Phosphoric Acid Market 2020: Top Countries Data, Industry Share, Size Growth Factors, Business Opportunities And Forecast To 2028

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The global phosphoric acid market is set to gain traction from the decreasing per capita farmland. The population is surging rapidly worldwide. The FAO declared that in South Asia, around 94% of potentially arable land is used. But, in sub-Saharan Africa, only 22% of the land is under cultivation. This information is given by Fortune Business Insights™ in a new report, titled, “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2021-2028.” The report further states that market size was USD 31,367.7 million in 2020 and is projected to reach USD 44,873.5 million by 2028, exhibiting a CAGR of 4.7% during the forecast period.

Phosphoric acid (H3PO4) is a mineral acid that is commonly used in various industrial and consumer applications. Here’s a rundown of its properties and uses:

Properties:

  • Chemical Formula: H3PO4
  • Appearance: Clear, colorless liquid
  • Odor: Odorless
  • Solubility: Highly soluble in water
  • Acidity: Strong acid

Uses:

  1. Food and Beverage Industry: Phosphoric acid is widely used as an acidulant and flavoring agent in the food and beverage industry. It is commonly found in soft drinks, jams, jellies, and processed foods.
  2. Rust Removal: Phosphoric acid is effective at removing rust and rust stains from metals. It works by converting iron oxide (rust) into a soluble form, making it easier to remove.
  3. Cleaning Agent: Due to its acidic properties, phosphoric acid is used as a cleaning agent for various surfaces, including metals, tiles, and ceramics. It is effective at removing mineral deposits, scale, and stains.
  4. Dentistry: In dentistry, phosphoric acid is used as an etching agent to prepare tooth surfaces for bonding with composite materials during dental restorations.
  5. Fertilizer Production: Phosphoric acid is a key ingredient in the production of fertilizers, especially phosphate fertilizers. It is used to convert phosphate rock into soluble phosphate compounds that plants can absorb.
  6. Water Treatment: Phosphoric acid is used in water treatment processes to adjust the pH levels of water and to prevent corrosion in water distribution systems.
  7. Pharmaceuticals: It is used in the pharmaceutical industry as an excipient in the formulation of tablets and as an acidulant in liquid medications.
    1. Electronics Industry: Phosphoric acid is used for etching metals and as a cleaning agent in the electronics industry, particularly in the manufacturing of printed circuit boards (PCBs).
    2. Industrial Applications: It is used in various industrial processes, including metal surface treatment, oil refining, and as a catalyst in chemical reactions.

    Safety Considerations:

    • Phosphoric acid is corrosive and can cause skin and eye irritation. Proper safety precautions, such as wearing protective clothing and goggles, should be taken when handling it.
    • It should be stored in a well-ventilated area away from incompatible substances.
    • In food and beverage applications, phosphoric acid is generally recognized as safe (GRAS) by regulatory agencies when used in appropriate concentrations.

Drivers & Restraints-

Increasing Usage of DAP in Farming of Fruits & Vegetables to Aid Growth

Phosphoric acid is mainly used for the manufacturing of various types of phosphate fertilizers. Diammonium phosphate (DAP) is considered to be the most commonly used phosphatic fertilizers as they possess excellent physical properties and relatively high nutrient content. It is also an important source of nitrogen and phosphorus for plant feeding applications. At the same time, it is extensively utilized for the farming of grains, such as vegetables, fruits, barley, and wheat. However, the rising implementation of stringent norms on the usage of fertilizers may hinder the phosphoric acid market growth in the near future.

Segment-

Fertilizers Segment to Dominate in the Near Future

Based on the application, the fertilizers segment is set to retain its leading position throughout the forthcoming years by procuring the largest phosphoric acid market share. The International Fertilizer Association (IFA), for instance, mentioned that by 2024, the demand for fertilizers is expected to surge by an average rate of 0.7 percent. It will reach approximately 197.1 Mt of nutrients.

 

Regional Insights-

Rising Agricultural Activities to Help Asia Pacific Lead in Upcoming Years

Geographically, Asia Pacific is anticipated to remain at the forefront in the upcoming years. It generated USD 16,801.5 million in 2020 in terms of revenue. This growth is attributable to the rising consumer spending, agricultural activities, expansion of the chemical industry, and government initiatives. In emerging nations, such as China, the demand for this acid would increase because of the presence of numerous end-use industries.

On the other hand, in 2020, Europe and North America together held more than 20% of the global market. The surging usage of phosphoric acid as animal feed and food additives in both regions would accelerate growth.

Phosphoric acid, a weak acid with the chemical formula H3PO4, finds various uses across different industries due to its versatile properties. Some of its primary applications include:

  1. Food and Beverage Industry: Phosphoric acid is commonly used as an additive in the food and beverage industry. It serves as an acidulant, flavoring agent, and pH adjuster in soft drinks, jams, jellies, and other processed foods. It also prevents the growth of bacteria and molds in food products.
  2. Fertilizer Production: Phosphoric acid is a key ingredient in the production of fertilizers, particularly phosphate fertilizers. It reacts with phosphate rock to produce water-soluble phosphates, which are essential nutrients for plant growth.
  3. Water Treatment: Phosphoric acid is used in water treatment processes to adjust pH levels and reduce the alkalinity of water. It helps control corrosion in water distribution systems and prevents the formation of scale deposits in pipes and equipment.
  4. Metal Cleaning and Rust Removal: Phosphoric acid is effective for removing rust and scale from metal surfaces. It is often used in metal cleaning products, such as rust converters and metal etchants, to prepare surfaces for painting or coating.
  5. Detergents and Cleaners: Phosphoric acid is a common ingredient in household and industrial cleaners. It helps dissolve mineral deposits, soap scum, and hard water stains from surfaces like tiles, ceramics, and metal fixtures.
  6. Pharmaceuticals: Phosphoric acid is used in the pharmaceutical industry as an excipient in tablet formulations. It acts as a pH adjuster and provides stability to drug formulations.
  7. Electronics Manufacturing: Phosphoric acid is used in the production of electronics, particularly in the etching of printed circuit boards (PCBs). It removes copper from the surface of PCBs during the manufacturing process.
  8. Industrial Applications: Phosphoric acid is utilized in various industrial processes, including as a catalyst in the production of synthetic detergents, as a flux in soldering and brazing operations, and as a chemical intermediate in the synthesis of other compounds.
  9. Acidizing in Petroleum Industry: Phosphoric acid is used in the oil and gas industry for well stimulation and acidizing operations to increase the productivity of oil and gas wells by dissolving minerals and opening flow channels.

Information Source:

https://www.fortunebusinessinsights.com/phosphoric-acid-market-104571

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