NEWARK, Del, July 15, 2022 (GLOBE NEWSWIRE) -- According to research conducted by Future Market Insights on global sulfuric acid market, demand for sulfuric acid is set to grow at a moderate CAGR of 3.4% between 2022 and 2032, reaching a valuation of US$ 25,623.0 Mn by the end of the forecast period (2032). The market has been significantly influenced by certain macro-economic and industrial factors including chemical industries development, rapid economic boom, expansion of manufacturing sector, and growth of agricultural industry.
Sulfuric acid, also known as oil of vitriol, is a strong mineral acid that finds application in diverse industries including metal extraction, agriculture, pharmaceuticals, and textiles.
It has become a key constituent utilized for the manufacturing of phosphate-based fertilizers. Thus, need for increasing the crop production all over the globe will indirectly push the demand for sulfuric acid during the forecast period.
Similarly, development in the chemical industry and growing demand for catalyst in the processing industries are also expected to boost the growth of sulfuric acid market.
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Moreover, growing demand for metals ignited by increasing infrastructural activities across emerging regions of Latin America, South Asia Pacific and Africa is expected to support the growth of sulfuric acid market during the forthcoming years.
As sulfuric acid is being increasing used in metal production and processing, rising consumption of metals will eventually create prospects within the global sulfuric acid market.
Despite several positive growth prospects, the market is witnessing certain challenges which are expected to restraint the growth outlook. Certain growth hampering factors includes stringency in environment regulations, increase in raw material pricing and commodity chemical pricing, etc.
“Consistently growing demand from end-use industries, particularly fertilizers, metal production and processing, and petroleum refining is driving the demand for sulfuric acid,” said an analyst at FMI.
Key Takeaways from Sulfuric Acid Market Study
- By purity type, standard sulfuric acid segment is estimated to create an incremental dollar opportunity of about US$ 6,701.7 Mn during the forecast period of 2022 and 2032.
- Based on application, the fertilizer segment is expected to account for about 3/5th of the sulfuric acid consumption.
- North America and Europe are expected to collectively hold around 37% of the overall market share.
- The MEA sulfuric acid market is projected to grow at a relatively higher CAGR of 3.5% between 2022 and 2032.
- Demand for sulfuric acid to grow at a moderate CAGR of 2.3% in the U.S. market during the forecast period.
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Competitive Landscape
The market of sulfuric acids is estimated to be a consolidated market, where leading players are expected to account for a key share of the market. Some of the top sulgfuric acid manufacturers includes 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 Limited, Hubei Xingfa Chemicals Group Co., Ltd, Asia Union Electronic Chemical Corporation (AUECC), Tata Chemicals, Trident Group, Boliden Group, UBE INDUSTRIES, LTD., Sumitomo Chemical Co., Ltd., Tayca Corporation.
These key players are focusing on increasing their production capacity to enhance their market footprint all over the globe and to gain traction in the market. Further certain key players are focusing on investing in ultra-pure sulfuric acid production owing to rising demand from electronic industry.
For instance, In July 2021, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd. and its fully-owned subsidiary Zhejiang Jiafu New Material Technology Co. Ltd. signed an agreement to further expand the production capacity of electronic-grade sulfuric acid in Jiaxing, China.
More Insights into the Sulfuric Acid Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global sulfuric acid market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on purity type, application, raw materials, and region.
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Sulfuric Acid Market Segmentation
By Purity Type:
Standard
Ultra-Pure
By Raw Materials:
Elemental Sulfur
Base Metal Smelters
Pyrite Ores
Others
By Application:
Fertilizers
Petroleum Refining
Metal Production & Processing
Steel Pickling
Copper Production
Metal Surface Cleaning
Others
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About FMI – Chemicals and Materials
The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Table of Content
1. Executive Summary
2. Market Overview
3. Key Market Trends
4. Key Success Factors
5. Global Sulfuric Acid Market Demand Analysis 2017–2021 and Forecast, 2022–2032
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