- Increase in sulfuric acid usage in phosphoric acid production is driving market growth
- Rise in product demand from the manufacturing sector is assisting in the expansion of the overall market
- Asia Pacific is expected to hold a key market share during the forecast timeline because of the rise in demand for sulphuric acid from different end-use industries in India and China
WILMINGTOM, Del., Jan. 4, 2023 /PRNewswire/ -- According to a study published by Transparency Market Research, the global sulfuric acid market is anticipated to expand at a compound annual growth rate (CAGR) of 2.9% during the forecast timeline between 2022 and 2031.
Sulfuric acid is a chemical produced by traditional methods such as the contact process and wet acid process and is emerging as a key raw material in the production of different products such as fertilizers, nitric acid, hydrochloric acid, and titanium dioxide. Additionally, sulfuric acid has also found application in wastewater treatment, pharmaceutical, and paper processing end-use industries.
Leading players are looking to increase their production capacities to meet customer requirements from different end-use industries. Additionally, prominent sulfuric acid market players are collaborating with other players to expand their market presence and improve their revenue.
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Key Findings of Market Study
Increase in Use in Phosphoric Acid Production Augmenting Sulfuric Acid Market: Based on application, the global sulfuric acid market is segmented into fertilizers, chemical synthesis, wastewater treatment, metal & mining, and semiconductors. Fertilizers accounted for the largest market share in 2021. Sulfuric acid is a key raw material used in the production of phosphoric acid, which has been used to produce fertilizers such as monoammonium phosphates, diammonium phosphate, and triple superphosphate. The rise in use of phosphoric acid in fertilizers is also helping in the expansion of the sulfuric acid market size.
Sulfuric Acid Market-Key Drivers
- Increase in product demand from the manufacturing sector is one of the key driving factors of the global sulfuric acid market
- Rise in usage of phosphate fertilizers in the food industry is triggering sulfuric acid demand and boosting market growth
- Increase in the number of government initiatives and measures such as offering subsidies on fertilizers is likely to impact market demand for sulfuric acid during the forecast timeline
- Rise in sulfuric acid usage as a processing agent in end-use industries is also triggering the global industry growth
While sulfuric acid is witnessing increased demand from different end-use industries, a key factor that could negatively impact business growth during the forecast timeline is likely to be the high product cost, which may force industries to look for cheaper alternatives and lower the demand for sulfuric acid.
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Sulfuric Acid Market-Regional Insights
Asia Pacific is expected to account for key market share during the forecast timeline, attributed to increase in sulfuric acid demand from automotive and pharmaceutical end-use industries in countries such as China and India. Furthermore, the ease of availability of key resources such as land and labor could help leading players in establishing sulfuric acid manufacturing plants, thereby helping the market to expand in the region.
For example, in November 2021, Coromandel International Ltd., announced the establishment of a new sulfuric acid production unit in Vizag (India), capable of producing 1650 metric tons of sulfuric acid every day.
Sulfuric Acid Market-Key Players
The global sulfuric acid market is fragmented due to the presence of several international and local players. Entry of new players in the overall market during the forecast timeline is likely to intensify the competition.
Some of the key players in the global market include BASF, The Mosaic Company, Nouryon, PQ Corporation, PVS Chemicals, and INEOS.
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The global sulfuric acid market is segmented based on:
Application
- Fertilizers
- Chemical Synthesis
- Wastewater Treatment
- Metal & Mining
- Semi-conductors
- Others
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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