H1 2023: The largest producers of Phosphoric Acid in H1 2023 were OCP Group, Mosaic Company, and IFFCO. In H1 2023, Gujarat Alkalies and Chemicals Limited (GACL), one of the leading chemical producers of India, began operation of a new Phosphoric Acid facility at their Dahej complex located in Gujarat. The complex also comprises of a hydrazine hydrate facility. This plant was worth USD 62.4 million (INR 520 crores) with a production capacity of 33.8 thousand tonnes per annum of Phosphoric Acid. Regionally, Asia Pacific region was leading in terms of consuming Phosphoric Acid in H1 2023. However, the Asia Pacific region witnessed fluctuations in Phosphoric Acid pricing during H1 2023. The phosphoric acid prices were high in January 2023 due to high feedstock prices. There was a healthy demand from the downstream fertilizer sector and food additives during January 2023 and throughout Lunar New Year holiday in China. However, February 2023 onwards, the phosphoric acid prices started to decline with market's bearish sentiment in China. Factors like downfall in production costs of phosphoric acid production units was due to a decrease in the price of raw material yellow phosphorous contributed to the low price in China. However, Phosphoric Acid inventories in the Chinese market were sufficient.
The global Phosphoric Acid market stood nearby 40 million tonnes in 2023 and is expected to grow at a CAGR of 4.04% during the forecast period until 2034.
The primary market driving factor for the growth of Phosphoric Acid market is its application in Fertilizers Industry. In 2023, the Fertilizers industry consumed approximately 80% of the Phosphoric Acid and is anticipated to dominate the Phosphoric Acid market in the forecast period. The most popular phosphatic fertilizers include diammonium phosphate (DAP), monoammonium phosphate (MAP), NPKs, and SSP. DAP is an excellent source of phosphate and nitrogen for plant nutrition. The ideal ratio of phosphorus and nitrogen is supplied by growing cereals like grain, fruits, cereals, and veggies. DAP in turn enhances soil’s fertility thus making the crop production more efficient. The Phosphoric Acid market demand is expected to reach approximately 60 million tonnes by 2034.
Phosphoric acid is an inorganic compound with formula H3PO4. It is also called orthophosphoric acid. It is a non-volatile, flavourless, colourless syrupy liquid. By using a wet method or a thermal process, phosphate ores can be converted into phosphoric acid, or H3PO4. These two ores are Fluorapatite and Francolite. The wet method is used to produce majority of the phosphoric acid worldwide. Reaction, filtration, and concentration stages comprise the wet process. Phosphoric acid is majorly employed to manufacture fertilizers. The chemical reaction of phosphoric acid with ground rock phosphate results in triple superphosphate (TSP). MAP and DAP are other fertilizers which are produced by reaction between phosphoric acid and ammonia.
Based on region, Asia Pacific is dominating across all the areas around the globe, with a consumption of about 52% of the global Phosphoric Acid in 2023. In order to achieve high rate of crop production, fertilizer use is increasing in China and India due to the rapid growth in population. This can be linked to the region's agriculture industry's high volume fertilizer requirement. Based on this, it is anticipated that Asia Pacific’s demand for phosphoric acid as a raw fertilizer ingredient should rise during the projection period. North America and Europe are also prominent consumers. Increase in the usage of this acid as food additives and animal feed is anticipated to surge the demand of global Phosphoric Acid in the upcoming years. Middle East region is leading in terms of producing Phosphoric Acid. It is mainly due to abundance of mineral phosphorous in this region which is the leading cause of high production of Phosphoric Acid.
Based on the end-user industry, the global Phosphoric Acid market is segmented into Fertilizers, Feed and Food Additives, and Others. The Fertilizers industry is dominating the Phosphoric Acid market. It is anticipated that this sector will maintain its position owing to growing demand of crops with the fast-growing population across the globe. Other applications of Phosphoric Acid as a Food Additive is another impressive sector which will most likely fuel the Phosphoric Acid demand in the forecast period.
Major producers in the production of Global Phosphoric Acid market are OCP Group, Mosaic Company, IFFCO, Nutrien, Ma’aden, J.R. Simplot Company, ICL-YTH Group, Wengfu Group Co., Ltd., ICL(Rotem), Indorama (Industries Chimiques du Senegal), PhosAgro, Foskor Group, Rotem Amfert Negev Ltd., Yara, Coromandal International limited, JIFCO, and Indo Maroc Phosphore SA (IMACID).
