According to Future Market Insights (FMI), the global Purified Phosphoric Acid Market value is estimated to reach US$ 8,702.8 million in 2023. Over the forecast period from 2023 to 2033, global sales of purified phosphoric acid are likely to soar at 4.7% CAGR, taking the overall market size to US$ 13,782.4 million by 2033.
Demand remains particularly high for food-grade purified phosphoric acid due to rising usage in the thriving food & beverage sector. As per the latest analysis, food grade phosphoric acid segment holds around 37% share of the global market.
The purified phosphoric acid industry is witnessing significant growth, driven by rising demand from the pharmaceutical, and food and beverage sectors.
The focus in the market is on producing and distributing high-quality purified phosphoric acid to meet the specific requirements of diverse sectors. Manufacturers are actively expanding their production capacities, with a particular emphasis on pharmaceutical-grade products, which offer greater profit margins.
Stay Ahead of the Curve - Download Our Industry Overview Sample and Seize Growth Opportunities! https://www.futuremarketinsights.com/reports/sample/rep-gb-17783
Growing usage of purified phosphoric acid for making a wide range of pharmaceutical formulations are expected to boost the target market during the assessment period.
Purified phosphoric acid is being widely used as an API, excipient, acidulant, and buffering agent in the pharmaceutical sector. It enhances therapeutic properties and improves drug stability, solubility, and bioavailability.
Increasing spending on pharmaceutical products due to rising prevalence of chronic diseases and growing health awareness will positively impact purified phosphoric acid sales.
Rising popularity of purified phosphoric acid as an ideal preservative and acidulant in the food & beverage sector will further boost the market.
The growing demand for purified phosphoric acid in the electronic sector is driven by its vital role in producing semiconductors, PCBs, and electronic displays. Overall, the purified phosphoric acid market is poised for continued growth in the future
Key Takeaways from the Market Report:
The global market of purified phosphoric acid is projected to witness a CAGR of 7% through 2033.
By application, pharmaceutical segment dominates the global market with a share of around 28%.
By product type, food grade segment is anticipated to thrive at 8% CAGR during the forecast period.
East Asia and North America together hold around 60% of the global purified phosphoric acid industry.
The United States purified phosphoric acid industry is likely to witness steady growth during the projection period.
Purified phosphoric acid demand in China is likely to rise at a significant pace through 2033.
“Rising demand from pharmaceutical and food & beverage sectors, with a focus on producing high-quality products directly increases the consumption of purified phosphoric acid in the global market. Prominent manufacturers are expanding production capacity and updating product portfolio, with pharmaceutical grade products offering higher profit margins.” - says a lead analyst at FMI
Who is Winning?
The market is controlled by prominent manufacturers, with a market share ranging from 40% to 45% globally. These manufacturers of purified phosphoric acid are persistently investing in production capacity and updating their product portfolios. They also implement strategies such as agreements, partnerships, mergers, collaborations, and acquisitions to strengthen their market presence. For instance,
In 2022, Nutrien Ltd. and Innophos Holdings, Inc. entered into a three-year agreement for the supply of Purified Phosphoric Acid (PPA).
Key Companies Profiled
Nutrien Ltd.
The Mosaic Company
Ma'aden Wa'ad Al-Shamal Phosphate Company (MWSPC)
ICL Group Ltd.
Hubei Xingfa Chemicals Group Co., Ltd
Yara International ASA
OCP Group
Jordan Phosphates Mines Company
The Mosaic Company
OCI Co. Ltd.
PhosAgro
EuroChem Group
Gujarat State Fertilizers Corporation Limited
Gujarat Alkalis and Chemicals Ltd.
Industries Chimiques du Senegal
Global Purified Phosphoric Acid Market Segmentation
By Product Type:
Food Grade
Pharmaceutical Grade
Technical Grade
By Application:
Agrochemical
Animal Nutrition
Food & Beverage
Pharmaceutical
Chemical
Water Treatment
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
Central Asia
Russia & Belarus
Balkan & Baltics
East Asia
South Asia Pacific
Middle East Africa