Wilmington, Delaware, United States, Jan. 04, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global sulfuric acid market is estimated to surge at a CAGR of 2.7% from 2022 to 2031. Transparency Market Research projects that the overall sales revenue for sulfuric acid is estimated to reach US$ 18.2 billion by the end of 2031. Urban growth affects sulfuric acid demand through infrastructure development, wastewater treatment, and construction activities. Rapid urbanization drives demand for sulfuric acid in wastewater treatment plants and infrastructure projects.
The pharmaceutical sector's expanding reliance on sulfuric acid in drug manufacturing, especially for antibiotics and vitamins, amplifies market demand. As healthcare requirements escalate, so does the need for pharmaceutical-grade sulfuric acid. The focus on sustainable practices and environmental consciousness propels the demand for recycled lead-acid batteries. Sulfuric acid plays a crucial role in battery recycling processes, fostering market growth through the circular economy approach.
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Sulfuric Acid Market: Competitive Landscape
The sulfuric acid market boasts a competitive landscape driven by key players like The Mosaic Company, PVS Chemicals, and BASF SE, holding significant market shares. Strong footholds in chemical manufacturing, strategic partnerships, and continuous technological advancements amplify their market presence.
Rising contenders such as Chemtrade Logistics and Solvay SA are intensifying competition, leveraging innovative production methods and expanding distribution networks. Regional players like Grupa Azoty and Chemours Company are making notable strides, focusing on cost-effective production and sustainability initiatives.
This competitive environment encourages innovation, operational efficiency, and strategic collaborations, defining the growth trajectory of the sulfuric acid market globally.
Some prominent manufacturers are as follows:
- BASF SE
- Nouryon
- INEOS
- Chemtrade Logistics
- The Mosaic Company
- PQ Corporation
- Ma’aden
- Khaitan Chemicals & Fertilizers Limited
- PVS Chemicals
- Southern States Chemical
The increasing emphasis on renewable energy sources like solar power escalates demand for sulfuric acid used in solar panel manufacturing, contributing to market expansion. With heightened concern over pipeline corrosion in the oil and gas industry, sulfuric acid finds applications in corrosion inhibition, extending pipeline lifespan and driving market growth.
Key Findings of the Market Report
- Fertilizers application segment leads the sulfuric acid market due to its significant usage in fertilizer production and soil enhancement.
- Asia Pacific leads the sulfuric acid market due to rapid industrialization, growing agricultural activities, and increasing demand across various sectors.
Sulfuric Acid Market Growth Drivers & Trends
- Increasing applications across sectors like chemicals, fertilizers, metals, and automotive industries drive the demand for sulfuric acid, fostering market growth globally.
- Rising agricultural activities and fertilizer production contribute significantly to the sulfuric acid market's expansion, supporting crop cultivation and soil management.
- Stringent environmental norms propel the adoption of sulfuric acid in waste treatment and emissions control, driving market growth towards eco-friendly solutions.
- Continuous innovations in production processes and recycling techniques enhance sulfuric acid manufacturing efficiency, positively impacting market expansion.
- Rapid industrialization and infrastructure development in emerging economies fuel the demand for sulfuric acid, presenting lucrative growth opportunities for market players in these regions.
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Global Sulfuric Acid Market: Regional Profile
- North America, led by the United States, holds a prominent position in the sulfuric acid market. The region benefits from extensive applications in the chemical industry and robust demand from sectors like agriculture, metal processing, and automotive manufacturing.
- Europe, spearheaded by countries such as Germany and the United Kingdom, displays a mature market. Stringent environmental regulations and a well-established industrial base drive steady demand. Initiatives toward sustainable production methods propel market growth.
- Asia Pacific emerges as a key growth engine for sulfuric acid, fueled by rapid industrialization in countries like China, India, and Japan. The region's flourishing manufacturing sector, particularly in fertilizers, chemicals, and metals, propels significant market expansion. Growing agricultural activities further bolster demand, establishing Asia Pacific as a vital market for sulfuric acid producers.
Product Portfolio
- Nouryon offers a diverse portfolio of specialty chemicals serving various industries worldwide. Their innovative solutions encompass essential chemicals, surfactants, and performance additives, catering to sectors like agriculture, personal care, pharmaceuticals, and more, emphasizing sustainability and efficiency.
- INEOS provides an extensive range of petrochemicals, specialty chemicals, and oil products globally. Their portfolio spans polymers, solvents, and raw materials crucial to multiple industries, including automotive, construction, packaging, and healthcare, focusing on high quality, sustainable solutions.
- Chemtrade Logistics delivers a comprehensive suite of chemicals and services across diverse sectors. Their portfolio comprises industrial chemicals, water treatment solutions, and specialty chemicals, serving industries such as pulp and paper, mining, municipal water treatment, emphasizing reliability and technical expertise.
Sulfuric Acid Market: Key Segments
By Application
- Fertilizers
- Chemical Synthesis
- Wastewater Treatment
- Metal & Mining
- Semi-conductors
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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