Newark, NJ, Feb. 19, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global sulfuric acid market is expected to grow from USD 11.02 billion in 2017 to USD 16.52 billion by 2025 at a CAGR of 4.64% during the forecast period from 2018-2025
Sulfuric acid, also known as vitriol, is a colorless, odorless, and viscous liquid that is soluble in water and manufactured in very hot reactions. Its corrosion can be attributed mainly to its strong acidic nature, and if it is in high concentration, it has drying and oxidizing properties. Also hygroscopic, it absorbs water vapor easily from the air. Upon contact, sulfuric acid can cause severe chemical burns and even secondary thermal burns; it's very dangerous even at lower concentrations.
Sulfuric acid is a strong mineral acid used in various applications with a different concentration ratio. Because of its water soluble properties, it is widely used in chemical industry. It is a highly reactive acid and is one of the most widely produced and consumed chemicals in the world. The increasing demand from the industrial and phosphoric acid sectors for increased crop cultivation and crop productivity has complemented the growth of the sulfuric acid market.
Replacing the aging fleet, increasing the production of nutrient-rich food crops, and demand for sulfuric acid due to its various applications, are major factors in the sulfuric acid market. Moreover, increasing demand from industries such as fertilizer, chemicals, paper, pulp, oil, metal processing and the auto sector will help drive the market growth. However, strict environmental regulations due to the toxic effects of sulfuric acid, high prices for raw materials, and poor sales due to market surpluses may limit market growth. The increased use of Oleum creates new opportunities for the sulfuric acid market during the forecast period.
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Key players in the sulfuric acid market are The Mosaic Company, Potashcorp, Groupe Chimique Tunisien SA., Maaden, OCP Group, Phosagro, BASF SE, Chemtrade Logistics Income Fund, Akzonobel N.V., E. I. Du Pont De Nemours and Company, Ineos Enterprises, Limited, PVS Chemicals, Inc., Aurubis, Agrium Inc., KMG Chemicals Inc, and Eurochem. The Mosaic Company, Chemtrade Logistics Inc., BASF SE, KMG Chemicals Inc, and Eurochem among others. To enhance their market position in the global sulfuric acid market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, joint venture, mergers & acquisitions, collaborations, and partnership. Major firms are increasingly investing on research and development activities and development of newer products.
- For example, in 2016 Mosaic Company introduced a new product called Aspire. This product is used with boron to increase yield. Aspire with Boron enables uniform distribution of nutrients across every acre of field and assists in fertilization process. Also, many manufacturers and suppliers are involved in strategies such as partnership, cooperation and integration that are expected to boost market growth during the forecast period.
- In 2016, Mosaic acquired Vale Fertilizantes' business by Vale S.A. This acquisition expanded Mosaic's presence in the Brazilian agricultural market.
Elemental sulfur segment held highest market share of 29.03% in 2017
The Raw material segment includes elemental sulfur, base metal smelters, pyrite ore, and others. Elemental sulfur dominated the global sulfuric acid market with USD 3.20 billion in 2017 owing to abundance of elemental sulfur worldwide. The production of sulfuric acid using elemental sulfur is less polluting thus its adoption has increased due to its environmental friendliness gas emissions.
Contact process segment dominated sulfuric acid market with value around USD 4.26 billion in 2017
Manufacturing process includes the lead chamber process, contact process, wet sulfuric acid process, and others. Contact process segment held highest market share of 27.63% over the forecast period. This process is an industry for producing highly concentrated sulfuric acid. The contact process uses a vanadium oxide catalyst (V2O5) and raw materials are used to produce highly concentrated sulfuric acid (H2SO4).
The Fertilizers segment is anticipated to grow with highest CAGR 5.88% during the forecast period
The application segment covers fertilizers, chemical manufacturing, metal processing, petroleum refining, textile industry, automotive, pulp & paper, and others. Fertilizers segment is anticipated to hold highest market share of 25.87% over the forecast period. This is due to the increased demand for improved crop quality. Rapid industrialization and urbanization have led to a decrease in land areas and thus an increased need for fertilizers to increase yields of crops.
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Regional Segment Analysis of the Sulfuric Acid market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region dominated the global sulfuric acid market with USD 4.10 billion in 2017 where as the North America region held the second dominant position in the market. The Asia Pacific is the fastest-growing region due to the increasing production of sulfur in China and Japan. The rising demand for sulfuric acid, easy availability of raw materials, and the development of inter-company strategies in this region have increased regional growth in the global sulfuric acid market. Wide application of the sulphuric acid in the chemical industry, presence of major players, and increasing investments in the developmental activities are some of the factors that led to the growth of sulfuric acid market in North America region.
About the report:
The global sulfuric acid market is analysed on the basis of value (USD Billion), volume (K Tons), imports (K Tons) and exports (K Tons). All the segments have been analyzed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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