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.
The phosphoric acid market is partially consolidated, with several companies operating on both global and regional levels. Some of the major players in the market (not in any particular order) include OCP Group, Mosaic, PhosAgro Group of Companies, Nutrien Ltd, and IFFCO, among others.
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