Press release
Sulfuric Acid Market Size to Grow at a CAGR of 3.73% in the Forecast Period of 2023-2030
Sulfuric Acid Market
Sulfuric acid plays a crucial part in the manufacturing of fertilizers, pesticides, etc. the chemical is a strong, acidic mineral acid. It is composed of oxygen, sulfur, and hydrogen.
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Market Drivers
The global sulfuric acid market has registered a massive surge in the growth rate in the last few years. The market's growth is mainly credited to the growing population across the globe. Furthermore, the major reduction in agricultural land in recent times is another crucial parameter catalyzing the growth of the sulfuric acid market. Moreover, the growing demand for nutrient-rich food crops is causing a rise in the use of fertilizers by farmers worldwide to boost the production level and thus is causing an upsurge in the market's growth. In addition, the growing demand from various application areas such as metal processing, automotive industries, and many more is also likely to impact the market's growth positively over the assessment timeframe.
The chemical is used as a dehydrating agent, reactant, and catalyst across several industries like chemical manufacturing, metal processing, petroleum efficiency, paper & pulp, fertilizers, and automotive, which is projected to flourish with the market's growth. The growing use of oleum may offer lucrative opportunities for the market's growth.
Market Restraints
On the other hand, the factors such as pollution of the environment and high side effects may impede the growth of the sulfuric acid market. In addition, the fluctuating raw material prices are also one of the major challenges faced by the players across the market worldwide.
Segment Analysis
The global market for sulfuric acid has been fragmented into various segments based on application, raw material, and region.
Based on the raw material, the global sulfuric acid market is split into smelters' pyrite ore, elemental sulfur base metal, and others (from oil & petroleum refineries). The elemental sulfur-based segment is projected to account for the highest revenue share globally over the assessment era. The segment's growth is mainly credited to the abundance of elemental sulfur in the market. Considering the high use of sulfur in the production of sulfuric acid, it is less contaminated than the pyrite ore roasting and base metal smelter, where the factories are obligated to implement stringent procedures for treating the emitted sulfuric acid gases before their release into the atmosphere.
Based on application, the global market for sulfuric acid is divided into pulp & paper, textile industry, metal processing, chemical manufacturing, automotive, petroleum refining, fertilizers, and others. Among all these application areas, the fertilizer segment will likely lead the global market with the largest revenue share over the assessment timeframe. The segment's growth is mainly attributed to the increasing population worldwide, causing an increased demand for better-quality food crops. Furthermore, the rapid industrialization and urbanization have led to causing deterioration in hectares of arable land. For this situation, fertilizers are widely used across the globe by farmers to boost the crop yield, which is likely to catalyze the growth of the sulfuric acid market over the coming years.
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Key Players
The global sulfuric acid industry is highly fragmented. The key players operating in the Sulfuric Acid Market include BASF SE (Germany), OCP Group S.A (Morocco)., The Mosaic Company (US), Nouryon (Netherland), PVS Chemicals Inc (US), Aurubis (Germany), Ineos Enterprises Limited (UK), Oriental Carbon & Chemicals Ltd. (India), Amal Ltd. (India), Dexo Fine Chem Pvt. Ltd. (India) and many more.
Regional Analysis
The global market for sulfuric acid is studied across five major regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the research report by MRFR, the Asia-Pacific region is likely to dominate the global sulfuric acid market over the coming years. the regional market is anticipated to witness an exponential growth in demand for sulfuric acid over the assessment era. The regional market's growth is mainly attributed to the easy availability of raw materials. Furthermore, the factors such as the growing developmental strategies and the flourishing chemical industry are also projected to boost the market's growth over the coming period. China is the top revenue pocket across the region. In addition, the growing production of cereals can cause an increase in the consumption of fertilizers boosting the growth of the market across the region.
Related Report Pages
Sulfuric Acid Market Size
https://www.marketresearchfuture.com/reports/sulfuric-acid-market/market-size
Sulfuric Acid Market Trends
https://www.marketresearchfuture.com/reports/sulfuric-acid-market/market-trends
Sulfuric Acid Market Share
https://www.marketresearchfuture.com/reports/sulfuric-acid-market/market-share
Sulfuric Acid Market Analysis
https://www.marketresearchfuture.com/reports/sulfuric-acid-market/market-analysis
US Sulfuric Acid Market
https://www.marketresearchfuture.com/reports/us-sulfuric-acid-market-14204
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