Market Insight-Global Phosphoric Acid Market Overview 2022
The Global Phosphoric Acid Market Size was estimated at USD 37180 million in 2021 and is projected to reach USD 43300 million by 2028, exhibiting a CAGR of 2.20% during the forecast period– Bossonresearch.com
Phosphoric Acid, also called orthophosphoric acid, (H3PO4), is the most important oxygen acid of phosphorus, used to make phosphate salts for fertilizers. It is also used in dental cement, in the preparation of albumin derivatives, and in the sugar and textile industries. It serves as an acidic, fruit-like flavoring in food products.
According to bosson research, the Global Phosphoric Acid Market Size was estimated at USD 37180 million in 2021 and is projected to reach USD 43300 million by 2028, exhibiting a CAGR of 2.20%.
Figure Global Phosphoric Acid Market Size
Source: Bossonresearch.com, 2022
Segment Market Analysis by Application:
Phosphoric Acid has a wide range of applications, most of which is used for fertilizer production, which accounts for about 85% of the total. In addition, it's also used as a food additive, lending acidic properties to soft drinks and other prepared foods, and in water treatment products. It is also used in rust proofing, engraving, and metal coating and is an intermediate or reagent in many manufacturing processes. Phosphoric acid also occurs naturally in many fruits and their juices. Apart from the use of phosphoric acid itself, the greatest consumption of phosphoric acid is in the manufacture of phosphate salts.
Figure Segment Market Share by Application:
Source: Bossonresearch.com, 2022
Competitive Landscape:
The global industry is concentrated on the presence of multiple million-dollar companies. There are multiple mergers & acquisitions, joint ventures and other alliances formed globally in the industry by most of these companies. For Instance, The Mosaic Group was formed in 2004 through the merger of Cargill's crop nutrition fertilizer businesses and IMC Global Inc. Also, Nutrien, another multinational fertilizer manufacturer, was formed as a merger between Agrium and Potash Corp. of Saskatchewan in 2017. The constantly evolving industry has led to several other strategic initiatives undertaken by key producers to increase their market share. Some of the prominent players in the global phosphoric acid market include:
OCP
Mosaic
PhosAgro
PotashCorp (Nutrien)
Itafos
EuroChem
Tunisian Chemical Group (GCT)
Arkema
Solvay
ICL Performance Products
Hubei Xingfa Chemicals Group
Chengxing Group
Yunphos
IFFCO
Maaden
Wengfu Group
Yuntianhua
Tongling Chemical Industry Group
Kailin Group
Hubei Xinyangfeng Fertilizer
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