Global Phosphoric Acid Market: Trends, Growth, and Forecast 2023-2040
The global phosphoric acid market size is projected to reach USD 87.06 billion by 2040 registering a CAGR of 4.2%, according to a new report by Grand View Research, Inc. increasing production of fertilizers owing to the development in the global agricultural sector is expected to augment the product demand. Fertilizers is the key point of application for phosphoric acid wherein the product is used to formulate Diammonium Hydrogen Phosphate (DAP), Mono Ammonium Dihydrogen Phosphate (MAP), and Triple Superphosphate (TAP). Among these, DAP constituted the largest share of the market, in terms of volume, in 2022. For instance, in June 2019, EuroChem opened its third fertilizer blending plant in Brazil, which has a capacity of 6 kilotons per day. According to the International Fertilizer Industry Association, the global capacity of nitrogen, phosphoric acid, and potash is expected to rise significantly of which phosphoric acid is expected to register highest growth ...