Surfuric Acid Market Growth, Key Drivers, Segmentation, And Forecast To 2033

The surfuric acid market size has grown strongly in recent years. It will grow from $14.74 billion in 2023 to $16.12 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to industrial revolution, fertilizer manufacturing, industrialization, infrastructure development, increased battery production.

The surfuric acid market size is expected to see strong growth in the next few years. It will grow to $22.73 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to supply chain optimization, emerging market growth, energy sector shifts, global economic conditions, fertilizer production. Major trends in the forecast period include innovative industrial applications, chemical manufacturing, metallurgical processes, wastewater treatment, green initiatives.

Market Overview -
Sulfuric acid is a strong acid that has both hygroscopic and oxidising properties usually produced from sulphur dioxide. It refers to H2SO4, a potent dehydrating agent that is a dibasic, strong acid which is colourless when pure. It is employed in the production of industrial explosives, dyes, fertilizers, and electroplating.

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Sulfuric Acid Market Surges With The Rapid Adoption Of Electric Vehicles
The rapid acceptance of electric vehicles is expected to propel the growth of the sulfuric acid market going forward. An electric vehicle refers to a form of transportation that runs on electricity. Electric cars and trucks use an electric motor powered by electricity from batteries or a fuel cell, as opposed to traditional vehicles that use a gasoline (petrol) or diesel-powered engine. Sulfuric acid is used in producing lead acid batteries, primarily for automobiles and electric vehicles, that leads to an increasing demand for sulfuric acid. For instance, in June 2022, according to a report shared by the International Council on Clean Transportation, a US-based independent nonprofit organization, EV sales reached a new high of 6.9 million globally in 2021, an increase of 107% from the previous year. Furthermore, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the last year in 2021, reaching a new high of 6.6 million. Therefore, the rapid acceptance of electric vehicles across the region is driving the growth of the sulfuric acid market.

Competitive Landscape -
Major companies operating in the surfuric acid market report are Aurubis AG, BASF SE, Boliden AB, Canada Colors and Chemicals Limited, Cornerstone Chemical Company, Hubei Xingfa Chemicals Group Co. Ltd., Kanto Corporation., KMG Chemicals Inc., Linde plc, Ma'aden - Saudi Arabian Mining Company, Nouryon B.V., PVS Chemicals Inc., Seastar Chemicals Inc., Tata Chemicals Limited, Trident Group, UBE Corporation, Akzo Nobel N.V., Chemstar Products Company, Chemtrade Logistics Income Fund, A Freeport-McMoRan Company, Covestro AG, EuroChem Group AG, Global Energy Commodity Resources, Grillo-Werke AG, Ineos Group Limited, J.M. Huber Corporation, McCain Foods Limited, Mosaic Company, Peabody Energy Corp., Potash Corporation, Praxair Inc., Solvay SA, Southern Copper Corporation

Advancements In Sulfuric Acid Production Plants Elevate Market Dynamics
Expansion of production plants with advance technology has emerged as a key trend gaining popularity in the sulfuric acid market. Major companies operating in the market are focused on introducing new sulfuric acid plants with the help of new technologies to sustain their position in the market. For instance, in October 2022, Andritz AG, an Austria-based technology group, made the world's first sulfuric acid plant for Klabin's Ortigueira mill in Brazil. The plant can produce 150 metric tonnes of commercial-grade (>98%) sulfuric acid daily from concentrated odorous vapors and elemental sulphur. This plant's technology is based on Andritz's self-created A-Recovery+ idea, enabling pulp mills to extract side streams from the pulping process and transform them into commercial goods and commodities. The facility is part of Andritz's CircleToZero product line, which aims to remove waste byproducts, create new goods with added value, and set the framework for zero-emissions, zero-waste production.

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Key Segments -

The surfuric acid market covered in this report is segmented -

1) By Raw Material Type: Elemental Sulfur, Pyrite Ore, Base Metal Smelters, Other Raw Material Types
2) By Form Type: Concentrated, Tower or Glover acid, Chamber or Fertilizer Acid, Battery Acid, 66 Degree Baume Sulfuric Acid, Dilute Sulfuric Acid
3) By Purity Type: Standard, Ultra-Pure
4) By End-User Industry: Fertilizer, Metal Processing, Pulp and Paper, Petroleum Refining, Textile Industry, Automotive, Chemical Manufacturing, Other End-User Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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