Published Date: March 20, 2023
Phosphoric acid market size is anticipated to be worth USD 87 billion by 2032, as per a new research report announced by Global Market Insights Inc.
The report indicates that the increase in real estate development projects will accelerate the use of phosphoric acid for construction applications. In developing economies such as India, the construction sector is expected to observe a strong growth trajectory, as the proposal to boost capital investment outlay for FY2024 can improve the momentum of construction projects. Since the compound can help get rid of cement streaks, hard water stains, and other mineral deposits, the introduction of favorable government construction policies and tax laws will add impetus to phosphoric acid development.
The Phosphoric acid market value from the 85% concentration segment is projected to reach 12 billion by 2032. The product’s robust application scope in the dental and orthopedic etchant, rust inhibitor, toothpaste, electrolyte, water treatment, and feedstock for fertilizers will stimulate the adoption of 85% phosphoric acid. Despite a volatile economy, renters, homeowners, and business owners have planned to increase their spending on professional cleaning services. The report says that these factors will also spur the consumption of 85% phosphoric acid as a cleaning & sanitizing agent.
Browse key industry insights spread across 350 pages with 315 market data tables & 27 figures & charts from the report, “Phosphoric Acid Market Size, By Concentration (75%,85%, 92%), By Grade (Technical Grade, Food Grade), By Application (Fertilizer, Metal Treatment, Cleaning & Sanitizing agent, Catalyst, Food Additive {pH Regulator, Cleaners, Additive, Emulsifying agent}), By End-User (Agriculture, Energy, Industrial Cleaning, General Industrial, Construction, Water Treatment, Beverage {Carbonated Beverages, Sports Drinks, Juices}, Nutritional supplement, Processed foods, Dairy products)Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/phosphoric-acid-market
Phosphoric acid market share from the metal treatment segment will exhibit more than 4.5% CAGR through 2023-2032. This is considering the capability of phosphoric acid to enhance the hardness, appearance, and electrical properties of metal surfaces. Other major product benefits include corrosion resistance and high paint adhesion, thereby offering wear resistance and lubricity, an adhesive base in metal lamination and molding operations. The applicability of highly concentrated solutions of the compound in electropolishing will further influence the industry outlook, the report claims.
The phosphoric acid market growth from agriculture end-use segment will account for over 80% share by 2032, due to the growing phosphorous deficiency in agricultural soils due to erosion. There has also been a greater push for increasing the farming budget to address inflation. The EU, for example, has among the most extensive farming subsidy programs in the world, worth around USD 286 billion in 2023. These factors, alongside the increasing population and the emphasis on enhancing soil fertility, will boost the usage of phosphoric acid for agriculture applications, the report reveals.
Europe phosphoric acid market is set to be valued at over USD 14 billion by 2032, considering the strong presence of manufacturers including Arkema and Clariant. Germany has also emerged as a key exporter and importer of phosphoric acid. Despite the positive business landscape, construction outputs have declined due to supply chain crises and inflation. The report claims that these factors, along with the upswing in the price of butter and other dairy products, may limit the adoption of phosphoric acid as a raw material in the European construction and food industries.
The strategic landscape of the global phosphoric acid market consists of companies such as ArrMaz Products, Inc., Prayon, ICL Group Ltd., Gujarat Alkalies and Chemicals Limited, Shifang Sundia Chemical Industry, Univar Solutions Inc., Chuanlin Chemical, Nutrien, Haifa Group, Aditya Birla Chemicals, Hydrite Chemical Co., Chuandong Chemical Co., Ltd., and Innophos, among others. Strategic business developments, product launches, mergers, and partnerships are some of the key initiatives being undertaken by these companies to gain a competitive advantage over rivals in the global in
Kiran Pulidindi, Kunal Ahuja