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The Global Sulfuric Acid Market: Trends, Forecasts, And Opportunities| Noted Marketsandmarkets™
Sulfuric acid is a highly corrosive mineral acid with numerous industrial uses. It is primarily used in the production of fertilizers, explosives, and dyes. It is also used in the manufacture of detergents, batteries, and other products. The demand for sulfuric acid is rising due to its increasing application in various industries and its multiple uses.
The global sulfuric acid market size is expected to reach USD 28.5 billion by 2027, according to a new report by MarketsandMarkets™. It is anticipated to register a CAGR of 11.7% over the forecast period. Increasing demand for fertilizers and detergents is expected to drive market growth over the forecast period.
Growing demand for sulfuric acid as an intermediate in the production of fertilizers and detergents is a key factor driving the market. The rising production of fertilizers, especially in developing countries such as India and China, is expected to fuel the demand for sulfuric acid. Increasing demand for fertilizers in the agricultural sector is likely to propel the market growth over the forecast period.
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Sulfuric acid is a key industrial chemical used in a wide range of industries, including automotive, agricultural, chemical, metal processing and manufacturing, and water treatment. The acid is used in the production of fertilizers, batteries, detergents, dyes, petroleum products, and plastics. It is also used to process metals, and for the pickling, cleaning, and degreasing of industrial equipment. Sulfuric acid is also used to remove metal oxides from glass and ceramic products and as an electrolyte in lead-acid batteries. Demand for sulfuric acid is expected to remain strong in the coming years due to the increasing demand for agrochemicals, detergents, and other consumer products.
The elemental sulfur segment is expected to hold the largest share of the sulfuric acid market, during the forecast period
The elemental sulfur segment is expected to dominate the sulfuric acid market during the forecast period. This is attributed to its extensive use in the petrochemical and chemical industries for manufacturing fertilizers, detergents, and insecticides. Elemental sulfur is used to produce sulfuric acid, which is used in various downstream applications, such as in oil refining, pulp and paper production, and metal processing. Furthermore, rising demand for fertilizers in countries, such as India, China, and Brazil, due to their growing population and rising demand for food, is further expected to propel the growth of the sulfuric acid market, in turn driving the demand for elemental sulfur.
The chemical manufacturing segment, by application, is expected to account for the second-largest market during the forecast period
In terms of application, the chemical manufacturing segment is expected to account for the second-largest market during the forecast period. This is mainly due to the increasing demand for organic and inorganic chemicals across the world. Chemical manufacturers are focusing on developing efficient metal-based catalysts for reactions involving organic and inorganic compounds. This is expected to create significant growth opportunities for the chemical manufacturing segment during the forecast period. Additionally, the increasing use of catalysts in the production of polymers, agrochemicals, and specialty chemicals is expected to fuel the growth of the segment.
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Asia Pacific region is expected to be the largest and fastest growing sulfuric acid market
The Asia Pacific region is expected to be the largest and fastest-growing sulfuric acid market due to the increasing demand from the oil & gas and chemical industries. The region is also the largest producer of sulfuric acid, accounting for nearly 40% of the global demand. This is mainly attributed to the presence of large-scale production facilities in countries such as China, India, and Japan. Additionally, the growing population, rapid urbanization, and industrialization in the region are likely to drive the demand for sulfuric acid. Moreover, the region has witnessed a surge in investments in infrastructure projects and the automotive industry, which is further estimated to propel the demand for sulfuric acid.
Some of the leading players in this market include The Mosaic Company (US), BASF SE (Germany), OCP Group (Morocco), Chemtrade Logistics Income Fund (Canada), and Nouryon (Netherlands) among others.
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