Press release
Sulfuric Acid Market is expected to reach USD 35.72 Billion by 2029
Sulfuric Acid Market
The global sulfuric acid market is experiencing substantial growth, driven by its extensive use across various industries, particularly in fertilizer production, chemical manufacturing, and metal processing. Sulfuric Acid Market was valued at USD 16.46 Billion in 2022, and it is expected to reach USD 35.72 Billion by 2029, exhibiting a CAGR of 11.7% during the forecast period (2023-2029)
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Sulfuric Acid Market Dynamics
Several factors are propelling the sulfuric acid market forward:
Agricultural Demand: Approximately half of the world's sulfuric acid is utilized in agriculture, especially in the production of phosphate fertilizers like lime superphosphate and ammonium sulfate. This application enhances crop yields and supports global food production.
Industrial Applications: Sulfuric acid serves as a vital component in chemical manufacturing, metal processing, petroleum refining, and the automotive industry, underscoring its versatility and indispensability in industrial processes.
Technological Advancements: Innovations in production techniques have improved efficiency and reduced environmental impact, aligning with global sustainability initiatives and bolstering market growth.
Sulfuric Acid Market Outlook and Future Trends :
The future of the sulfuric acid market is shaped by several emerging trends:
Sustainable Production Practices: The industry is increasingly adopting recycling processes to recover sulfuric acid from industrial byproducts, minimizing waste and conserving resources.
Rising Demand in Emerging Economies: Expanding industrial and agricultural activities in regions such as Asia-Pacific are driving the need for sulfuric acid, particularly in fertilizer production and chemical manufacturing.
Technological Innovations: Advancements in production techniques are enhancing efficiency, reducing environmental impact, and aligning with global sustainability initiatives.
Sulfuric Acid Market Key Recent Developments
The sulfuric acid industry has witnessed notable mergers and acquisitions across various regions:
United States: In June 2023, Sumitomo Corporation Group acquired the outstanding shares in Saconix LLC, a leading supplier of sulfuric acid throughout the Western USA and the Gulf. This acquisition makes Saconix a wholly-owned subsidiary within the Sumitomo Corporation Group, enhancing their presence in the North American sulfuric acid market.
Europe: In July 2024, French group Veolia agreed to sell its sulfuric acid regeneration business in North America to private equity firm American Industrial Partners for an enterprise value of $620 million. This move aligns with Veolia's strategy to divest non-priority assets and focus on core business areas.
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Sulfuric Acid Market Segmentation
by Raw Material
Elemental Sulfur
Pyrite Ores
Base Metal Smelters
Others
by Application
Fertilizers
Metal Processing
Pulp & Paper
Petroleum Refining
Textile Industry
Automotive
Chemical Manufacturing
Others
by Grade
PPT
PPB
Others
Some of the current players in the Sulfuric Acid Market are:
1. KANTO Corporation (US)
2. KMG Corporate (US)
3. Cornerstone Chemical Company (US)
4. PVS Chemicals Inc.(US)
5. Kel Chemicals (US)
6. Canada Colors and Chemicals Limited (Canada)
7. Seastar Chemicals Inc (Canada)
8. Aurubis AG (Germany)
9. BASF SE (Germany)
10.Ineos Group Ltd (UK)
Sulfuric Acid Market Conclusion:
The sulfuric acid market is on a robust growth trajectory, driven by its critical role in various industrial applications and supported by strategic industry developments. As demand continues to rise, particularly in emerging economies, and with ongoing technological advancements, the market is poised for sustained expansion in the coming years.
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