SEATTLE, March 16, 2021 (GLOBE NEWSWIRE) -- Sulfuric acid is a colorless oily liquid. It is used in production of dyestuffs, explosives, fertilizers, and other chemicals. It is also used in ore processing, paper manufacturing, petroleum refining, battery manufacturing, printing and jewelry making, and leather industries.
The global sulfuric acid market is estimated to account for 326.65 Mn tons in terms of volume by the end of 2027, witnessing CAGR of 2.3% during the forecast period (2020-2027).
Market Drivers:
Increasing demand for paper is expected to propel growth of the global sulfuric acid market over the forecast period. For instance, according to Directorate General of Commercial Intelligence & Statistics, imports of paper in India (excluding newsprint) increased by around 30 per cent in volume terms and by 17.28 per cent in Dollar terms during April to September 2019 compared to same period in 2018.
Moreover, increasing number of sulfuric acid plants is also expected to aid in growth of the market. For instance, in 2019, a sulfuric acid plant was commissioned in the Mes-e Sarcheshmeh city of Iran's Kerman province with an inbetment of over US$ 10.7 million. The plant has the capacity to produce 610,000 tons of sulfuric acid per year.
Similarly, in 2019, Outotec, a provider of process technologies and services for metals and mining, industrial water treatment, alternative energy, and chemical industries, signed a contract with the Moroccan OCP Group for the delivery of a sulfuric acid plant for fertilizer production.
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Market Opportunities
Efforts to reduce emissions are expected to offer lucrative growth opportunities for players in the global sulfuric acid market. For instance, in November 2020, DuPont Clean Technologies launched two new sulfuric acid catalysts: MECS Super GEAR and MECS XLP-310, which build upon its GEAR and XLP catalyst product lines.
Reduction in anti-dumping duties on import of sulfuric acid is also expected to offer lucrative growth opportunities for players in the global sulfuric acid market. For instance, in 2018, Pakistan reduced anti-dumping duties on import of sulfuric acid from Iran.
Market Trends
Various end-users in the global sulfuric acid market are focused on implementing risk mitigation measures during the COVID-19 pandemic. For instance, in August 2020, Itafos, a phosphatic fertilizer manufacturing company, announced that Itafos Conda has been experiencing a significant disruption in sulfuric acid supply from Rio Tinto’s (a metals and mining corporation) Kennecott mine.
North America is witnessing increasing distribution of sulfuric acid. For instance, in January 2020, The Canadian National Railway and NorFalco, a division of Glencore and a merchant marketer of sulfuric acid in North America, signed a long-term agreement to move sulfuric acid from production facilities in Ontario and Quebec to the global market.
The demand for sulfuric acid in the automotive sector is expected to limit with decrease in the sales of automobiles. For instance, Yamaha Motor Co. has projected that the company’s motorcycle sales will drop 4.7% to 60,000 units in North America in 2020. During the fiscal year ended December 31, 2019, motorcycle sales dropped 6.3% to 63,000 units year over year. Similarly, Harley-Davidson Inc. reported that retail sales volumes dropped 4.3% in 2019 from 2018.
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Competitive Landscape:
Major players operating in the global sulfuric acid market include, PVS Chemicals, BASF SE, Akzo Nobel N.V., DowDuPont Inc., Unigel Group, Boliden Group, Ineos Enterprises Limited, Trident Chemicals, Aurubis AG, Lanxess, Climax Molybdenum B.V., and Amal Ltd.
Major players operating in the global sulfuric acid market are focused on adopting M&A strategies to expand their product portfolio. For instance, in February 2021, LANXESS signed a binding agreement to acquire 100 percent shares in Emerald Kalama Chemical, a US-based manufacturer of specialty chemicals, especially for the consumer segment, and is majority-owned by affiliates of the US private equity firm American Securities LLC.
Market Segmentation:
On the basis of raw material type, the sulfuric acid market is segmented into:
- Pyrite Ore
- Elemental Sulfur
- Base Metal Smelters
- Others
On the basis of application, the sulfuric acid market is segmented into:
- Fertilizers
- Pulp & Paper
- Textiles
- Chemical Manufacturing
- Metal Processing
- Automotive Battery Acid
- Petroleum Refining
- Others
On the basis of manufacturing process, the sulfuric acid market is segmented into:
- Single Contact Process
- Wet Contact Process
- Lead Chamber Process
- Others
On the basis of region, the sulfuric acid market is segmented into:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East
- Africa
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