Market Size of Phosphoric Acid Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 92.98 Million tons |
| Market Volume (2029) | 114.39 Million tons |
| CAGR (2024 - 2029) | 4.23 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Phosphoric Acid Market Analysis
The Phosphoric Acid Market size is estimated at 92.98 Million tons in 2024, and is expected to reach 114.39 Million tons by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).
The market was negatively impacted by the COVID-19 pandemic as it disrupted the main supply and manufacturing lines, leading to acute shortages. The main use of phosphoric acid is for producing fertilizers. The pandemic also led to a decrease in crop production, accompanied by a shortage of food and other essentials among people. After the pandemic, the market picked up speed, and the demand grew as major industries got back to work.
- Since most phosphoric acid is used to make fertilizer, the rising demand from the fertilizer industry and increasing usage in the food and beverage industry are expected to drive market demand.
- Health hazards caused by phosphoric acid and the high price of fertilizers are expected to hinder the market's growth.
- Nevertheless, the recovery of rare earth elements from phosphoric acid and the commercialization of chiral phosphoric acid as a catalyst are expected to offer lucrative opportunities to the market.
- Asia-Pacific accounted for the highest market share, and the region is likely to dominate the market during the forecast period.
