Phosphoric Acid Market Industry Analysis and Forecast by 2028

June 15, 2023

Data Bridge Market Research analyses that the market is growing with a CAGR of 4.2% in the forecast period of 2021 to 2028 and is expected to reach USD 47,718.13 million by 2028.

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Global Phosphoric Acid Market Scope and Market Size

The global phosphoric acid market is segmented into four notable segments which are based on process type, form, grade and application. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

On the basis of process type, the phosphoric acid market is segmented into wet process and thermal process. In 2021, the wet process segment is expected to have the largest market share owing due to less cost of wet process as heating and insulation are not required in storage or during shipment. Also, since the impurities in wet-process acid promote super cooling and reduce the tendency for crystallization.

On the basis of form, the phosphoric acid market is segmented into liquid and solid. In 2021, the market is dominated by liquid form due to its application in various regions like in agricultural sector the use of phosphorus fertilizers is considered the most. The liquid fertilizer is easy to penetrate in soil as compared to solid form.

On the basis of the grade, the phosphoric acid market is segmented into food grade, feed grade and technical grade. In 2021, the market is dominated by technical grade segment due its use in the production of STTP (Sodium Tripolyphosphate) which is a preservative. It is also used for production of fertilizers, crop nutrients, and animal feeds.

On the basis of application, the phosphoric acid market is segmented into food and beverages, animal feed, personal care, chemical manufacturing, leather and textile, cleaning agents, ceramics and refractories, agricultural fertilizers, metallurgy, water treatment, construction, mining, semiconductors, oral and dental care, pharmaceuticals and others. In 2021, the market is dominated by agricultural fertilizers segment because phosphoric acid is highly essential in plant nutrition and the liquid fertilizer is easy to penetrate in soil which helps in plant growth and development.

Global Phosphoric Acid Market Country Level Analysis

The global phosphoric acid market is analyzed, and market size information is provided by country, process type, form, grade and application as referenced above.

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