According to a new report, published by KBV research, The Global Phosphoric Acid Market size is expected to reach $63.1 billion by 2030, rising at a market growth of 4.4% CAGR during the forecast period. In the year 2022, the market attained a volume of 44,485.6 Kilo Tonnes, experiencing a growth of 3.8% (2019-2022).
The Wet Process segment is leading the Global Phosphoric Acid Market by Source Type in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $49.5 billion by 2030. This method is commonly used for the industrial production of phosphoric acid, particularly the food-grade or technical-grade phosphoric acid. The wet process for phosphoric acid production is a well-established and widely used method in the chemical industry. The choice of sulfuric acid as the reacting agent is due to its availability and effectiveness in converting phosphate rock into phosphoric acid. The resulting phosphoric acid can be used in a wide range of applications, including fertilizers, detergents, food and beverages, and industrial cleaning products.
The Feed & Food Additives segment is showcasing a CAGR of 5.1% during (2023 - 2030). The addition of phosphoric acid to animal feed can enhance growth rates, reproductive performance, and feed conversion efficiency. It is particularly beneficial in commercial livestock and poultry farming. Phosphoric acid in feed additives helps prevent and correct deficiencies that can lead to rickets and other bone disorders in animals. Additionally, phosphoric acid is used in carbonated beverages, particularly colas, to impart a tart and slightly acidic taste that is well-received by consumers. In some food processing applications, phosphoric acid may be used as a chelating agent, which can help control the availability of metal ions and prevent certain undesirable reactions in food products. As a result, the demand in the segment will increase rapidly in the upcoming years.
The Asia Pacific region dominated the Global Phosphoric Acid Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $29.8 billion by 2030. The LAMEA market is anticipated to grow at a CAGR of 4.5% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 5.2% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/phosphoric-acid-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of The Mosaic Company, PJSC "PhosAgro", Nutrien Limited, IFFCO, EuroChem Group AG (AIM Capital Ltd.), OCP SA, ICL Group Ltd. (Israel Corp.), Yara International ASA, Innophos Holdings, Inc. (One Rock Capital Partners, LLC), and Gujarat State Fertilizers & Chemicals Limited.
By Source Type (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Million, 2019-2030)
Companies Profiled
Unique Offerings 
