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Phosphoric Acid Market Size (2024 - 2029)

The Phosphoric Acid Market is projected to experience growth over the forecast period, driven primarily by its extensive use in fertilizer production and increasing applications in the food and beverage sector. Despite challenges such as health hazards and high fertilizer costs, the market is expected to expand, with opportunities arising from the recovery of rare earth elements and the use of chiral phosphoric acid as a catalyst. The Asia-Pacific region is anticipated to maintain a dominant market share throughout the forecast period.

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Market Size of Phosphoric Acid Industry

Phosphoric Acid Market Summary
Study Period 2019 - 2029
Market Volume (2024) 92.98 Million tons
Market Volume (2029) 114.39 Million tons
CAGR (2024 - 2029) 4.23 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Phosphoric Acid Market Major Players

*Disclaimer: Major Players sorted in no particular order

Phosphoric Acid Market Analysis

The Phosphoric Acid Market size is estimated at 92.98 Million tons in 2024, and is expected to reach 114.39 Million tons by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).

The market was negatively impacted by the COVID-19 pandemic as it disrupted the main supply and manufacturing lines, leading to acute shortages. The main use of phosphoric acid is for producing fertilizers. The pandemic also led to a decrease in crop production, accompanied by a shortage of food and other essentials among people. After the pandemic, the market picked up speed, and the demand grew as major industries got back to work.

  • Since most phosphoric acid is used to make fertilizer, the rising demand from the fertilizer industry and increasing usage in the food and beverage industry are expected to drive market demand.
  • Health hazards caused by phosphoric acid and the high price of fertilizers are expected to hinder the market's growth.
  • Nevertheless, the recovery of rare earth elements from phosphoric acid and the commercialization of chiral phosphoric acid as a catalyst are expected to offer lucrative opportunities to the market.
  • Asia-Pacific accounted for the highest market share, and the region is likely to dominate the market during the forecast period.

Phosphoric Acid Industry Segmentation

Phosphoric acid is a colorless, odorless phosphorus-containing solid, an inorganic compound with the chemical formula H3PO4. It is a component of fertilizers, detergents, and many household cleaning products.

The phosphoric acid market is segmented by end-user industry and geography. By end-user industry the market is segmented into Fertilizer, Food and Beverage, Chemicals, Medicine, Metallurgy, and Other End-user Industries. The report also covers the market size and forecasts for the market in 15 countries across the globe. The report offers market size and forecasts for the Phosphoric Acid market in volume (tons) for all the above segments.

By End-user Industry
Fertilizer
Food and Beverages
Chemicals
Medicine
Metallurgy
Other End-user Industries
By Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Mexico
Canada
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Phosphoric Acid Market Size Summary

The phosphoric acid market is poised for significant growth over the forecast period, driven primarily by its critical role in fertilizer production. As a key component in fertilizers such as monoammonium phosphate and diammonium phosphate, phosphoric acid is essential for plant nutrition, particularly in enhancing root development and maturation in plants. The market experienced a downturn due to the COVID-19 pandemic, which disrupted supply chains and reduced crop production. However, recovery has been swift as industries resumed operations, leading to increased demand. The Asia-Pacific region, particularly China and India, is expected to maintain its dominance in the market due to its substantial agricultural activities and fertilizer production. The region's growing food and beverage industry also contributes to the rising demand for phosphoric acid.

Despite challenges such as health hazards and high fertilizer costs, the phosphoric acid market is expected to benefit from opportunities in rare earth element recovery and the use of chiral phosphoric acid as a catalyst. The market is partially consolidated, with major players like OCP Group, Mosaic, PhosAgro Group, Nutrien Ltd, and IFFCO actively expanding their operations through strategic acquisitions. These companies are enhancing their market presence and product accessibility, which is likely to further stimulate market growth. The ongoing demand from the fertilizer industry, coupled with the expanding applications in the food and beverage sector, positions the phosphoric acid market for continued expansion in the coming years.

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Phosphoric Acid Market Size - Table of Contents

  1. 1. Market Dynamics

    1. 1.1 Market Drivers

      1. 1.1.1 High Demand for Fertilizer Industry

      2. 1.1.2 Increasing Usage in the Food and Beverage Industry

    2. 1.2 Market Restraints

      1. 1.2.1 Health Hazards Caused by Phosphoric Acid

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Industry Attractiveness - Porters Five Forces Analysis

      1. 1.4.1 Bargaining Power of Supplier

      2. 1.4.2 Bargaining Power of Buyer

      3. 1.4.3 Threat of New Entrant

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Price Trend Analysis of Phosphoric Acid (2018-2023)

    6. 1.6 Technological Snapshot

  2. 2. Market Segmentation (Market Size in Volume)

    1. 2.1 By End-user Industry

      1. 2.1.1 Fertilizer

      2. 2.1.2 Food and Beverages

      3. 2.1.3 Chemicals

      4. 2.1.4 Medicine

      5. 2.1.5 Metallurgy

      6. 2.1.6 Other End-user Industries

    2. 2.2 By Geography

      1. 2.2.1 Asia-Pacific

        1. 2.2.1.1 China

        2. 2.2.1.2 India

        3. 2.2.1.3 Japan

        4. 2.2.1.4 South Korea

        5. 2.2.1.5 Rest of Asia-Pacific

      2. 2.2.2 North America

        1. 2.2.2.1 United States

        2. 2.2.2.2 Mexico

        3. 2.2.2.3 Canada

      3. 2.2.3 Europe

        1. 2.2.3.1 Germany

        2. 2.2.3.2 United Kingdom

        3. 2.2.3.3 Italy

        4. 2.2.3.4 France

        5. 2.2.3.5 Rest of Europe

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of South America

      5. 2.2.5 Middle East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 South Africa

        3. 2.2.5.3 Rest of Middle East and Africa

Phosphoric Acid Market Size FAQs

The Phosphoric Acid Market size is expected to reach 92.98 million tons in 2024 and grow at a CAGR of 4.23% to reach 114.39 million tons by 2029.

In 2024, the Phosphoric Acid Market size is expected to reach 92.98 million tons.

Phosphoric Acid Market Report Snapshots

Phosphoric Acid Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)