New York (US), May 02, 2023 (GLOBE NEWSWIRE) -- Sulfuric Acid Industry Overview
The MRFR study reports imply that the “Sulfuric Acid Market Research Report Information by Type, Region, and Application - Forecast Till 2030”, the global Sulfuric Acid market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 2.76%. The reports further predict the market will acquire nearly USD 12.1 billion by the end of 2030. As per the documents, the Sulfuric Acid market was valued at nearly USD 9.75 billion in 2022.
Market Scope
The global Sulfuric Acid industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising need for fertilizers in the agriculture sector. Furthermore, the growing demand for sulfuric Acid across various industries is also considered to be one of the crucial parameters supporting market growth.
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Competitive Analysis
The listing of the prominent leaders across the global market for Sulfuric Acid includes players such as:
- Agrium
- Honeywell
- Akzo Nobel
- Evonik Industries
- Bayer
- Dupont
- Bp
- Cytec Industries
- Chevron
- Solvay
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 12.1 billion |
| CAGR | 2.76% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and South America |
| Key Market Drivers | Growing demand from the downstream chemical and fertilizer industries will fuel market revenue growth An increase in the demand for electronic-grade sulfuric acid |
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Market USP Covered
Market Drivers
The global Sulfuric Acid industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rising need for fertilizers in the agriculture sector. Furthermore, the growing demand for sulfuric Acid across various industries is also considered to be one of the crucial parameters supporting market growth. Moreover, the escalating demand from the electronics industry is also likely to boost the market's performance over the review era. In addition, the factors such as structural improvements to the sulfuric acid sector, an increase in the construction of new sulfur burners, the increased demand for electric vehicles, growing infrastructure & pharmaceutical industries, and advantages of immediate kill-on-contact are also projected to have a positive impact on the performance of the marker over the review era.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Sulfuric Acid market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
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Segment Analysis
Among all the types, the dilute sulphuric acid segment secured the top global market in 2021. The segment will likely grow at the highest pace over the coming years. It is frequently employed in manufacturing synthetic detergents, hydrogen peroxide, pharmaceuticals, pyrotechnics, dyes & pigments, sulphate salts, and Ammon. It is utilized to refine petroleum to eradicate impurities from gasoline and other petroleum-based products.
Among all the application areas, the phosphate fertilizers segment ensured the leading position across the global sulphuric acid market in 2021. The segment is anticipated to grow faster over the coming years. There is less arable land because of increased development and urbanization, which pushes farmers to employ phosphate fertilizers to boost crop productivity. It is anticipated that augmented phosphate fertilizer production will boost due to increased sulfuric Acid use. Creating high-quality agricultural fertilizers will also enhance the segment's performance over the coming years.
Regional Analysis
The global market for Sulfuric Acid is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Sulfuric Acid industry in 2021, with the largest contribution of around USD 4.3 billion. The reports further predict the market to thrive considerably during the assessment period, with a healthy growth rate of around 43.90%. It is projected that increasing sulfur output in Japan and China will increase the product selection of sulfuric Acid for several regional application sectors. Exports from China have risen because of the escalating demand for H2SO4 in the Philippines and Indonesia, which is likely to boost the regional market's performance over the coming years.
The North American regional sulfuric acid market is anticipated to showcase the maximum growth rate over the coming years, given mainly to the rising application in the automotive industry. Furthermore, factors such as rising demand for manufacturing fertilizers and rising inorganic chemical production demand are also projected to boost the regional market's development over the coming years. In addition, the US sulfuric acid market secured the leading position across the regional market. On the other hand, Canada is predicted to grow at the highest pace over the coming years.
The European sulfuric acid market is projected to grow rapidly over the coming years owing to the factors such as rising investments and growing partnerships between large corporations working and expanding demand from the electronics and automotive industries.
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