Phosphoric Acid Market to Reach $44,873.5 Million by 2028; EuroChem Acquires Minority Interest in Hispalense de Liquidos to Expand its Offerings

The global phosphoric acid market size is projected to reach USD 44,873.5 million by 2028. The COVID-19 pandemic is expected to impact the market negatively because of the disruptions in the fertilizers industry. Also, the demand for agricultural commodities would decline. But, Oceania, Central Asia, and Eastern Europe are set to surge their usage of fertilizers. Fortune Business Insights™ presented this information in a new study, titled, “Phosphoric Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Fertilizers {Diammonium Phosphate (DAP), Monoammonium Phosphate (MAP), Trisodium Phosphate (TSP), Others}, Animal Feed, Food Additives, and Others), and Regional Forecast, 2021-2028.” The study further mentions that the market stood at USD 31,367.7 million in 2020. It is set to exhibit a CAGR of 4.7% during the forecast period between 2021-2028.

India Imposes Anti-dumping Duty on Phosphoric Acid from Korea

In August 2020, India imposed anti-dumping duty on phosphoric acid for five years from Korea. It would aid in guarding domestic manufacturers against cheap imports. Dumping usually occurs when a company or a country exports a product at a cost lower than the price of the item in the domestic market. As Korea is a vital trading partner of India, it would create a level-playing field and ensure fair trading practices.

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Rising Population and Consumer Expenditure to Bolster Growth

Diammonium phosphate (DAP) is one of the most commonly used phosphatic fertilizers that include phosphoric acid. Initially, rock phosphates were mainly utilized in agriculture. It has declined significantly because of limited crop responses, high transport costs, and low phosphorus content. DAP, on the other hand, is capable of increasing the fertility of crops and surging production. To raise crop yields, farmers are making use of this fertilizer globally. Besides, the rising consumer expenditure and high population would propel the phosphoric acid market growth in the upcoming years. However, the animal and plant health, trade relations, and geopolitics occurring because of the COVID-19 pandemic may hamper the demand in the near future.   

Key Players Focus on R&D Activities and Infrastructure Development to Intensify Competition

The global market is highly fragmented, with the presence of a large number of renowned companies. They are competing by introducing innovative technologies and high-quality products. Some of the others are investing in R&D activities, expanding their facilities, and developing novel infrastructures to cater to the high demand.

Fortune Business Insights™ lists out the names of all the renowned producers operating in the global market. They are as follows:

• Nutrien (Saskatoon, Canada)


• The Mosaic Company (Tampa, Florida, United States)


• OCP (Casablanca, Morocco)


• Ma’aden (Riyadh, Saudi Arabia)


• EuroChem Group AG (Zug, Switzerland)


• Solvay S.A. (Brussels, Belgium) 


• Arkema (Colombes, France)


• Other Key Players

A Significant Industry Development-

• July 2017: EuroChem, a manufacturer of a nitrogen and phosphate fertilizer headquartered in Zug, acquired 50%-1 share in Hispalense de Liquidos. The latter is a Spain-based producer of liquid NPK blends. This would help EuroChem to gain access to additional technical know-how and production capability, which, in turn, would aid it to broaden the scope of its premium product line.

Further Report Findings-

• In 2020, Asia Pacific generated USD 16,801.5 million in terms of revenue. The region is anticipated to lead the market backed by the rising consumer spending, agricultural activities, favorable government policies, and expansion of the chemical industry. In India, the presence of numerous chemical manufacturing companies would aid growth.


• In 2020, Europe and North America together held 20% of the global market. The high demand for phosphoric acid for the usage in animal feed and food additives would accelerate growth in the region.


• Based on the application, the fertilizers segment is expected to dominate by earning the largest phosphoric acid market share in the upcoming years. According to the International Fertilizer Association (IFA), the consumption of P2O5 would surge at a higher average annual rate (+0.8%) than K2O (+0.6%) and N (+0.7%). At the same time, the demand for fertilizers globally is projected to hit 197.1 Mt of nutrients by the end of 2024.

The global market can be segmented in the following way: