Global Hypophosphorous Acid Market Report and Forecast 2024-2032

Global Hypophosphorous Acid Market Outlook

The global hypophosphorous acid market is strongly supported by the global sodium hypophosphite market, which attained a value of USD 725.83 million in 2023. The hypophosphite acid market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 5% to reach USD 1,125.68 million by 2032.

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Growing Electronics Sector Likely to Propel the Demand for Hypophosphorous Acid Globally

One of the chief applications of hypophosphorous acid is in the production of electroless nickel-phosphorous plating. This material is used extensively in the electronics industry in the making of printed circuit boards and hard-disk drives. It is also commonly used to provide a corrosion-resistant or smoothening coat over metal surfaces. Another factor that may boost the growth of the global hypophosphorous acid market is its use as a reducing agent in the pharmaceutical industry, which is currently facing a surge due to the COVID-19 pandemic. Hence, the market for hypophosphorous acid is expected to grow at a healthy pace during the forecast period of 2024-2032.

While Europe and North America continue to hold a significant market share, with respect to hypophosphorous acid consumption, the Asia Pacific region is expected to witness a robust growth in the coming years, mostly attributed to the increased utilisation of the acid in paints, inks, and coatings, as well as pharmaceuticals industries. The pharmaceuticals sector is expected to grow significantly in this region during the forecast period.

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Global Hypophosphorous Acid: Market Segmentation

Hypophosphorous acid (H¬3PO3), sometimes referred to as HPA, is a strong reducing agent obtained from hypophosphite salts like sodium hypophosphite. It is a clear, colourless liquid that can be stored under normal conditions. It is obtained from its salt form (such as sodium hypophosphite) and thus shares applications with this state. It is used to reduce a wide variety of chemicals in industrial production reactions. The acid is often shipped by suppliers as ‘pharmaceutical grade’, which indicates higher purity materials better suited for use in this industry.

The product’s applications as a catalyst, neutralising agent, and discolouring agent, especially in the synthesis of polymers and plastics, have led to the growth driven by the increased production of these materials. This is due to the increase in consumption of plastic and polymer-based products in recent years, a trend that is expected to continue in the future.

The major types of hypophosphorous acid are:

• Hypophosphorous Acid 50%
• Hypophosphorous Acid 80%

The market can be broadly categorised on the basis of its grade into:

• Technical Grade
• Pharmaceutical Grade

The market can be classified by application into:

• Polymers and Plastics
• Electronics
• Pharmaceuticals
• Paints and Coatings
• Others

The EMR report looks into the regional markets of hypophosphorous acid like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Steady Growth in the Plastics and Polymers Industry to Bolster the Demand for Hypophosphorous Acid

Hypophosphorous acid is commonly used as a reducing agent in the plastics and polymers industry and is typically supplied in 50% aqueous solution, but it also available in 80% when stronger reducing action is required. Besides reduction, the acid is also used as a neutralising agent, catalyst, wetting agent, and for bleaching in the polymers and plastics industry.

The large increase in the value of the pharmaceuticals industry as a result of the COVID-19 pandemic is expected to result in the increased demand for hypophosphorous acid, which is commonly used as a reducing agent (and various other applications) in the formulation of pharmaceutical products. It is expected that demand for pharma-grade HPA will continue to grow during the period 2024-2032.

Key Industry Players in the Global Hypophosphorous Acid Market

The report presents a detailed analysis of the following key players in the global hypophosphorous acid market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Arkema Group
• Richman Chemical Inc.
• Hubei Lianxing Chemical Co., Ltd.
• Varsal Inc.
• Jiangsu Kangxiang Industrial Group Co., Ltd.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis, as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report