Phosphoric Acid Market - Forecast (2023 - 2028)

Phosphoric Acid Market Overview

Phosphoric Acid Market is forecast to?reach $16.09 billion by 2026, after?growing at a CAGR of 5.9%?during 2021-2026. High usage of phosphoric acid for the production of phosphate fertilizers, such as Mono-Ammonium Phosphate (MAP) and?Diammonium Phosphate (DAP), is expected to drive the market over the forecast period. Globally, phosphoric acid is the second-largest consumed inorganic acid after?sulfuric acid. It is industrially produced in three grades with different concentration levels as per its end use. The three grades include food grade, agriculture grade, and industrial grade. Agriculture grade phosphoric acid leads the global market, in terms of value as well as volume, owing to its high usage in the manufacturing of fertilizers.

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Key Takeaways

• Growing population has also led to a decline in arable land and hence there is a requirement for quick growing chemicals. This is one of the prime reasons triggering the usage of synthetic chemicals over natural or bio-based ones. The U.S. is one of the dominant agrochemical industries of North America and is home to different fertilizer manufacturing companies.
• The product demand in the developed countries of North America and Asia Pacific has reached a maturity phase, generating a moderate growth for the chemical. However, increasing agricultural activities and favorable government regulations in the developing countries of Asia Pacific, Latin America, and the Middle East & Africa have fostered the production and demand for phosphoric acid.
• However, the end use industries are being significantly affected due to the COVID-19 pandemic, as most of the countries have issued “stay at home guidance” i.e., lockdown. This factor is limiting the market growth in current situation.