Phosphoric Acid Market Was Dominated By Agricultural-Grade Phosphoric Acid

The phosphoric acid market was USD 45,671.2 million in 2022, and it will grow at a rate of 4.1% in the years to come, to touch USD 63,186.8 million by 2030, as stated by a market research institution P&S Intelligence. The diammonium hydrogen phosphate market will grow significantly in the years to come at a rate of about 5%, because of the growing need for manure to increase agricultural yields. As per the FAO’s projections, cities will house around 70% of the population of world by 2050, because of which the annual cereal production will require to grow at a drastic rate.

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To the south, in India, the production and consumption of chemicals will grow considerably, powered by the increase in agricultural actions within the country and the development in fertilizers export. In the mainly agricultural economies in the region, the necessity for higher crop yields will escalate the requirement for fertilizers created from phosphoric acid. So, China and India will lead the phosphoric acid production as a result of their massive populaces, which will rise. Instead, while phosphoric acid market necessities in Europe are mature, the capacity of production has significantly expanded in the nations of the region, mostly for export to India, one of the foremost importers of this chemical. It is because of the increasing production of phosphate composites, and the growing focus on producing more crops and more efficiently, the demand for phosphoric acid will continue to grow in the years to come.

This Study Covers

• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings