Global Phosphoric Acid Market is slated to grow substantially through 2032, owing to the surging consumer preference toward nutritional supplements.
Technical grade phosphoric acid is utilized in a variety of industrial operations, such as food and beverage processing, industrial cleaning, metal finishing, metal treatment, water treatment, as well as other manufacturing uses. This would imply that the expanding manufacturing processes would enhance the product outlook.
Moreover, the global industrial output will increase due to accelerated industrialization, positive economic trends, and significant investments. Such encouraging developments will speed up the market expansion for technical-grade phosphoric acid.
Furthermore, prominent companies in the market are forming strategic partnerships to gain a competitive edge in the industry. For instance, Pengyue Eco-technology, a business arm of Guizhou Chanhen Chemical Corporation, announced commencing the operation of its new phosphoric acid plant in mid-2022. The year marked the completion of the 1st phase project, with the total design capacity of the project accounting for 400,000 tons of P2O5 annually.
The phosphoric acid market has been bifurcated in terms of concentration, application, grade, end-user, and region.
Based on concentration, the 92% segment is speculated to grow at more than 6.5% CAGR from 2023 to 2032. 92% food grade phosphoric acid is used in household items including fertilizers, detergents, and cleaning products. Additionally, it is utilized in water treatment goods as well as a food additive.
With respect to application, the catalyst segment is estimated to expand substantially through the forecast period. Chemical laboratories employ phosphoric acid as a solvent and a catalyst. By doing this, the substances that can be introduced to speed up the reaction. Typically, catalysts reduce the activation energy or alter the reaction process to speed up reactions.
In terms of grade, the food grade segment is anticipated to grow over the review timeline credited to the wide use of food-grade phosphoric acid ingredients in the food & beverage industry.
From the regional front, the Middle East & Africa phosphoric acid market is set to grow at more than 12% CAGR from 2023 to 2032. Construction activities are rapidly increasing in the Middle East and Africa region driven by the rising millennial population and growing urbanization. As per experts, the UAE’s construction sector is anticipated to observe a solid recovery in the coming five years, with the value growing between 3.7% to 4.7%.