Phosphoric Acid Market Size, Share, Growth Analysis, By Method(Wet Process, Thermal Process, Dry Skin Process), By Grade(Technical, Food, Electronic), By Region - Industry Forecast 2024-2031

A size of USD 16,801.5 million was the Asia Pacific industry in 2022. The area, which dominated the global market during the forecast period and is likely to keep doing so, is heavily reliant on the government, the chemical sector, agriculture, and consumer spending, all of which are essential to GDP. The regional market will undoubtedly be pushed by the expanding agricultural sector. Over 40% of the market in Asia Pacific was accounted for by China. The country is a significant hub for the manufacture of fertilizer. It is projected that the expansion of end-use industries will increase demand in China throughout the forecast period. The abundance of chemical production facilities in India will help the economy of the nation.

In 2022, North America collectively made for over 20% of the worldwide market. The demand in the area would increase if more people started using this acid as animal feed and food additives. More than 2 billion ha are contained within the region known as Latin America and the Caribbean (LAC). It is made up of 34 nations, with a population of 657 million or so overall and a low average population density of 0.34 persons per ha. Agribusiness occupies 38% of the land that is available, while forests occupy 46% of the remaining space.