Global demand for purified phosphoric acid is expected to grow at a CAGR of 4.7% from 2023 to 2033. The purified phosphoric acid industry is witnessing significant growth, driven by rising demand from the pharmaceutical, and food and beverage sectors.
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 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.
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 Purified Phosphoric Acid Market Insights
The global purified phosphoric acid (PPA) market is experiencing significant growth, driven by several key factors:
- End-Use Sector Growth: Strong demand from the pharmaceutical and food & beverage industries is elevating the need for purified phosphoric acid.
- Fertilizer Demand: The rising requirement for high-quality fertilizers worldwide is expected to propel PPA sales.
- Animal Nutrition and Water Treatment: Increased use of PPA in animal nutrition and water treatment applications may further enhance market growth.
- Food Preservation: The popularity of purified phosphoric acid as a preservative and acidulant in the food & beverage sector is anticipated to create new opportunities.
- Pharmaceutical Applications: A growing demand for pharmaceutical products that utilize PPA in their production is likely to provide substantial prospects for manufacturers.
- Wet Process Adoption: The increasing preference for wet process phosphoric acid is projected to contribute positively to the market dynamics.
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
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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).
Leading players in the Purified phosphoric Acid Market
- 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.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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