The Phosphoric Acid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Phosphoric Acid Global Market Report 2024, The phosphoric acid market size has grown strongly in recent years. It will grow from $49.37 billion in 2023 to $52.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to growth in food and beverage industries, production of phosphate-based chemicals, water treatment and purification applications, metal surface treatment processes, demand in pharmaceuticals and dentistry.
The phosphoric acid market size is expected to see strong growth in the next few years. It will grow to $66.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to expansion of renewable energy storage, development of lithium-ion batteries, increase in demand for industrial-grade phosphoric acid, water resource management and treatment, adoption in pharmaceutical manufacturing.. Major trends in the forecast period include green and sustainable phosphoric acid production, phosphoric acid for wastewater nutrient removal, hydrogen production using phosphoric acid, advanced dental applications with phosphoric acid, phosphoric acid for clean energy storage..
The increasing demand for Di-ammonium Phosphate (DAP) fertilizers is significantly contributing to the growth of the phosphoric acid market. Di-ammonium phosphate is one of a series of water-soluble ammonium phosphate salts that can be produced when ammonia reacts with phosphoric acid. Phosphoric acid is widely utilized in fertilizer production because its combination with finely ground phosphate produces triple superphosphate (TSP), monoammonium phosphate (MAP), and diammonium phosphate (DAP). For instance, according to the World Bank, a US-based international financial institution, phosphate DAP prices jumped 23% owing to increased demand by farmers across the world.. Therefore, the increasing demand for DAP phosphate fertilizers is driving the demand for the phosphoric acid market.
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The phosphoric acid market covered in this report is segmented –
1) By Type: Calcium Phosphate, Sodium Tripolyphosphate, Potassium Phosphate, Other Types
2) By Grade: Food, Agricultural, Industrial
3) By Process Type: Furnace Process, Dry Kiln Process, Other Process Types
4) By End-User: Fertilizer, Food and Beverages, Chemicals, Medicine, Metallurgy, Other End-Users
Technological innovations are the key trend gaining popularity in the phosphoric acid market. Phosphoric acid companies are continuously developing new technology and advanced products to increase their share in the market. For instance, in December 2021, Clean TEQ Water, an Australia-based water treatment and resource recovery company, launched the new PHOSPHIX technology, which combines continuous ionic filtration (CIF) technology and chemical precipitation to particularly remove phosphate from water and recover a reusable solid phosphorus product. PHOSPHIXTM achieves very low effluent concentrations (0.1 ppm) with over 99% water recovery and recycles phosphate into hydroxyapatite, which is used to produce fertilizer.
The phosphoric acid market report table of contents includes:
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