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

Q: What is the global market size of Phosphoric Acid Market?

Global Phosphoric Acid Market size was valued at USD 41.28 Billion in 2022 and is poised to grow from USD 43.06 Billion in 2023 to USD 60.30 Billion by 2031, at a CAGR of 4.3% during the forecast period (2024-2031).

Report ID: SQMIG15C2055 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 63 | Figures: 77

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Global Phosphoric Acid Market size was valued at USD 41.28 billion in 2022 and is poised to grow from USD 43.06 billion in 2023 to USD 60.30 billion by 2031, at a CAGR of 4.3% during the forecast period (2024-2031).

The majority of these corporations have formed several mergers and acquisitions, joint ventures, and other alliances in the industry on a global scale. It is predicted that this strategic move will increase SABIC's phosphoric acid production. Numerous additional similar strategic actions taken by important producers to improve their market share have resulted from the industry's continual evolution. 'OCP Group (Morocco)', 'The Mosaic Company (United States)', 'Nutrien Ltd. (Canada)', 'Yara International ASA (Norway)', 'EuroChem Group AG (Switzerland)', 'Israel Chemicals Ltd. (Israel)', 'Prayon S.A. (Belgium)', 'Ma'aden - Saudi Arabian Mining Company (Saudi Arabia)', 'Kazphosphate LLC (Kazakhstan)', 'Wengfu Group Co., Ltd. (China)', 'Solvay SA (Belgium)', 'PhosAgro (Russia)', 'Agrium Inc. (Canada)', 'ICL Group (Israel)', 'JPMC (Jordan Phosphate Mines Company) (Jordan)', 'Vale S.A. (Brazil)', 'Copebrás (Brazil)', 'Grupa Azoty S.A. (Poland)', 'Wengfu (Group) Co., Ltd. (China)', 'Rhodia (France)', 'Agrofoska (Poland)', 'Minbos Resources Limited (Australia)'

The agriculture sector is a major consumer of phosphoric acid, primarily in the form of fertilizers. Phosphorus is an essential nutrient for plant growth and plays a vital role in promoting root development, flowering, and fruiting. With the increasing global population and the need to enhance agricultural productivity, the demand for phosphoric acid-based fertilizers is expected to rise, driving the growth of the phosphoric acid market.

There is a rising demand for fertilizers that offer increased efficiency in nutrient delivery and minimize environmental impact. Phosphoric acid-based fertilizers, such as monoammonium phosphate (MAP) and diammonium phosphate (DAP), are gaining popularity due to their balanced nutrient content and ease of application. These fertilizers provide controlled release of phosphorus, reducing the risk of nutrient runoff and improving crop yields.

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.

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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

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