Global Sulfuric Acid Market to Witness Huge Growth by 2027: Mosaic Company, BASF SE, OCP Group, Chemtrade Logistics Income Fund, Nouryon, PhosAgro, Aurubis AG, KMG Chemicals, Inc, Qatar Acids Company

The global sulfuric acid market is projected to grow from USD 13.2 billion in 2020 to USD 28.5 billion by 2027, at a CAGR of 11.7% during the forecast period. Steady demand for sulfuric acid is also witnessed due to its diversified applications, such as fertilizer manufacturing, metal ore leaching, and oil refining.

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"Pyrite ore is expected to grow at the highest CAGR during the forecast period, by volume"
Sulfuric acid is produced through roasting of pyrite ores. Although the burning of elemental sulfur is the main source of sulfuric acid, the roasting process comes across as an alternative for sulfuric acid production when pyrite concentrate is available. Growing usage of sulfuric acid in various application is expected to drive the growth of pyrite ore segment during the forecast period of 2022 to 2027.

"Fertilizers application is expected to be the largest segment during the forecast period, by volume"
Sulfuric acid is widely used to produce phosphate fertilizers which help in making the soil rich in phosphorus, an important nutrient vital for crop growth. Also, the need to increase crop production due to the increasing population and decrease in arable land in Asia Pacific and the Middle Eastern regions are driving the demand for sulfuric acid in the fertilizers industry.

"Asia Pacific region is expected to grow at the highest CAGR during the forecast period, by volume"
The major economies of the Asia Pacific region contributing significantly to the growth of the sulfuric acid market are China, Japan, India, Indonesia, and South Korea. The region has emerged as an important consumer of specialty wet chemicals due to the increasing demand from the domestic front, aided by rise in the standard of living of the people and disposable income. This further increases the growth of the sulfuric acid market in Asia Pacific.

Profile break-up of primary participants for the report:
• By Company Type: Tier 1 - 65%, Tier 2 - 20%, and Tier 3 - 15%
• By Designation: Director Level- 30%, C-level- 25%, and Others - 45%
• By Region: North America - 30%, Europe - 20%, Asia Pacific - 40%, South America - 3%, Middle East & Africa - 7%

The Mosaic Company (US), BASF SE (Germany), OCP Group (Morocco), Chemtrade Logistics Income Fund (Canada), Nouryon (Netherlands), PhosAgro (Russia), Aurubis AG (Germany), KMG Chemicals, Inc. (US), Qatar Acids Company (Qatar), LANXESS AG (Germany), PVS Chemicals, Inc. (US), Elessent Cheam Technologies, Inc. (US), and Mitsubishi Shoji Chemical Corporation (Japan) are some of the key players operating in the sulfuric acid market. These players have adopted strategies such as joint ventures, and expansions to enhance their business revenue and market share.

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Research Coverage:
The report defines, segments, and projects the sulfuric acid market based on raw material, application, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, sulfuric acid manufacturers and comprehensively analyzes their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, and joint ventures, undertaken by them in the market.

Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them with the closest approximations of revenue numbers of the sulfuric acid market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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This release was published on openPR.