Phosphoric Acid Market by source type (Wet Process, Thermal Process), By Application (Animal Feed, Food Additives, Fertilizers, Monoammonium Phosphate, Diammonium Phosphate, Trisodium Phosphate) and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), Global Forecast 2022 to 2032

The size of the worldwide market for phosphoric acid was estimated at USD 47.3 billion in 2022 and is projected to reach approximately USD 74 billion by 2032, expanding at a CAGR of 4.6% between 2023 and 2032.

The factors that drives the growth of global phosphoric acid market is various subsidies of government on fertilizers and increasing demand of phosphoric acid for the formation of phosphate fertilizers. As there is increase in population, there will be rise in demand for food, which will also increase demand for fertilizers. Although, phosphoric acid harmfully affects human body and environment which may hinder the growth of phosphoric acid industry.

In terms of consumption value and production, phosphoric acid is largest which is following sulphuric acid on the basis of volume. As phosphoric acid is a chemical reagent, it acts as inhibitor of rust, flux, dispersing agent, feedstock for fertilizer, home cleaning product and orthopedic and dental etchant. The main applications of phosphoric acid are acts as phosphate fertilizer, produce animal food & beverages and surface healing of metals. The drivers that upsurge the phosphoric acid market growth over the forecast period is rise in demand for applications of phosphoric acid from end-user industries.

As demand for packaged and frozen food products is increasing and is propelled to fuel the demand for food-grade phosphoric acid market in the coming years. Urbanized people are preferring the packaged foods which motivates several supermarkets to supply the packaged food products which will also increase the demand for the food preservatives. Increase in demand for consumption of preserved foods is projected to increase the food-grade phosphoric acid market during the forecast period.

Phosphoric acid market trends are attracting the phosphoric acid market towards the organic phosphate fertilizers. Organic phosphate fertilizers avoid the production of products that use chemicals during the manufacturing. Organic phosphate fertilizers act as soil conditioners, helps in maintaining the quality and health of soil by maintaining the organic content of soil.

For the stationary applications, phosphoric acid fuel cells are commercialized fuel cells, which uses platinum as catalyst and liquid phosphoric acid as electrolyte. Increase in demand for the fuel cells, the phosphoric acid fuel cells market is expected to expand over the forecast period.

Global phosphoric acid industry is segmented on the basis of application and region. On the basis of application, phosphoric acid market is divided into animal feed, food additives, fertilizers and many more. Fertilizers are sub-divided into monoammonium phosphate (MAP), diammonium phosphate (DAP), trisodium phosphate (TSP) and many more. Fertilizers is the dominating the phosphoric acid industry.

Geographically, regions in the global phosphoric acid market analysis are Europe, North America, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific is dominating the phosphoric acid market. Asia Pacific is the region which uses phosphoric acid for the manufacture of several products such as food additives, fertilizers, chemicals and is increasing amongst the regions like India and China. Latin America and Middle East & Africa are the regions which are expected to rapidly increase the phosphoric acid market outlook in the coming years. Strong agricultural conditions in Asian countries create demand for phosphoric acid in Asia Pacific region.

Phosphoric Acid Market Scope

Key Segments in the “Global Phosphoric Acid Market” are-

By Application market is segmented into:

• Animal Feed
• Food Additives
• Fertilizers

• Monoammonium Phosphate (MAP)
• Diammonium Phosphate (DAP)
• Trisodium Phosphate (TSP)

By Regions market is segmented into:

• Europe
• North America
• Asia Pacific
• Latin America
• Middle East & Africa

What to expect from the Global Phosphoric Acid Market report?

- Predictions of future made for this market during the forecast period.

- Information on the current technologies, trends, devices, procedures, and products in the industry.

- Detailed analysis of the market segmentation, depending on the types, devices, and products.

- Government regulations and economic factors affecting the growth of the market.

- An insight into the leading manufacturers.

- Regional demographics of the market.