Sulfuric Acid Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Sulfuric Acid Market grew at a CAGR of 2.6% between 2017-2021 and is estimated to be US$ 19,547.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 3.2 % and is expected to reach a valuation of US$ 26,784.2 Mn by 2032 end.
Throughout the projected period, Sulfuric acid is one of the primary chemicals used in agriculture and manufacturing. It is also used as a fuel additive in automobiles, and its production is expected to increase during the forecast period.
GROWING DEMAND FROM VARIOUS END-USE INDUSTRY BOOST THE MARKET FOR SULFUR
Sulfuric acid is one of the most widely used industrial chemicals, and it is also one of the most widely used raw materials in manufacturing. It is used in various applications, including the production of semiconductors, detergents, and disinfectants. The market for sulfuric acid will grow as demand for these end-use industries grows.
HEALTH & ENVIRONMENTAL ISSUES HAMPER THE MARKET GROWTH
Sulfuric acid is a highly corrosive liquid. It is used in a wide range of industries, including petroleum refining and the chemical industry. It can be used as an intermediate in the production of many other chemicals such as sodium hydrogen sulfide, aluminum chloride, sodium carbonate, and ammonia.
Sulfuric acid has a strong odor but no distinctive taste or color. This makes it easy to detect if there has been any leakage into the environment when transporting this product.
THE GROWING DEMAND FOR WASTE-WATER TREATMENT PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
Wastewater treatment is carried out for environmental protection and sulfuric acid is the most widely used chemical to bring the pH level of wastewater back to normal. Sulfuric acid helps in pH level neutralization and eliminating solid particles such as polymers, alums, and ferric chloride. It also controls and prevents offensive odor found in wastewater and destroys pathogens that can spread diseases. Using sulfuric acid in chemical treatment enables the separation of water and sludge COVID-19 Impact
The COVID-19 pandemic has led to a decrease in the economy, which has resulted in loss and debt for some industries. However, some industries are experiencing a rise in demand and profit, like the healthcare, chemical, and pharmaceutical industries.
Sulphuric acid is one such product that is used in the production of pesticides and cleaning products. Cleaning products are highly needed during this period due to the high risk of contracting corona cases. With more people seeking to clean their houses during this time, the demand for cleaning products rises significantly. This increase in demand results in an increase in sales for this particular industry as well as other related industries such as agriculture and food processing.
Market Segments Covered in Report
By Purity Type:
By Raw Materials:
By Region and Country:
Why are Fertilizers projected to ensure the most revenue during the forecast period?
At 55.0% of the market, Fertilizers had the greatest revenue share. Sulfuric acid is a key raw material that reacts with phosphate rock in the processing plant to generate phosphoric acid and phosphogypsum. Phosphoric acid is formed as an intermediary product in the production of all high-grade phosphate fertilizers. With the growing need for an increase in yield from farmers and decreasing availability of fertile land for agricultural practices due to growing urbanization, the demand for fertilizers is estimated to increase rapidly. These are some factors that will drive the market for the segment.
Why is the elemental sulfur segment the largest market during the forecast period?
Elemental sulfur is mainly recovered from petroleum refineries and natural gas operations. Sulfur ranks as one of the most important elements used as an industrial raw material and is of prime importance to the fertilizer and manufacturing industries. Elemental sulfur is one of the widely used raw materials in the manufacturing of sulfuric acid Thus, with growth in demand for sulfuric acid in various industries, the demand for this segment is expected to boost during the forecast period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major players are focusing on developing new plants with higher capacity than existing ones due to rising demand for high-purity chemicals due to increasing demand for electronic products such as smartphones and laptops.
Some of the key developments that have taken place in the Sulfuric Acid Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Purity Type, Application, Raw Materials, and Region.|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 3.2%.
The demand for products like fertilizers, insecticides, and pesticides, used to increase the per-hectare production capacity of agricultural products, is rising as a result of both global population growth and the shrinking area of arable land.
Major global Sulfuric Acid Market players are BASF SE, Ineos Group Ltd, KANTO Corporation, Aurubis AG, Avantor Performance Materials, LLC, PVS Chemicals Inc., Seastar Chemicals, KMG Chemicals, Qingdao Hisea Chem Co.Ltd, Linde Group, Nouryon, Cornerstone Chemical Company, Ma’aden – Saudi Arabian Mining Company, Canada Colors and Chemicals LimitedHubei Xingfa Chemicals Group Co., Ltd, Asia Union Electronic Chemical Corporation (AUECC), Tata Chemicals, Trident Group, Boliden Group, UBE INDUSTRIES, LTD.
High costs associated with pollution control devices, such as installation and maintenance, are expected to significantly impact the global sulfuric acid market.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Sulfuric Acid market.
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