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 with a rate of about 5%, because of the growing need for manure to increase agricultural yields.
The growing urbanization calls for more food, thus there is more requirement for fertilizers and hence, the DAP industry is growing.
As per the FAO’s projections, cities will house around 70% of the population of the world by 2050, because of which the annual cereal production will require to grow at a drastic rate.
Agricultural-grade phosphoric acid had about 60% share in the recent past, therefore dominating the grade segment. The agricultural productivity in China will grow, backed by financial progress, which brings about an increase in the requirement for phosphate fertilizers.
To the south, in India, the production and consumption of chemical will grow considerably, powered by the increase in agricultural actions within the country and the development in the fertilizers export.
The APAC region dominated the phosphoric acid market all over the world, with in excess of 40% share, in 2022. This will grow the fastest and see a marked increase in the local production of the chemical in the years to come.
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.