Press release
Growing DI-Ammonium Phosphate (DAP) Fertilizer Demand Fuels Phosphoric Acid Market: An Emerging Driver Transforming The Phosphoric Acid Market Landscape
Phosphoric Acid
What Is the Projected Growth of the Phosphoric Acid Market?
The size of the phosphoric acid market has seen considerable expansion in the preceding years. It is projected to escalate from a value of $52.17 billion in 2024 to $55.34 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.1%. The uptick in figures during the historical period is largely due to the amplified growth in food and beverage sectors, the manufacturing of phosphate-related chemicals, applications in water treatment and purification, processes involving metal surface treatment, along with increased demand in the pharmaceutical and dentistry fields.
A significant increase in the phosphoric acid market, which is expected to reach $72.28 billion in 2029 with a compound annual growth rate (CAGR) of 6.9%, is predicted in the upcoming years. The expansion can be ascribed to the proliferation of renewable energy storage, the advent of lithium-ion batteries, the rising necessity for industrial-grade phosphoric acid, improvements in water resource management and treatments, and its utilization in the pharmaceutical industry. Key trends encompass ecologically-friendly and sustainable methods of phosphoric acid production, its use in wastewater nutrient removal, hydrogen production via phosphoric acid, cutting-edge dental applications, and its role in clean energy storage.
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What Are the Different Phosphoric Acid Market Segments?
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
Subsegments:
1) By Calcium Phosphate: Dicalcium Phosphate (DCP), Tricalcium Phosphate (TCP), Monocalcium Phosphate (MCP)
2) By Sodium Tripolyphosphate: Food Grade Sodium Tripolyphosphate, Industrial Grade Sodium Tripolyphosphate
3) By Potassium Phosphate: Monopotassium Phosphate (MKP), Diphosphate (DKP), Tripotassium Phosphate (TKP)
4) By Other Types: Ammonium Phosphate, Sodium Phosphate, Phosphoric Acid Esters
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What Are the Primary Drivers Shaping the Phosphoric Acid Market?
The phosphoric acid market is experiencing significant growth due to the rising demand for Di-ammonium Phosphate (DAP) fertilizers. Phosphoric acid is commonly used in the creation of DAP, which is a type of water-soluble ammonium phosphate salt that results from an ammonia and phosphoric acid reaction. This acid is essential in producing fertilizers as it forms triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP) when combined with finely ground phosphate. The World Bank, an international financial institution based in the US, noted a 23% increase in phosphate DAP prices due to heightened demand from farmers globally. The escalating requirement for DAP phosphate fertilizers, hence, is driving the need for the phosphoric acid market.
Which Companies Are Leading in the Phosphoric Acid Market?
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
What Are the Major Trends Shaping the Phosphoric Acid Market?
The phosphoric acid market is seeing a surge in advancements due to technological innovations. The ongoing creation of new technologies and superior products by phosphoric acid companies is aimed at expanding their market footprint. A notable example of this is from August 2024, when scientists from Saitama University in Japan boosted a thin-film perovskite solar cell's power conversion efficiency by 20.5%, thanks to the use of fluorinated phosphoric acid (TPFP) in the absorber's precursor solution. This improves passivation between the perovskite film and the hole transport layer. Unlike traditional models, this cutting-edge solar cell doesn't require surface treatments or post-processing, and offers enhanced efficiency, lower hysteresis and the capability for use in large-area deposition techniques.
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What Are the Top Revenue-Generating Geographies in the Phosphoric Acid Market?
Asia-Pacific was the largest region in the phosphoric acid market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the phosphoric acid market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Phosphoric Acid Market?
2. What is the CAGR expected in the Phosphoric Acid Market?
3. What Are the Key Innovations Transforming the Phosphoric Acid Industry?
4. Which Region Is Leading the Phosphoric Acid Market?
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What industry-specific factors are fueling the growth of the phosphoric acid Market Share Share?
The phosphoric acid Market Share Share is experiencing substantial growth because of the escalating need for Di-ammonium Phosphate (DAP) fertilizers. DAP, a type of soluble ammonium phosphate salt, is produced when ammonia reacts with phosphoric acid. A major component of fertilizer production, phosphoric acid, mixed with finely ground phosphate, generates triple superphosphate (TSP), monoammonium phosphate…
Phosphoric Acid Market 2031 Competitor Analysis
The Phosphoric Acid Market is expected to register a CAGR of 4% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
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Based on Apllication Type, By Application Fertilizers, Food and Feed Phosphate, Detergents, Water Treatment Chemicals, Industrial, Electronics.
Major Companies operating in the Phosphoric Acid Market are:
• Arkema Group
• J.R. Simplot Company
• Nutrien Ltd.
• OCP Group
• PJSC PhosAgro
• Prayon Group
• Solvay
• Spectrum Chemical Manufacturing Corporation
• The…
Phosphoric Acid Market was Dominated by Agricultural-Grade Phosphoric Acid
The phosphoric acid market was USD 45,671.2 million in 2022, and it will grow at a rate of 4.1% in the years to come, to touch USD 63,186.8 million by 2030, as stated by a market research institution P&S Intelligence.
The diammonium hydrogen phosphate market will grow significantly in the years to come with a rate of about 5%, because of the growing need for manure to increase agricultural yields.
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Phosphoric Acid Market
The global Phosphoric Acid market was valued at US$ 36380 million in 2020 and it is expected to reach US$ 42520 million by the end of 2027, growing at a CAGR of 2.2% during 2021-2027.
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Trends Influencing the Growth of the Global Phosphoric Acid Market
Phosphoric acid is used as an intermediary element in the production of various phosphate fertilizers. Diammonium phosphate (DAP), mono ammonium phosphate…
