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

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). 

Phosphoric acid is a crucial component of many fertilisers since it serves multiple purposes, including supplying nutrients to plants, adjusting pH levels, and clearing lime precipitation from irrigation equipment. It provides a plentiful supply of phosphorus for plants. During the forecast period, the worldwide fertilizer market is anticipated to expand at a CAGR of 5%. Around 2.7 billion hectares of land still have the potential to be used for crop production, mostly in the Asia-Pacific region, South and Central America, and Sub-Saharan Africa. Demand for fertilisers is rising alongside the world population in order to meet the rising food demands. Sugary foods can have their shelf life extended and become more affordable by using phosphoric acid to stop the growth of germs and mold. As a result, producers of phosphoric acid will have bright futures due to the rising demand for convenience foods and drinks. Product uptake may be somewhat constrained, nevertheless, by governmental pressure and environmental issues. Regulations for fertilisers, tailing management, and plant and product certifications have been put in place by lawmakers. Additionally, the sector outlook may be negatively impacted by trade disputes and global economic disruptions.

US Phosphoric Acid Market is poised to grow at sustainable CAGR for the next forecast year.