2024 Surfuric Acid Market Report : Market Size, Growth Drivers, And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Surfuric Acid Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

The growing agriculture sector is expected to boost the growth of the sulfuric acid market going forward. The agriculture sector refers to a broad range of activities related to the cultivation of land, raising and harvesting crops, and the rearing of livestock. The growing agriculture sector's dependence on sulfuric acid for fertilizer production and soil management underscores the crucial role of sulfuric acid in enhancing crop productivity and ensuring food security. For instance, in November 2023, according to a report published by the United States Department of Agriculture, a US-based government agency, in 2021, the combined contribution of agriculture, food, and related industries to the US gross domestic product (GDP) stood at around $1.264 trillion, constituting a 5.4-percent portion. U.S. farms accounted for $164.7 billion, equivalent to around 0.7 percent of the country's GDP. The overall impact of agriculture on GDP surpasses the 0.7 percent figure. Therefore, the growing agriculture sector.

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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Major Key Players of the Market:

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

Surfuric Acid Market 2024 Key Insights:

• 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%.
• Sulfuric Acid Market Surges With The Rapid Adoption Of Electric Vehicles
• Advancements In Sulfuric Acid Production Plants Elevate Market Dynamics
• Asia-Pacific was the largest region in the sulfuric acid market in 2023

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