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Sulfuric Acid Market Expecting Huge Demand in Upcoming Years 2024 - 2031 | PVS Chemicals, BASF SE, Akzo Nobel N.V.
Sulfuric Acid Market
The sulfuric acid market is estimated to be valued at USD 26.89 Bn in 2024 and is expected to reach USD 37.01 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Market Dynamics:
The sulfuric acid market is expected to witness significant growth over the forecast period owing to increasing demand from fertilizers industry. Fertilizer production accounted for over 80% of sulfuric acid demand globally in 2020. Growing population and declining availability of arable land have increased the demand for fertilizers which in turn is driving the growth of sulfuric acid market. Furthermore, increasing petroleum refining activities are also contributing to the market growth as sulfuric acid is widely used in alkylation process during oil refining. However, stringent environmental regulations regarding sulfur dioxide emissions during sulfuric acid production may hamper the market growth over the forecast period.
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1 Growing Phosphate Fertilizer Production
The sulfuric acid market is expected to be driven by the rising demand for phosphate fertilizers across the globe. Phosphate fertilizers such as diammonium phosphate (DAP) and monoammonium phosphate (MAP) are major end-use sectors for sulfuric acid, accounting for over 60% of total sulfuric acid consumption. Phosphate fertilizers play a crucial role in meeting the ever-growing demand for food owing to the rising global population. The surge in phosphate fertilizer production is necessitated by depleted soil fertility levels caused by intensive agricultural practices. Most countries worldwide are boosting their phosphate fertilizer output to ensure national food security. These factors are anticipated to propel the consumption of sulfuric acid in the fertilizer production process over the coming years.
2 Expanding Metals Processing Industry
The increasing use of sulfuric acid in various metals processing applications represents another key driver for the market. Sulfuric acid acts as an important industrial chemical used widely in the production of aluminum, copper, zinc, nickel, and other non-ferrous metals. It aids in leaching, purification and other chemical processes. With rising incomes and improving living standards, the demand for metals and metal-based products is surging rapidly across developing nations. Additionally, the maintenance and expansion of existing mines and smelters will further fuel sulfuric acid requirement in the metals sector. Strong industrialization, growing automobile demand, and strengthening infrastructure development are some of the major macroeconomic factors bolstering the metals industry expansion.
3 Strengthening Environmental Regulations
Strict environmental norms pertaining to sulfur dioxide emissions from industrial facilities pose a critical restraint on the sulfuric acid market. Sulfur dioxide is a toxic gas released during the sulfuric acid production process. Tightening emission standards enforced by regulatory bodies force producers to install advanced pollution control systems such as flue gas desulfurization units. This increases capital and operating expenses for sulfuric acid manufacturing plants. The compliance burden may discourage capacity additions and affect overall supply availability to some extent. However, compliance with environmental rules is crucial to promote sustainable development and ensure public health safety.
Top Companies Featured in This Report:
★ PVS Chemicals
★ BASF SE
★ Akzo Nobel N.V.
★ DowDuPont Inc.
★ Unigel Group
★ Boliden Group
★ Ineos Enterprises Limited
★ Trident Chemicals
★ Aurubis AG
★ Amal Ltd.
★ The Mosaic Company
★ Solvay
★ Agrium Inc.
★ Vizag Chemicals
★ Bodal Chemicals
★ HZL India
★ Aarti Industries
Market Segmentation:
By Product Type:
★ By Raw Material Type: Pyrite Ore , Elemental Sulfur , Base Metal Smelters , and Others
By Applications:
★ By Application: Fertilizers , Pulp & Paper , Textiles , Chemical Manufacturing , Metal Processing , Automotive Battery Acid , Petroleum Refining , and Others
Key Regions/Countries are Classified as Follows:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Reasons to Obtain Our Comprehensive Market Report:
• Conduct an extensive analysis of various aspects of the Sulfuric Acid Market utilizing Porter's Five Forces framework.
• Gain insights into the growth rate and market shares of different product types and applications/end-users within the Sulfuric Acid Market.
• Explore the Sulfuric Acid Market dynamics across different regions through comprehensive regional analysis.
• Assess the impact of Covid-19 on the Sulfuric Acid Market with a meticulous research approach.
• Stay updated on the latest developments, market shares, and strategies of key market players within the Sulfuric Acid Market.
• Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the Sulfuric Acid Market.
• Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.
Key Questions Answered:
• What was the size of the Sulfuric Acid Market in 2021, and what will it be worth by 2030?
• What is the current global scenario for the Sulfuric Acid Market?
• What are the optimal business strategies for maximizing growth potential?
• What are the recent trends in the Sulfuric Acid Market?
• What is the market share in terms of revenue, sales, and size in specific geographical regions?
• Who are the key industry players in the Sulfuric Acid Market?
• Which segments of the Sulfuric Acid Market are in high demand?
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