New York, USA, June 28, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global industrial sulfuric acid market. According to the report, the global market is projected to surpass $9,576.5 million and grow at a CAGR of 7.7% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the industrial sulfuric acid market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Industrial Sulfuric Acid Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global industrial sulfuric acid market. Many businesses experienced a drop in production due to pandemic-related lockdowns and a decline in customer demand, which in turn reduced the demand for sulfuric acid. In addition, the pandemic hampered the supply of chemicals and raw materials used for manufacturing sulfuric acid, increasing costs and delaying production. These factors significantly hindered the market growth amidst the pandemic.
Factors Impacting the Industrial Sulfuric Acid Market Growth
The key factor boosting the growth of the global industrial sulfuric acid market is a significant rise in the need for industrial sulfuric acid owing to its use in a variety of industries, such as the production of chemicals, fertilizers, and automobiles. Furthermore, increasing development initiatives, such as expanding firms' production capabilities to boost the production of sulfuric acid products from elemental sulfur are estimated to unlock lucrative opportunities for market growth in the forecast period. However, concerns about the transportation and handling of sulfuric acid are anticipated to deter the market’s growth.
The report segments the global industrial sulfuric acid market into raw materials, manufacturing process, and region.
Elemental Sulfur Sub-Segment to Grab a Foremost Share of the Market
The elemental sulfur sub-segment of the raw materials segment is foreseen to observe leading growth in the forecast period. This growth is mainly because elemental sulfur is used to produce sulfuric acid and as a processing ingredient in chemical synthesis.
Contact Process Sub-Segment to Witness Rapid Growth
The contact process sub-segment of the manufacturing process segment is predicted to grow enormously in the forecast period. This growth is mainly because the contact process makes it possible to produce massive amounts of exceptional sulfuric acid with just a few simple equipment and techniques.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global industrial sulfuric acid market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to the expansion of infrastructure, industrialization, rising demand for fertilizers, and government programmes supporting environmentally friendly technology in this region.
Key Players of the Global Industrial Sulfuric Acid Market
The report states some of the foremost players operating in the market including
- BASF SE
- OCP Group
- The Mosaic Company
- Nouryon
- DuPont
- AkzoNobel N.V
- Agrium Inc.
- INEOS
- Khaitan Chemicals & Fertilizers Ltd
- PVS Chemical Solution
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in November 2021, Coromandel International Limited, a crop protection organization in India, announced the start of a $400 million project to build a new sulphuric acid factory in Visakhapatnam with a design capacity of 1650 metric Tonnes per day.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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