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
This report will be delivered on an online digital platform with one-year subscription and quarterly update.
Objective of the Study:
• To assess the demand-supply scenario of Phosphoric Acid which covers production, demand and supply of Phosphoric Acid market in the globe.
• To analyze and forecast the market size of Phosphoric Acid
• To classify and forecast Global Phosphoric Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Phosphoric Acid market in the globe.
To extract data for Global Phosphoric Acid market, primary research surveys were conducted with Phosphoric Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Phosphoric Acid market over the coming years.
ChemAnalyst calculated Phosphoric Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw material to produce Phosphoric Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Phosphoric Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Phosphoric Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Phosphoric Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Phosphoric Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
|
Attribute
|
Details
|
|
Market size Volume in 2022 |
40 million tonnes |
|
Market size Volume by 2032 |
60 million tonnes |
|
Growth Rate |
CAGR of 4.04% from 2024 to 2034 |
|
Base year for estimation |
2024 |
|
Historic Data |
2015 – 2023 |
|
Forecast period |
2025 – 2034 |
|
Quantitative units |
Demand in million tonnes and CAGR from 2024 to 2034 |
|
Report coverage |
Capacity By Company, Capacity by Location, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade |
|
Segments covered |
By End-Use: (Fertilizers, Feed and Food Additives, and Others)
By Sales Channel: (Direct Sale and Indirect Sale) |
|
Regional scope |
North America, Europe, Asia Pacific, Middle East and Africa, and South America. |
|
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com
I am satisfied with overall performance of ChemAnalyst. Weekly updates before the final report were especially helpful and reassuring. Additional requests on the interim and/or final reports were handled in a swift and professional manner
Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
Disruption Tracker reflect the major shutdown on monthly basis which will help you in tracking the inventory management and smooth functioning of business. Unforeseen shutdowns and disruptions resulting in a loss of production capacity to impact the bottom line. The capacity tracker provides industries with a global view of production and consumption capacity loss that reflects the corresponding conversion factors. It also highlights the immediate impact on supply due to planned and unplanned outages as well as upcoming start-up of new capacities. Additionally, it emphasizes how each shutdown—whether due to a maintenance turnaround or a case of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on supply of the product in the market at a Global level.
Q1.
What are the major end-use industries utilizing Phosphoric Acid?
Ans:
Phosphoric Acid demand is majorly driven by the Fertilizers, Feed and Food Additives, and Others as the leading end-use industries.
Q2.
What is the expected market volume of the global Phosphoric Acid by 2034?
Ans:
It is expected that the market volume of the global Phosphoric Acid will expand to reach approximately 60 million tonnes by 2034.
Q3.
Do you offer single or multiuser license?
Ans:
Online Access 12 Months – Single User License (Up to 3 users can access the database) Online Access 12 Months – Enterprise License (Up to 10 Users can access the database)
Q4.
Will I get access to the analyst who authored this report?
Ans:
You will have 24/7 access to the analyst during the subscription period.
We at ChemAnalyst provide tailor-made solutions to our clients based on their requirements which help them in building and expanding their business by developing customized strategy such as sales strategy, GTM Strategy, product portfolio and new product development. Our dedicated team helps clients in getting the best solution for their requirements. We at ChemAnalyst look forward to serving our clients for long term association.
ChemAnalyst provide TEFR reports which include market sizing, plant cost (ISBL and OSBL units), financial modelling, covering all the major financial calculations and ratios including production cost, IRR, major technology, licensing fee (if required), and others fixed and variable costs. TEFR reports will help the client to build greenfield project as well as brownfield expansion for a specific geography. Our Team of experts have delivered multiple TEFR reports which help clients in moving ahead of their business competition by grabbing the opportunity and expanding their business portfolio.
Pricing benchmark report provides real-time data perpetuating current market scenarios, in a world that is changing at a rapid pace, having real-time prices is an imperative to make impactful insights and thereby informed decisions. The Price Benchmarking report provides pricing data for an individual market, or group of markets, which can be converted into localized insights and comparable listings. Benchmarking Reports help clients to make informed decisions by construing the data on several filters: region, country, category, grade and subsequently increasing their brand presence. Clients majorly require pricing benchmarks when they opt for a competitive pricing strategy.
