphoric acid. The expansion of these industries coincides with the expansion of the Phosphoric Acid Market.
The global phosphoric acid market segmentation:
- By Process Type: Wet Process, Thermal Process, and others
- By Application: Phosphate chemicals, Other industrial Applications, Home cleaning agents and others
- By Grade: Technical grade, Food Grade
- By End User: fertilizer, medical, food & beverage, electronics, and others
In 2019, Asia Pacific was the largest market, with a global share of nearly 47 percent. Due to substantial phosphate rock reserves in China, which is also a leading producer of phosphoric acid, the area is expected to maintain its dominance during the anticipated years. Phosphate fertilisers and yellow phosphorus are also abundant in the country. However, due to strict controls on the use of phosphate fertilisers, the country has seen a fall in product demand in recent years.
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There are several industry players working in the Phosphoric Acid Market, which include Nutrien (Canada) Phosagro (Russia) Hanwha Corporation, (South Korea) Innophos Holdings, Inc. (Canada) The Mosaic Company (U.S.) Sinofert Holdings. (China) Israel Chemical Ltd. (Israel) Solvay (Canada) Agrium Inc. (France) Jordan Phosphate Mines Company PLC. (Jordan)
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