Press release
Phosphoric Acid Market to Reach USD 73.22 Billion by 2032, Growing at 4.9% CAGR Driven by Fertilizer Demand
Phosphoric Acid Market
According to a new report, the Phosphoric Acid Market was valued at USD 49.94 billion in 2024 and is projected to reach nearly USD 73.22 billion by 2032, growing at a CAGR of 4.9% during the forecast period. Increasing demand for fertilizers, food additives, and industrial chemicals is driving growth across major economies in Asia Pacific, North America, and Europe.
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Key Highlights
Market Size: USD 49.94 Bn (2024) → USD 73.22 Bn (2032) at 4.9% CAGR
Leading Segment: Fertilizers account for over 32% market share
Largest Region: Asia Pacific dominates with 50% share in 2023
Key Drivers: Rising fertilizer consumption, growth in food & beverage sector, expanding use in pharmaceuticals and water treatment
Major Players: OCP Group, The Mosaic Company, PhosAgro, Yara International, EuroChem Group
Market Outlook
Phosphoric acid (H3PO4) is a key raw material in fertilizer production, particularly diammonium phosphate (DAP) and monoammonium phosphate (MAP). With nearly 80% of global production consumed by agriculture, rising food demand and population growth remain central market drivers. Beyond agriculture, phosphoric acid is used in carbonated beverages, pharmaceuticals, detergents, and rust removal, broadening its industrial scope.
Regional Insights
Asia Pacific: Dominated the market with 50% share in 2023, led by China, India, and Indonesia's large agricultural base and fertilizer demand.
North America: Strong demand from agriculture and food processing industries, alongside growing pharmaceutical applications.
Europe: Mature market influenced by strict environmental regulations and sustainable agriculture practices in Germany, France, and Spain.
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Key Players
The market is moderately consolidated, with global players investing in capacity expansion and sustainable technologies. Leading companies include:
OCP Group
The Mosaic Company
PhosAgro
Yara International ASA
EuroChem Group
Innophos Holdings Inc.
ICL Group Ltd.
Analyst Quote
"The accelerating impacts of climate change and rising flood risks are pushing governments worldwide to adopt real-time flood monitoring and warning systems. With APAC leading, the market is poised for sustained growth as disaster resilience becomes a top priority." - Lead Analyst
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The Phosphoric Acid Market is expected to register a CAGR of 4% from 2024 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
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Based on Apllication Type, By Application Fertilizers, Food and Feed Phosphate, Detergents, Water Treatment Chemicals, Industrial, Electronics.
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• J.R. Simplot Company
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• Spectrum Chemical Manufacturing Corporation
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