Sulfuric Acid Market Poised to Exceed US$ 25623 Mn by 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.

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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.

"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.

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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

Contact:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
Website: https://www.futuremarketinsights.com
Reports: https://www.futuremarketinsights.com/reports/sulfuric-acid-market

About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.