DUBLIN--(BUSINESS WIRE)--The "Phosphoric Acid Market by Process Type (Wet, Thermal), Application (Fertilizers, Feed & Food Additives, Detergents, Water Treatment Chemicals, Metal Treatment, Industrial Use) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global phosphoric acid market will grow to USD 56.8 Billion by 2027, at a CAGR of 4.1% from USD 46.4 Billion in 2022.
Phosphoric acid is one of the key acids in the food & beverage industry. Phosphoric acid is a weak acid and is available naturally in many vegetables and fruits. The main intention of adding the phosphoric acid to food and beverage is to improve food texture, increase shelf life, regulate the pH of the environment, and improve quality.
Due to its preservative properties and reasonable price phosphoric acid is a popular raw material among food suppliers globally. In addition to bakery and beverage products, phosphorous acid can be found in cheese and other dairy products as well as meat products.
Wet Process was largest process type in terms of value, in 2021.
Most of the phosphoric acid produced in the wet process is used to produce fertilizers. Hence the growth in fertilizers consumption across the globe is driving the market in wet process.
The phosphoric acid produced using wet process is less expensive than that of produced using thermal process. Moreover, the low operating cost, and easy start-up & shut down is making it a preferred production process among the phosphoric acid manufacturers.
Feed & Food Additives is projected to be the fastest-growing application, in terms of value, during the forecast period
Phosphoric acid is used as an acidity regulator and a flavoring agent in the food & beverage industry. Phosphoric acid is also used as an additive in both animal and human feed. Phosphoric acid used in the food industry is often referred as additive E338.
The demand for phosphoric acid in the food industry would depend on the growth of the dairy and processed food segment. The processed food is currently experiencing an upward growth trend driven by emerging economies such as India, China, and Brazil.
North America was the second-largest phosphoric acid market, in terms of value, in 2021
North America is the second-largest market for phosphoric acid. The demand for phosphoric acid in this region is primarily driven by increasing consumption of fertilizers. The demand from several applications such as food & beverage, metal finishing, water treatment, and others plays an important role in increasing the need for phosphoric acid in the region.
Phosphoric acid has high demand in developed countries such as the U.S. and Canada owing to increasing packaged food consumption. With the increased production of feed, the market for feed additives is also expected to grow in the region.
Competitive landscape
The key players profiled in the report include ICL Group Ltd. (Israel), OCP Group S.A. (Morocco), The Mosaic Company (US), Nutrien Ltd. (Canada), Eurochem Group AG (Switzerland), Phosagro Group of Companies (Russia), and IFFCO (India) among others.
Premium Insights
- Fertilizers Application to Drive Market During Forecast Period
- Asia-Pacific to be Largest Market During Forecast Period
- Fertilizers Segment and China Accounted for Largest Shares
- Wet Process Led Phosphoric Acid Market Across Regions
- China to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Increasing Demand for Phosphate Fertilizers
- Demand from Food Industry
- Growing Demand for Phosphoric Acid in Fuel Cells
Restraints
- Environmental Concerns and Increasing Regulatory Pressure
Opportunities
- Commercialization of Chiral Phosphoric Acid as Catalyst
- Recovery of Rare Earth Elements from Phosphoric Acid
Challenges
- Diminishing Supply of Phosphate
Industry Trends
Supply Chain Analysis
- Raw Materials
- Manufacturers
- Distribution Network
- End-users
Technology Analysis
- Novaphos Phosphoric Acid Technology
- Benefits of Novaphos Phosphoric Acid Technology
- Membrane-based Technology-Puma
- Benefits of Membrane-based Technology-Puma
Patent Analysis
- Approach
- Document Type
- Total Number of Patents in Last 10 Years (2011-2021)
- Patents Registered in Phosphoric Acid Market, 2011-2021
- Patent Publication Trends, 2011-2021
- Legal Status of Patents Filed in Phosphoric Acid Market
Top Applicants
- Wengfu Group Co. Ltd Registered Maximum Number of Patents Between 2011 and 2021
- Patents by Wengfu Group Co. Ltd.
- List of Patents by BASF SE
- List of Patents by Guizhou Kailin Group Co. Ltd.
- Top 10 Patent Owners in the US, 2011-2021
Company Profiles
Major Players
- Icl Group Ltd.
- Ocp Group SA
- Arkema SA
- Solvay SA
- The Mosaic Company
- Nutrien Ltd.
- Eurochem Group AG
- Phosagro Group of Companies
- Iffco
- Ma'Aden
Key Market Players
- Prayon Group
- Aditya Birla Group
- Wengfu Group Co. Ltd.
- Innophos
- J. R. Simplot Company
- Jordan Phosphate Mines Company (PLC)
- Agropolychim Ad
- Chambal Fertilisers and Chemicals Limited
- Desmet Ballestra Spa
- The Fertilisers and Chemicals Travancore Limited
- Gujarat State Fertilizers & Chemicals Limited (Gsfc)
- Paradeep Phosphates Ltd. (Ppl)
- Vedanta Limited
- Industrial Chemical Solutions Sp. Z.O.O (Ics)
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