Phosphoric Acid Market is predicted to reach USD 72,722.13 million at a CAGR of 4.20% during the forecast period 2023-2030

Market Research Future (MRFR) has published on the “Global Phosphoric Acid Market”.

The Decorative Laminates market is estimated to register a CAGR of 4.20% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Decorative Laminates market— ICL Group Ltd. (Israel), OCP Group S.A. (Morocco), The Mosaic Company (US), Nutrien Ltd. (Netherlands), Eurochem Group (Switzerland), IFFCO (India), Arkema (France), Solvay (Belgium), Ma’aden (Saudi Arabia), Phosagro Group of Companies (Russia).

Market Highlights

The global phosphoric acid market is accounted for to register a CAGR of 4.20% during the forecast period and is estimated to reach USD 72,722.13 million by 2030.

Global phosphoric acid refers to the worldwide production, consumption, and trade of phosphoric acid, which is a chemical compound with the formula H₃PO₄. Phosphoric acid is a mineral acid that is commonly used in various industries and applications.

Phosphoric acid is primarily produced through the wet process, which involves the reaction of phosphate rock with sulfuric acid. It can also be produced through the thermal process, which involves the combustion of elemental phosphorus to form phosphorus pentoxide (P₂O₅), which is then dissolved in water to produce phosphoric acid.

The primary force behind the growth of the Decorative Laminates market worldwide is the Increasing demand for dap phosphate fertilizers. Phosphoric acid has numerous uses in various sectors. It is a key ingredient in the production of fertilizers, as it is a major source of phosphorus for plants. Additionally, it is used in the food and beverage industry as an acidity regulator, flavor enhancer, and nutrient source.

Segment Analysis

The global phosphoric acid market has been segmented based on source, application, and region.

The global phosphoric acid market segmentation, based on source has been segmented as wet process and thermal process. Among these, the wet process is projected to dominate the global phosphoric acid market revenue through the projected period as estimated by MRFR analysts.

The wet process is one of the primary methods used to produce phosphoric acid. It involves the reaction of phosphate rock (which typically contains calcium phosphate) with sulfuric acid. Phosphate rock is mined from deposits and processed to remove impurities. The rock is usually ground into a fine powder to increase its surface area, which enhances the reaction efficiency. The mixture resulting from the digestion step is filtered to separate the insoluble calcium sulfate (gypsum) from the phosphoric acid solution. Gypsum can be further processed and used in various applications. The filtrate containing the phosphoric acid is then concentrated by removing water through evaporation or other methods. This step increases the concentration of phosphoric acid in the solution. The concentrated phosphoric acid may undergo additional purification processes to remove impurities, such as heavy metals and organic compounds. This step ensures that the phosphoric acid meets the required quality standards for its intended applications.

Based on Application, the market is segmented as fertilizers, feed & food additives, detergents, water treatment chemicals and others. Out of which fertilizers dominated the base year market and is also projected to be holding a dominating share in the forecasted period as well. Fertilizers play a significant role in driving the demand for phosphoric acid. Phosphoric acid is a key component in the production of phosphate fertilizers, which are essential for enhancing agricultural productivity and ensuring sufficient nutrient supply to plants. Phosphoric acid is a major source of phosphorus, which is one of the essential macronutrients required by plants for healthy growth and development. Phosphorus is vital for processes such as energy transfer, root development, flowering, and fruiting. It is often a limiting nutrient in soil, meaning that its availability can significantly affect plant growth. Phosphoric acid, as a concentrated source of phosphorus, is widely used to manufacture phosphate fertilizers that provide plants with an accessible form of phosphorus.

Access full report @ https://www.marketresearchfuture.com/reports/phosphoric-acid-market-12065

Regional Analysis

By Region, the study segments the Decorative Laminates market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The APAC region, including countries such as China, India, Japan, South Korea, and Southeast Asian nations, has experienced significant economic growth over the past decades. APAC is home to some of the world's largest agricultural economies, including China and India. The region's population growth, increasing urbanization, and changing dietary patterns drive the demand for food production. As a result, there is a significant need for phosphoric acid-based fertilizers to enhance crop productivity and meet the demand for food. The agricultural sector's growth in APAC fuels the demand for phosphoric acid as a vital component in phosphate fertilizers. APAC countries have high fertilizer consumption rates due to the large-scale agricultural activities and the cultivation of diverse crops. China is the world's largest consumer of phosphoric acid and phosphate fertilizers. The region's demand for phosphoric acid is driven by its extensive use in the production of various phosphate fertilizers, such as diammonium phosphate (DAP), monoammonium phosphate (MAP), and urea phosphate.

Key Findings of the Study

• The global phosphoric acid market is expected to reach USD 72,722.13 million by 2030, at a CAGR of 4.20% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on source, the wet process was attributed to holding the largest market in 2022.


• Based on application, fertilizers was attributed to holding the largest market in 2022.


• ICL Group Ltd. (Israel), OCP Group S.A. (Morocco), The Mosaic Company (US), Nutrien Ltd. (Netherlands), Eurochem Group (Switzerland), IFFCO (India), Arkema (France), Solvay (Belgium), Ma’aden (Saudi Arabia), Phosagro Group of Companies (Russia) are the key market players.