Phosphoric Acid Market Size

Phosphoric Acid Market size was valued at USD 54.1 billion in 2024 and is set to reach USD 131.51 billion by the end of 2037, expanding at around 7.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of phosphoric acid is assessed at USD 57.17 billion.

The growth of the market can be attributed to the increasing demand for phosphoric acid from various end-user industries. For instance, the global demand for fertilizers is estimated to reach 45 million metric tonnes by the year 2025. Further, the growing population and need for more crop production are also estimated to contribute to the growth of the market in the forecast period.

In addition to these, factors that are believed to fuel the market growth of phosphoric acid include the rise in investments and collaboration between major key players. For instance, on May 21st, 2021, Desmet Ballestra entered into an agreement to acquire BusschemTech AG. Phosphoric acid is produced by Buss ChemTech AG in various end-user applications. This is anticipated to increase the product range of Desmet Ballestra Group and its activities. The main strategies adopted by the world's biggest manufacturers to reinforce their position on the competitive landscape are partnerships, acquisitions, and agreements. In order to expand their business, market players further focus on the production of phosphoric acid at the national level as well as exporting it into other regions. Additionally, the increasing product launches in the field of phosphoric acid are also expected to contribute to the growth of the market.