Global Phosphoric Acid Market Growth Analysis & Forecast 2032
- Pallavi Garudkar
- 4 hours ago
- 3 min read
The global phosphoric acid market was valued at USD 35.2 billion in 2023. It is projected to grow from USD 37.0 billion in 2024 to USD 54.0 billion by 2032, exhibiting a CAGR of 4.9% during (2024-2032). Phosphoric acid (H₃PO₄) plays a crucial role in producing phosphate salts, which serve as key ingredients in fertilizers. It is primarily transformed into three main types of salts — triple superphosphate (TSP), diammonium hydrogen phosphate (DAP), and monoammonium dihydrogen phosphate (MAP). Owing to its extensive demand in fertilizer manufacturing and various industrial applications, phosphoric acid ranks as the second most widely produced inorganic acid after sulfuric acid. Its effectiveness in addressing phosphorus deficiencies in plants makes it indispensable in fertilizer production. Beyond agriculture, it is also utilized in dental cements, albumin derivative preparation, as well as the sugar and textile industries. The broad range of these applications is expected to propel the market’s growth over the forecast period.
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Market Trends:
Why is higher food production per acre becoming more important?
With most of the population increasingly concentrated in urban areas, per capita farmland is declining. Higher food production per acre is necessary to meet the growing food demand.
How is arable land changing globally?
According to the FAO, arable land per person has been decreasing. It fell from 0.38 hectares in 1970 to 0.23 hectares in 2000, and it is projected to drop further to 0.15 hectares per person by 2050.
Which regions have high or low land utilization?
South Asia cultivates 94% of its potentially arable land, while sub-Saharan Africa uses only 22% of its theoretically arable land.
How is the Asia Pacific market performing?
The Asia Pacific phosphoric acid market grew from USD 18.3 billion in 2022 to USD 19.2 billion in 2023.
Segmentation Analysis:
What are the main applications of phosphoric acid?
The market is segmented into fertilizers, animal feed, food additives, and others. Phosphoric acid is also used in industrial water treatment, phosphating metal treatment, machine washing, pH adjustment, aqueous paints, varnishes, wash primer systems, rust conversion, and horticultural fertilizers.
How is fertilizer demand expected to grow?
Global fertilizer demand is forecast to rise at an average annual rate of 0.7%, reaching 197.1 million tons of nutrients by the end of 2024, according to the International Fertilizer Association (IFA).
How is phosphorus consumption expected to change relative to other nutrients?
P₂O₅ (phosphate) consumption is projected to grow slightly faster, at +0.8% per year, compared with nitrogen (N) at +0.7% and potassium oxide (K₂O) at +0.6%.
List of Key Companies Profiled:
Nutrien (Canada)
The Mosaic Company (U.S.)
OCP (Morocco)
Ma’aden (Saudi Arabia)
EuroChem Group AG (Switzerland)
Solvay S.A. (Belgium)
Arkema (France)
Key Industry Development:
February 2024 – Coromandel International Ltd (CIL) announced plans to increase the production capacities of phosphoric acid and sulphuric acid at its plant located in southeastern Andhra Pradesh.
December 2023 – PhosAgro shared plans to expand its overall agrochemical production by 1.4 million tons by 2026 compared to its production capacity in 2023. The expansion also includes developing company’s phosphoric and sulphuric acid production facilities.
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