Global Phosphoric Acid Market Outlook to 2026

Phosphoric acid is a transparent, colorless, odorless, and viscous liquid with a chemical formula H3PO4 and it is also known as orthophosphoric acid and is strongly acidic even at high dilution. According to Researcher & Consulting, the global Phosphoric Acid market is expected to witness a significant growth rate during the forecast period. Factors such as growing demand in the pharmaceuticals, agriculture, food and beverages, and personal care sector from emerging countries like China, India, and Russia, drive the current Phosphoric Acid market. In the Agriculture Industry, Phosphoric acid is a key ingredient to manufacturefertilizers and is also used to provide nutrition to the crops.Furthermore, the increase of Phosphoric Acid consumption in the healthcare and medical sectors is expected to increase over the coming years. Food-grade phosphoric acid is used in the food and beverages industry to preserve and acidify certain foods and beverages like jams and colas to provide a sour and tangy taste. Most soft drinks contain phosphoric acid, such as Coca-Cola; therefore, they are sometimes called phosphate sodas. In the Pharmaceutical industry, Phosphoric Acid is commonly used to prepare anti-nausea medicines; other than that, it is generally used as an intermediate in pharmaceuticals. The primary use of phosphoric acid in the industry lies in dentistry as it used an etching solution and used to clean teeth. Phosphoric acid is also used for whitening teeth and is one of the ingredients in mouth washing liquids. The increasing popularity of quick-growing chemicals, which are substitutes for phosphate fertilizers, can restrain the Global Phosphoric Market.

The main uses of Phosphoric acid are to produce various phosphates and phosphate-based fertilizers, Soaps and detergents, to acidify and preserve food, Soft-drinks, water treatment, toothpaste. Some other specific applications of phosphoric acid include anti-rust treatment by phosphate conversion coating, phosphoric acid fuel cells, activated carbon production, compound semiconductor, microfabrication to etch silicon nitride, pH adjuster in skincare products, sanitizing agent in dairy industries. Phosphoric acid also has other metallurgical functions, such as cleaning some precious rare earth elements.

The most dominating industry in terms of the use of Phosphoric acid is the Agriculture Industry. Sodium carbonate, calcium oxide, sodium hydroxide, calcium carbonate, potassium hydroxide generally are bases to get a phosphate of interest. Phosphoric acid is also a principal raw material to produce various phosphates, which are used to manufacture phosphate fertilizers such as Mono-ammonium phosphate (MAP) and diammonium phosphate (DAP). These phosphate fertilizers are made by adding acid to the ground or by pulverizing the phosphate rock. Phosphoric Acid works as a multi-tasker in the Agriculture Industry; other than fertilizers, it has various functions like pH adjustment, cleansing dripper lines (irrigation equipment) from lime precipitation, and plant nutrition. Since It is a rich source of phosphorous, it is used for greenhouse crops, open field crops, and fruit trees. The Agriculture Industry, mainly fertilizers, consumes approximately 90% of the total production of Phosphoric Acid.

Some of the key players of the market areThe Mosaic Company,PhosAgro,Nutrien,IFFCO,EuroChem Group AG,Aditya Birla Group, others.

The Asia-Pacific Region is the most dominating region in demand, supply, and consumption. The demand for phosphate fertilizers increased in China due to the rapid growth in the agricultural sector and the country's economic progress. The market had a positive impact due to the ongoing debate over food safety regarding the yield of crops and the efficiency of the cultivation of crops. Due to the consumers' dependency on other quick-growing chemicals, the growth for Phosphoric acid has become very moderate, and the demand has reached a maturity phase in several developed countries of North America and Asia-Pacific. In contrast, the developing countries of Asia, Africa, the Middle East, and Latin America have increased the demand for Phosphoric acid due to increased agricultural activities and pertinent rules and regulations imposed by their governments. As per today's scenario, the agricultural industry is dominated by the Asia Pacific region; therefore, it has the maximum demand and consumption of fertilizers and Phosphoric Acid.

PhosAgrois one of the world's largest vertically integrated phosphate-based fertilizers producers, and the company reports that the fertilizer output in the first quarter of 2021 increased by 2.2% to 2.7 million tonnes even after the pandemic. The increase resulted from modernization to capacities that enabled an increase in NPK production, aligning with the company's strategy to 2025. In the first quarter, fertilizer sales of the company increased by about 40% quarter-to-quarter; this growth was driven by both high seasonal demand for fertilizers and a large volume of carry-over sales at the end of December 2020.

In the last week of May 2021, the international prices of DAP have hiked to 550 USD per ton from 400 USD per ton which is around a 37% rise in the prices. Similarly in India, the local manufacturers have also increased the price of DAP suddenly whose raw material ingredients are phosphoric acid and ammonia.

Global Phosphoric Acid Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Phosphoric Acid market by segmenting based on the Grade (Food grade, Technical grade, Electronic grade), End-User Industry (Food and Beverages, Agriculture, Pharmaceuticals, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.