Selbyville, Delaware , Nov. 15, 2023 (GLOBE NEWSWIRE) -- Global Sulfuric Acid Market could cross a valuation of USD 56 billion by 2032, according to the latest report by Global Market Insights Inc.
As per the report, the market expansion is substantively facilitated by the increasing involvement of prominent companies in contractual projects. In April 2023, Chemetics, a technology and specialty chemical solutions provider under Worley, headquartered in North Sydney, Australia, secured a contract to deploy its CORE-SO2 sulfuric acid technology at the Nolans Project, operated by Arafura Rare Earths Ltd., situated 135 km north of Alice Springs in Australia's Northern Territory. The Nolans Project is a greenfield mining endeavor designed for the extraction and processing of neodymium and praseodymium (NdPr).
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The sulfuric acid facility is set to deliver remarkable sustainability enhancements compared to plants of similar capacity. It constitutes a substantial reduction of sulfur dioxide (SO2) emissions, with an impressive 95% reduction compared to conventional double contact double absorption (DCDA) plants. The escalating demand for batteries in the automotive and renewable energy sectors further drives the sulfuric acid market outlook.
Base metal smelter to gain prominent shares
Base metal smelter raw material segment could exhibit a decent growth rate over 2023-2032, claims the report. Base metals such as copper, zinc, and lead are vital in various industrial sectors. Sulfuric acid is essential in the extraction and refining of these metals, forming a crucial symbiotic relationship. As industrial demands for base metals continue to grow, the sulfuric acid market share, driven by its applications in base metal smelting, remains a key player in meeting these demands and sustaining the vital functions of multiple industries.
Metal processing application to expand market demand
Metal processing segment will register a noteworthy CAGR from 2023 to 2032, as per the report. It is integral to the extraction, refining, and pickling of various metals, including steel and aluminum. As metal processing industries continue to expand, so does the demand for sulfuric acid. Its role in ensuring high-quality, corrosion-resistant metals makes it a vital component of metal processing. This dynamic interplay between sulfuric acid and metal processing underscores its significance in the sulfuric acid market growth.
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North America to witness a high revenue share
North America sulfuric acid market will register a robust CAGR from 2023 to 2032, owing to Its critical part in several sectors, including chemicals, mining, and agriculture. As industrial demands grow, sulfuric acid remains integral for applications like metal processing, fertilizers, and wastewater treatment. Environmental considerations and the transition towards sustainable practices are increasingly driving innovations and shaping the market growth trajectory in North America. This dynamic landscape underscores the continued significance of sulfuric acid as a key component of the region's industrial processes.
Crop Protection Chemicals Market Players
Grupa Azoty S.A., DuPont de Nemours Inc, INEOS Group Holdings S.A., PVS Chemicals, Inc., Praxair, Inc. (Linde plc), The Mosaic Company, Vedanta Limited, PhosAgro Group, ExxonMobil Corporation, BASF SE, Chemtrade Logistics Income Fund, among others.
Companies within the sulfuric acid market are progressively engaging in mergers and acquisitions to fortify their market presence. This strategic approach aims to enhance their competitive position and strengthen their foothold in the industry.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
