August 21, 2023 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
Valley Cottage, New York, UNITED STATES Npk 20-20-20
NEWARK, Del, Aug. 21, 2023 (GLOBE NEWSWIRE) -- 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.
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.
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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:
“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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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,
Leading players in the Purified phosphoric Acid Market
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Global Purified Phosphoric Acid Market Segmentation
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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