Sulfuric Acid Market size was worth USD 14.1 Billion in 2021, registering a CAGR of 8.39% during the forecast period and the market is estimated to reach over USD 29.12 Billion by 2030.
Sulfuric acid is called the “King of Chemicals” because of its application in nearly every industry. Sulfuric acid (H2SO4), commonly referred to as vitriol, is colorless, odorless, and viscous in nature. Sulfuric acid’s ability to dehydrate is one of its most important properties. When sulfuric acid is mixed with water, bubbles release gas fumes. However, it is hazardous and can cause burns when it comes in contact with the human body. It is an important industrial chemical used in fertilizer manufacturing processes. Sulfuric acid’s market is driven by its rapid use in fertilizers, the chemical industry, and the automobile industry. For instance, the India Brand Equity Foundation (IBEF) estimated that agriculture’s gross value added will reach USD 276.37 billion in 2020. Therefore, sulfuric acid is a major component of the agriculture industry as well which drives the global sulfuric acid market growth.
Besides its application in other industries, it contains nutrients such as nitrogen, potassium, and phosphorus which are important in improving the quality of crops. Thus, the global market is anticipated to be driven by the increased usage of sulfuric acid in the agricultural sector and the production of numerous chemicals. For instance, a report published by the National Bureau of Statistics of China elaborated that the volume of nitrogen, phosphate, and potash fertilizer production in China was 55.44 million tons in 2021. Rising production of Sulfur in China and Japan is anticipated to drive the market which will further facilitate the usage of sulfuric acid in several industries. The demand for sulfuric acid in Indonesia and the Philippines has surged exports from China, further accelerating the global market.
Due to rapid urbanization and industrialization, there is an increase in the demand for sulfuric acid from the agricultural industry. The rise in the utilization of sulfuric acid for improving the quality of crops is driving the sulfuric acid market growth. Sulfuric acid is also a raw material in the chemical industry for the production of new chemicals, detergents, pigments, and drugs. Moreover, enhanced demand from the automobile industry is further driving the market’s expansion. Because of the application of sulfuric acid in nearly every industry, the market for sulfuric acid is growing.
Lack of skill among the people regarding the utilization and handling of sulfuric acid leads to a decrease in market growth. Moreover, sulfuric acid can remain suspended in the air for a long time. This can contribute to the formation of acid rain. Acid rain, is thus, harmful to the atmosphere and human health. It can also pose a threat to forests and wildlife. These factors are responsible to restrain the market growth.
The treatment of wastewater relies heavily on sulfuric acid. It is a process carried out for environmental protection. It is also used to bring back the pH of the water to normal levels. It is also used to remove bad odors from wastewater and kill pathogens having the potential to cause harmful diseases. Using sulfuric acid in wastewater treatment is anticipated to provide potential opportunities for the growth of the market.
In 2020, the sulfuric acid market was somewhat negatively affected by the COVID-19 pandemic. The chemical industry has been impacted by supply disruptions and lockdowns in various nations. As a result, the prices of sulfuric acid were also reduced due to a decline in the demand by various end-users. In an effort to maintain the level of demand, the government and other trade associations have implemented several measures to achieve market equilibrium in the supply and demand for sulfuric acid. However, because sulfuric acid is one of the main chemicals used in the chemical industry, there will be a lot of demand over the forecast period.
Sulfuric Acid Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||13.12 Billion|
|By Raw Material||Elemental Sulfur, Pyrite Ore, and others|
|By Application||Fertilizers, Chemical Manufacturing, Automotive, and Textile Industries|
|By Geography||North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa|
|Key Players||The Mosaic Company, BASF SE, OCP Group, UBE Industries, Ltd, Tata Chemicals, Trident Group, Nouryon, KMG Chemicals, Linde Group, Seastar Chemicals, Yunnan Copper Co.Ltd
By Raw Material
Based on the raw material, the market is segmented into elemental sulfur and pyrite ore. Since elemental sulfur produces fewer emissions than pyrite ore, it commanded the highest revenue share in 2021. Elemental sulfur is used as an insecticide, and repellent which has led to the segment’s growth. It is also used as a soil amendment to lower its pH. Pyrite ore is another segment that is used in modern industry for the production of sulfuric acid. Pyrites are found in the waste rocks of mines. When exposed to water and oxygen, it forms sulfuric acid.
Based on application, the market is divided into fertilizers, chemical manufacturing, automotive and textile industry, and others. In 2016, fertilizers were the major application segment, accounting for approximately 54% of the sulfuric acid market shares. The market is likely to be boosted by the rising global population and rising demand for better crops in the coming years. The majority of contaminated sulfuric acid is produced by petroleum and chemical refineries, which results in the regeneration of pure and concentrated sulfuric acid products. Increasing investments in chemical manufacturing are expected to increase the demand for sulfuric acid. Moreover, the increasing use of sulfuric acid in automotive batteries is responsible for the growth of the automotive segment. Sulfuric acid is also a major component of the textile industry to manufacture rayon, a material used in hot and humid regions.
Asia Pacific accounts for the highest revenue share in the global market. Sulfuric acid prices are going up as a result of the product’s rising demand in the Asia-Pacific region. The demand for phosphate fertilizer in the agricultural sector as well as stringent environmental regulations regarding the production of environmentally friendly products is likely to propel the market in the coming years.
Further, the Middle East During is anticipated to contribute the fastest CAGR growth during the forecast period. The expanding supply of sulfuric acid products in Saudi Arabia is responsible for the increased market growth in this region. Additionally, the Middle East’s expanding supply of sulfur-burnt acids and the growing number of acid plants are also anticipated to drive the market’s expansion.
Sulfuric Acid Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Sample Preparation market. Key players in the market include-
- The Mosaic Company
- BASF SE
- OCP Group
- UBE Industries, Ltd
- Tata Chemicals
- Trident Group
- KMG Chemicals
- Linde Group
- Seastar Chemicals
- Yunnan Copper Co. Ltd
- In November 2021, Coromandel International Limited introduce a brand-new plant that produces sulfuric acid for use in fertilizers.
- In August 2021, Sumitomo Chemical Corporation introduced sulfuric acid with increased production and purity in response to rising demand from the semiconductor and automobile industries.
- In July 2021, BASF collaborated with Zhejiang Jiafu New Material Technology Co. Ltd. to increase the manufacturing capacity of facilities located in China to support the increased demand for electronic-grade sulfuric acid.
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