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Global Sulfuric Acid Market is expected to grow at a CAGR of 4.64% during the forecast period from 2019-2025
Global Sulfuric Acid Market 2019, Global Sulfuric Acid Market Growth, Global Sulfuric Acid Market Trends and Analysis,
Global Sulfuric Acid Market by Raw Material (Elemental Sulfur, Base Metal Smelters, Pyrite Ore, Others), Manufacturing Process, Application (Fertilizers, Chemical Manufacturing, Metal Processing, Petroleum Refining, Others), Region and Global Forecast 2018-2025.
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Prominent companies in the industry include The Mosaic Company, Potashcorp, GroupeChimiqueTunisien Sa, Maaden, OCP Group, Phosagro, BASF SE, Chemtrade Logistics Income Fund, Akzonobel N.V., E. I. Du Pont De Nemours and Company, Ineos Enterprises, Limited, PVS Chemicals, Inc., Aurubis, Agrium Inc., KMG Chemicals Inc, and Eurochemare offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share.For instance, in 2016, The Mosaic Company acquired Vale Fertilizantes business of Vale S.A. This acquisition expanded Mosaic's presence in the Brazilian agricultural market.
Raw material segment includes elemental sulfur, base metal smelters, pyrite ore, and others. Elemental sulfur dominated the global sulfuric acid market with USD 3.20 billion in 2017 owing to abundance of elemental sulfur worldwide. The production of sulfuric acid using elemental sulfur is less polluting thus its adoption has increased due to its environmental friendliness gas emissions. Manufacturing process is divided into lead chamber process, contact process, wet sulfuric acid process, and others. Contact process segment held highest market share of 27.63% over the forecast period. This process is industries to produce high concentrated sulfuric acid. Contact process uses vanadium pentoxide (V2O5) catalyst and uses raw materials to produce a highly concentrated sulfuric acid (H2SO4).Application segment covers fertilizers, chemical manufacturing, metal processing, petroleum refining, textile industry, automotive, pulp & paper, and others. Fertilizers segment is anticipated to hold highest market share of 25.87% over the forecast period. This is attributable to increasing demand for improved quality of crops and rapid industrialization & urbanization has decreased the land areas and hence there raised the need to use fertilizers for increasing crop yield.
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Replacement of the aging fleet, increase in the production of nutrient-rich food crops, demand for sulfuric acid due to its diversified applicationsare the key driving factors for the sulfuric acid market. Furthermore, increasing demand from industries such as fertilizers, chemicals, paper & pulp, petroleum, metal processing, and automotive sector will help to drive the market growth. However, strict environmental regulations due to toxicological effects of sulfuric acid, high raw material prices, and weaker sales due to surplus in the marketmay restrict the growth of market. The growing use of Oleumis creating new opportunities for the sulfuric acid market over the forecast period.
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