A recent survey by Future Market Insight (FMI) discloses information on drivers, opportunities, and restraints affecting the sulphuric acid market growth. The report highlights scope for expansion across various segments across seven regions in terms of purity and application for the next decade.
DUBAI, U.A.E., Oct. 14, 2021 /PRNewswire/ -- As per Future Market Insights, the global sulphuric acid market is anticipated to reach US$ 13.7 Bn in 2021. Sales of sulphuric acid grew year-on-year by 3.1% in 2021.
Growing use of sulphuric acid in the production of nutritional-rich fertilizers is the major factor expected to drive the growth in the market. Demand for sulphuric acid has been consistently growing across diverse end-use industries such as paper & pulp, agriculture, and others.
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Sales of sulphuric acid dampened with the onset of the novel COVID-19 due to the muted demand from petroleum refining, metal manufacturing and other end-use industries. However, resumption of supply-chain activities across diverse end-use verticals will recover the sales of sulphuric acid.
Shrinking agricultural land and lack of nutritional-rich fertilizers is expected to improve the demand for sulphuric acid in the production of fertilizers. Also, initiatives undertaken by government to improve the quality of fuel to power automobiles will increase the demand for sulphuric acid in petroleum refining industry.
Further, surging use of metals in construction, mining, and automotive industries will amplify the growth opportunities for sulphuric acid market in metal extraction industry. Increasing demand for ultra-pure sulphuric acid for the production of pharmaceutical products will spur the sales over the coming years.
As per FMI, the market will register significant increase in the sales of sulphuric acid owing to the increasing adoption within agriculture industry. Sales of sulphuric acid increased by 1.1% during 2016 and 2020 owing to the growing demand across China, India, and South Korea.
"Growing demand for sulphuric acid from metal extraction, automotive, agriculture, and pharmaceutical industries, especially across East & South Asia, is expected to boost the sales. Key players are likely to capitalize on this opportunity to generate revenues" says the FMI analyst.
Key Takeaways from FMI's Sulphuric Acid Market Survey
- In terms of application, fertilizers segment will account for over 60% of sulphuric acid produced globally
- Ultra-pure sulphuric acid is expected to gain traction in terms of purity type owing to the increased application in electrical and electronic industry
- The U.S. sulphuric acid market will register year-on-year growth by 2.9% owing to the surging applications of metals in manufacturing operations
- Sales of sulphuric acid in India are expected to grow at 3.7% CAGR between 2021 and 2031
- China will vanguard the sales of East Asia sulphuric acid market, registering growth at 3.5% CAGR in 2031
- South Korea and Japan are expected to, collectively, account for 6% of total sales of sulphuric acid market
Report Preview with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sulfuric-acid-market
Key Drivers
- Increased adoption of sulphuric acid in the production of nutrient-rich food crop will boost the sales
- Sustainable demand for sulphuric acid owing to its increased use in wastewater treatment, paper & pulp production, and fertilizers will aid the growth in the market
Key Restraints:
- Stringent regulations due to the hazardous effects on the use of sulphuric acid will restrict the growth in the market
- Volatility and fluctuation in raw material prices will act as a challenge for sulphuric acid key players
Competitive Landscape
As per the study, with the presence of numerous leading players, the market is expected to be highly competitive. Key manufacturers are adopting market expansion strategies such as collaborations and partnerships to expand their customer base.
Several prominent companies are introducing new product launches to strengthen their product portfolio and generate remunerative revenues during the forecast period.
For instance,
- In February 2021, Rama Phosphates Ltd, announced the commencement of its new commercial production of sulphuric acid and its derivatives from the new manufacturing facility in India. The company's overall production capacity of sulphuric acid is estimated to be 155,000 TPA from its Indore manufacturing facility.
- In January 2021, Nuberg EPC acquired 500 mtpd sulphuric acid plant project owned by Sprea Misr, leading plastics manufacturers in Egypt. The project is based on EPC and LSTK basis in Egypt which is going to be used for industrial purposes. The project will be based on the latest double contact double absorption (DCDA) process technology. This is the first time that the company is building a turbine unit for electricity production which will provided to the agriculture industry for the production of urea and other fertilizers.
Some of the key players operating in the sulphuric acid industry market profiled by FMI are:
- 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.
- Kel-Chemicals Ltd.
- Young Poong Co., Ltd.
- Jiangsu Mingsheng Chemical Co., Ltd.
- Shijiazhuang Xinlongwei Chemical Co., Ltd.
- Wylton (China) Chemical Co., Ltd.
- Sumitomo Chemical Co., Ltd.
- Tayca Corporation
- Others
For information on the Research Approach used in the Report, Request Methodology@ https://www.futuremarketinsights.com/ask-question/rep-gb-6753
More Valuable Insights on Sulphuric acid Market
In its latest report, Future Market Insights offers exhaustive analysis on global sulphuric market for the forecast period of 2021 and 2031. The report delves into compelling insights of the market key growth drivers, trends, and opportunities with detailed segmentation on the basis of:
By Purity Type:
- Standard
- Ultra-Pure
By Application:
- Fertilizers
- Petroleum Refining
- Metal Production & Processing
- Steel Pickling
- Copper Production
- Metal Surface Cleaning
- Others
- Wastewater Treatment
- Semiconductor & Electronics
- Battery Electrolyte
- Integrated Circuit Components
- Photovoltaic Cell
- Chemical Production
- Textile Processing
- Pulp & Paper Production
- Pharmaceuticals
- Domestic Cleaning Products
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
Key Questions Covered in the Report
- The report offers insight into sulphuric acid market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for sulphuric acid market between 2021 and 2031
- Sulphuric acid market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Sulphuric acid market platform share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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