New York, May 27, 2020 (GLOBE NEWSWIRE) -- The global sulfuric acid market is expected to reach USD 13.88 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.
Sulfuric acid finds extensive application in automotive industries in the production of automobile batteries. This battery provides the requisite electricity needed to put electrical components to function, as well as converts chemical energy into the electrical energy that powers automobiles and gives energy to its starter. Also, it stabilizes the energy supply that keeps the engine running. According to the statistics released by the World Economic Forum, the number of passenger cars on the roads across is expected to increase two-fold by the year 2040, resulting in an increased demand for car batteries, and in turn, the demand for sulfuric acid
However, volatility in the prices of raw materials for producing sulfuric acid may create hindrances in the growth of the market in the upcoming years.
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COVID-19 Impact
The COVID-19 pandemic is having a significant impact on the chemicals & materials industry. Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. Lack of free movement of the labor force required for the application of fertilizers in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
Further key findings from the report suggest
- By raw materials, Pyrite ore held the second-largest market share in 2019. It is roasted in several kinds of furnaces, such as a rotary kiln, multiple-hearth furnace, and fluid bed roaster, producing gas with a rather lower sulfur dioxide content as compared to the combustion gases from burning elemental sulfur.
- By distribution channel, the online distribution channel is projected to grow at a faster rate of 3.6% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
- By application, chemical production contributed to the second-largest market share in 2019 and is expected to grow at a rate of 3.1% in the forecast period. It is extensively used in the production of chemicals, including nitric acid, hydrochloric acid, dyes and pigments, sulfate salts, synthetic detergents, and explosives, among others.
- The market in the Asia Pacific region contributed to the largest market share in 2019 and is likely to grow at a rate of 3.2% in the forecast period. The market dominance of the APAC region may be attributed to the presence of key producers in the region. Moreover, high demand for food, owing to the presence of a growing population in developing economies, such as India and China, and the easy availability of raw materials.
- Key participants include BASF SE, DuPont, AkzoNobel NV, Solvay, Chemtrade Refinery, Valero Energy, Agrium Inc., PVS Chemical Solution, The Mosaic Company, and Potash Corp., among others.
- In May 2018, BASF SE, a leading market player, commenced operations at its newly constructed sulfuric acid production facility in Jiaxing, China, to cater to China's developing semiconductor industry. The sulfuric acid plant, fuelled by strong demand from customers, has simultaneously commenced its expansion phase to increase the production capacity to two-fold before the completion of the facility. The expansion phase is likely to be functioning by the end of 2018.
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For the purpose of this report, Reports and Data have segmented the global sulfuric acid market on the basis of raw materials, distribution channel, application, and region:
Raw Materials Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
- Elemental Sulfur
- Base Metal Smelters
- Pyrite Ore
- Others
Distribution Channel Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
- Online
- Offline
Application Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
- Fertilizers
- Chemical Production
- Metal Processing
- Automotive
- Petroleum Refining
- Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/sulfuric-acid-market
Regional Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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