Phosphoric Acid Market

The phosphoric acid market is anticipated to grow from USD 112.03 billion in 2024 to USD 142.14 billion by 2030 at a CAGR of 4.06% in terms of value. The fertilizer sector covers the largest application for this market, led by the vital use of phosphoric acid as a crucial raw material in phosphate-based fertilizers that are used to boost agricultural productivity. This leadership is driven by increasing world food demand, increasing agricultural activity, and the requirement for greater crop output to fuel population growth. Phosphoric acid application in the production of fertilizers, as well as its uses in food processing, water treatment, and manufacturing in industries, has become vital for maintaining necessary industries, hence consolidating the sector's dominance in the industry.

The key players profiled in the report include OCP Group (Morocco), The Mosaic Company (US), PJSC PhosAgro (Russia), ICL Group Ltd (Israel), Nutrien Ltd. (Canada), EuroChem Group AG (Switzerland), Innophos (US), Solvay SA (Belgium), Ma’aden (Saudi Arabia), and IFFCO (India). These players have adopted various growth strategies to strengthen their position in the market. These include introducing new technologies, expansions, acquisitions, and product launches to acquire larger market shares.

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OCP Group is one of the world's leading exporters of phosphate-based and other chemical products. The company is involved throughout the entire value chain, from mining and manufacturing to community development and education. It possesses over 70% of the world's phosphate reserves. The company operates three business segments: northern axis, central axis & phosboucraa, and head office and other activities. It supplies phosphoric acid through the northern axis and central axis & phosboucraa segment. OCP Group maintains a strong market presence across Europe, the Middle East & Africa, Asia Pacific, South America, and North America. In August 2022, OCP Group announced the expansion of its operations by launching a new plant to produce purified phosphoric acid. This plant will be managed by Euro Maroc Phosphore (EMAPHOS), a subsidiary of OCP Group, with an annual capacity of 280,000 tons starting from the fourth quarter of 2022.

PJSC PhosAgro is the leading producer of phosphate-based fertilizers. The company has a vertically integrated value chain from phosphate rock extraction to fertilizer manufacturing, with major production sites in Cherepovets, Balakovo, and Volkhoy. It operates through two segments: the phosphate segment and the nitrogen segment. Its production of phosphate fertilizers and phosphoric acid is managed under the phosphate business segment. The company mainly produces phosphoric acid for domestic use in manufacturing high-grade mineral fertilizers. In 2024, its phosphoric acid production reached 3.5 million tons, a 5.1% increase from the previous year due to upgrades at production units and better equipment utilization. PJSC PhosAgro focuses on the Russian market, leveraging its strong domestic distribution network and strengthening its position as Russia's leading low-cost producer of phosphate-based fertilizers.

The market for phosphoric acid is competitive, with five major companies controlling about 30-35% of the global market. OCP Group is the leading player in the sector, offering a wide range of phosphoric acid and having extensive integration into applications such as fertilizers, feed and food additives, detergents, and others. Mosaic Company has a strong market position centered on phosphoric acid and manages its global supply operations effectively. PJSC PhosAgro continues its growth trend by expanding through strategic acquisitions and market development. Regarding new-generation phosphoric acid, ICL Group Ltd and Nutrien Ltd. hold dominant market positions.

The remaining 65-70% of the market is made up of regional small-scale manufacturers. Market competition is driven by technological improvements in phosphoric acid and its increasing use in fertilizers, feed and food additives, detergents, water treatment chemicals, metal finishing, and various other industrial applications in developing economies.

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Phosphoric Acid Market by Process Type (Wet, Thermal), Application (Fertilizers, Feed & Food Additives, Detergents, Water Treatment Chemicals, Metal Treatment, Industrial Use), and Region - Global Forecast to 2030