The global phosphoric acid market will grow to USD 56.8 Billion by 2027, at a CAGR of 4.1% from USD 46.4 Billion in 2022. Phosphoric acid market is mainly driven by increasing demand from fertilizer industry, food and beverages industry, and growing use of phosphoric acid in the fuel cells. The environmental concerns and increasing regulatory pressure hamper the growth of the phosphoric acid market. Commercialization of chiral phosphoric acid as a catalyst and recovery of rare earth elements from phosphoric acid creates an opportunity for the phosphoric acid market.
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ICL Group Ltd. (Israel), OCP Group S.A. (Morocco), The Mosaic
Company (US), Nutrien Ltd. (Canada), Eurochem Group AG (Switzerland), Phosagro
Group of Companies (Russia), and IFFCO (India) among others
are the major players in this market.
ICL Group Ltd.
(ICL) is a global leader in specialty minerals. The shares of the company are
listed in the New York Stock Exchange. The company creates impactful solutions
in applications of global agriculture, food, and industrial markets. The
company is involved in unique potash, bromine, and phosphate resources. The
company is operating its business into five segments, namely, industrial
products, potash, phosphate solutions, innovative Ag solutions, and other
activities. The company offers phosphoric acid through phosphate solutions segment.
· IGL Group Ltd. has announced a
completion of acquisition of Fertilaqua. IGL Group Ltd. expects the usage of
strong market presence of Fertilaque to distribute the organic chemicals and
fertilizers of the company in the world.
OCP Group S.A.
is one of the world’s leading exporters of phosphate-based products and other
chemical products. The company is involved throughout the value chain from
mining and manufacturing to community development and education. The company
has more than 70% of the world’s phosphate reserves. The company operates its
business into three segments, namely, northern axis, central axis &
phosboucraa, and head-office and other activities. The company offers
phosphoric acid through both the segment of northern axis and central axis
& phosboucraa.
OCP Group S.A. has announced an
expansion of its business by launching a new plant building to produce purified
phosphoric acid. The plant will be controlled by Euro Maroc Phosphore
(EMAPHOS), a subsidiary of OCP Group S.A. with an annual production capacity of
280,000 tons per year from fourth quarter of 2022.
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Nutrien Ltd. is the largest producer of potash and one of the world’s largest producers of nitrogen and phosphate for manufacturing fertilizers. The company is involved in the business of agricultural nutrients, potash production, agricultural distribution, nitrogen production, manufacturing, phosphate production, crop production services, and precision agriculture. The company operates its business into four segments, namely, retail, nitrogen, potash, and phosphate. The company offers phosphoric acid through the phosphate segment
Nutrien Ltd. has announced a three year Purified Phosphoric Acid (PPA) supply agreement with Innophos Holdings, Inc. Nutrien Ltd. will provide PPA to Innophos Holdings, Inc. for three years to manufacture phosphate-based products.Recent Developments in Phosphoric Acid Market:
- In January 2021, IGL Group Ltd. has announced a completion of
acquisition of Fertilaqua. IGL Group Ltd. expects the usage of strong market
presence of Fertilaque to distribute the organic chemicals and fertilizers of
the company in the world.
- In August 2020, OCP Group S.A. has announced an expansion of its business by launching a new plant building to produce purified phosphoric acid. The plant will be controlled by Euro Maroc Phosphore (EMAPHOS), a subsidiary of OCP Group S.A. with an annual production capacity of 280,000 tons per year from fourth quarter of 2022
