Phosphoric Acid Market Analysis

Application (Fertilizers, Feed & Food Additives, Detergents, Water Treatment Chemicals, Metal Treatment, Industrial Use)

The global phosphoric acid market is segmented and analyzed for demand and supply by application type into fertilizers, feed & food additives, detergents, water treatment, chemicals, metal treatment, and industrial use. Out of the seven types of phosphoric acid, the fertilizers segment is estimated to gain the largest market share of about 38% in the year 2037. The growth of the segment can be attributed to the increasing use of phosphoric acid in fertilizers production. Phosphoric acid is an intermediate used to manufacture fertilizers. Fertilizers like Monoammonium Phosphate (MAP), Diammonium Phosphate (DAP), and Trisodium Phosphate (TSP) are produced from phosphoric acid. As phosphoric acid is a multifunction agent used for the nutrition of plants, pH adjustment, and disinfection of irrigation equipment, it forms an essential component in many fertilizers. For instance, in 2019, the total area of potential for global crop production remains at some 2.7 billion hectares, which is concentrated in Asia Pacific countries South and Central America, and Sub-Saharan Africa. The demand for fertilizers is increasing, with the world's population growing at a rate of around 1.05% per year, in 2020, 1.08% per year, in 2018, and 1.12% per year, in order to meet the ever-increasing food needs of the world's population. This is anticipated to contribute to the growth of the segment in the forecast period.

Process Type (Wet, Thermal)

The global phosphoric acid market is also segmented and analyzed for demand and supply by process type into wet and thermal. Amongst these two segments, the wet segment is expected to garner a significant share in the year 2037. Phosphoric acid obtained through the wet process may be impure but can be directly applied for the production of fertilizer that is not subject to purification. The main factor behind the wet process is the significant growth in demand for fertilizers. With a lower operating cost and less process time, the growth is supported by lower operating temperatures and easy operation. In the wet phase, rock with low phosphorus content may also be utilized as input material. In the phosphoric acid market, a significant issue is the decreasing availability of rock phosphate. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.

Our in-depth analysis of the global market includes the following segments: