In 2023, India's import of phosphoric and polyphosphoric acids stood at approximately 2.76 billion kilograms. The forecasted data from 2024 to 2028 indicates a steady annual growth in import volume. Year-on-year, the import volume is expected to increase by approximately 1.1% to 1.3%. This consistent growth is largely attributed to escalating demand from industries such as agriculture, where phosphoric acid is a key fertilizer component.
The compound annual growth rate (CAGR) predicted over the 2024-2028 period is roughly 1.4%, reflecting a stable upward trend driven by market expansion and industrial needs.
Future trends to watch include potential shifts in global production, trade policies affecting import costs, technological advancements in domestic production, and changes in regulatory frameworks that could affect supply and demand dynamics.
