Sulfuric Acid Market Size, Share, Demand and Trends by 2022-2032
According to research conducted by Future Market Insights on global sulfuric acid market, demand for sulfuric acid is set to grow at a moderate CAGR of 3.4% between 2022 and 2032, reaching a valuation of US$ 25,623.0 Mn by the end of the forecast period (2032). The market has been significantly influenced by certain macro-economic and industrial factors including chemical industries development, rapid economic boom, expansion of manufacturing sector, and growth of agricultural industry.
Sulfuric acid, also known as oil of vitriol, is a
strong mineral acid that finds application in diverse industries including
metal extraction, agriculture, pharmaceuticals, and textiles.
It has become a key constituent utilized for the
manufacturing of phosphate-based fertilizers. Thus, need for increasing the
crop production all over the globe will indirectly push the demand for sulfuric
acid during the forecast period.
Similarly, development in the chemical industry and
growing demand for catalyst in the processing industries are also expected to
boost the growth of sulfuric acid market.
Moreover, growing demand for metals ignited by
increasing infrastructural activities across emerging regions of Latin America,
South Asia Pacific and Africa is expected to support the growth of sulfuric
acid market during the forthcoming years.
As sulfuric acid is being increasing used in metal
production and processing, rising consumption of metals will eventually create
prospects within the global sulfuric acid market.
Despite several positive growth prospects, the market
is witnessing certain challenges which are expected to restraint the growth
outlook. Certain growth hampering factors includes stringency in environment
regulations, increase in raw material pricing and commodity chemical pricing,
etc.
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“Consistently growing demand from end-use
industries, particularly fertilizers, metal production and processing, and
petroleum refining is driving the demand for sulfuric acid,” said an analyst at
FMI.
Key Takeaways from Sulfuric Acid Market
Study
- By
purity type, standard sulfuric acid segment is estimated to create an
incremental dollar opportunity of about US$ 6,701.7 Mn during the forecast
period of 2022 and 2032.
- Based
on application, the fertilizer segment is expected to account for about
3/5th of the sulfuric acid consumption.
- North
America and Europe are expected to collectively hold around 37% of the
overall market share.
- The
MEA sulfuric acid market is projected to grow at a relatively higher CAGR
of 3.5% between 2022 and 2032.
- Demand
for sulfuric acid to grow at a moderate CAGR of 2.3% in the U.S. market
during the forecast period.
Competitive Landscape
The market of sulfuric acids is estimated to be a
consolidated market, where leading players are expected to account for a key
share of the market. Some of the top sulgfuric acid manufacturers includes BASF
SE, Ineos Group Ltd, KANTO Corporation, Aurubis AG, Avantor Performance
Materials, LLC, PVS Chemicals Inc., Seastar Chemicals, KMG Chemicals, Qingdao
Hisea Chem Co. Ltd., Linde Group, Nouryon, Cornerstone Chemical Company,
Ma’aden – Saudi Arabian Mining Company, Canada Colors and Chemicals Limited,
Hubei Xingfa Chemicals Group Co., Ltd, Asia Union Electronic Chemical
Corporation (AUECC), Tata Chemicals, Trident Group, Boliden Group,
UBE INDUSTRIES, LTD., Sumitomo Chemical Co., Ltd., Tayca Corporation.
These key players are focusing on increasing their
production capacity to enhance their market footprint all over the globe and to
gain traction in the market. Further certain key players are focusing on
investing in ultra-pure sulfuric acid production owing to rising demand from
electronic industry.
For instance, In July 2021, BASF, Zhejiang Jiahua
Energy Chemical Industry Co. Ltd. and its fully-owned subsidiary Zhejiang Jiafu
New Material Technology Co. Ltd. signed an agreement to further expand the
production capacity of electronic-grade sulfuric acid in Jiaxing, China.
Sulfuric Acid Market Segmentation
By Purity Type:
- Standard
- Ultra-Pure
By Raw Materials:
- Elemental
Sulfur
- Base
Metal Smelters
- Pyrite
Ores
- Others
By Application:
- Fertilizers
- Petroleum
Refining
- Metal
Production & Processing
- Steel
Pickling
- Copper
Production
- Metal
Surface Cleaning
- Others
- Wastewater
Treatment
- Chemicals
Production
- Textile
Processing
- Pulp
& Paper Production
- Semiconductor
& Electronics
- Battery
Electrolyte
- Integrated
Circuit Components Fabrication
- Photovoltaic
Cells
- Pharmaceuticals
- Domestic
Cleaning Products
- Others
By Region:
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia & Pacific
- Middle
East & Africa
Browse
Full Report: https://www.futuremarketinsights.com/reports/sulfuric-acid-market
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