Sulfuric Acid Market Is Expected To Grow At A Significant Rate Of 2.76% CAGR With The Sulfuric Acid Market Size Of USD 12.36 Billion During The Forecast Period (2021-2030)
In 2020, the sulfuric acid market value is registered as USD 10.22 billion and is expected to grow at a significant rate of 2.76% CAGR with the sulfuric acid market size of USD 12.36 billion during the forecast period (2021-2030).
Sulfuric acid plays a vital role in the production of pesticides, fertilizers, etc. Agriculture sector is a highly grown sector which reached new heights in the past few decades. By volume, the sulfuric acid production industry is one of the world’s biggest chemical industries. Apart, sulfuric acid is also used in cleaning products and cleaning drains. Moreover, sulfuric acid is also used in automotive industries.
Sulfuric acid is a strong, acidic mineral acid. This chemical is composed of hydrogen, sulfur, and oxygen that has both dehydrating and hygroscopic properties. This acid is used in the production of various chemicals like nitric acid, hydraulic acid, sulfate salts, synthetic detergents, dyes, pigments, explosives, and drugs. Apart, it is used in the production of ammonium phosphate and ammonium sulfate. According to World Steel Association, in January 2020, the US produced 7.7Mt of crude steel which is an increase of 2.5% to January 2019. The rising steel production leads to escalating the sulfuric acid market growth.
Due to the rise of COVID-19 from the last few years across the world, every market and industry is facing various unexpected challenges. The implementation of lockdown results in a huge decline in the economy. Due to this pandemic situation, some industries experienced loss and debt, whereas some industries look to profit and rise in demand like healthcare sectors, chemical industries, and pharmaceutical industries.
Sulphuric acid is used in the production of pesticides and cleaning products which is very essential in the pandemic situation. Cleaning is highly essential in the pandemic situation and the demand for cleaning products rises in this period. Hence the sulphuric acid market is added growth by this pandemic. Even though, a bit of decline in growth rate can be noticed due to the nation-wide lockdowns all over the world. After the reduction of corona cases, the government removes the lockdown and rapidly it regains its demand and sales of the market.
Due to the growing population, reducing the agricultural land, and increasing demand for nutrient-rich food crops, the agriculture sector needs to produce more and wasteless yield. To obtain the best amount of yield, the agriculture sector has demanded the best fertilizers which are boosting the sulfuric acid market growth. Sulfuric acid is having multiple applications as it is having high demand in automotive industries, metal processing, and many more.
Sulphuric acid acts as a dehydrating agent, catalyst, and reactant in various industries like fertilizers, paper & pulp, petroleum efficiency, chemical manufacturing, automotive, and metal processing which increases the demand for the product to raise the market growth. The rising demand for sulphuric acid in the production of phosphate fertilizers is propelling market growth. According to the report of the Food and Agriculture Organization (FAO), in 2017, the global demand for phosphate fertilizers was 43.2 million tons and it is estimated to increase this demand by 45.8 million in 2020 which is driving the global market growth.
The surplus amount of materials weakens the sales of sulfuric acid which is restraining the market growth. Due to the high side effects and pollution of the environment, chemical industries are regulated with stringent rules. As sulfuric acid is a harmful substance, it is regulated strictly.
Increasing the use of oleum may create the opportunity to increase market growth.
As the price of raw materials is fluctuating all the time. So, the fixed price of sulfuric acid is impossible to estimate the worth in the coming years.
The global sulfuric acid market has been divided into segments based on raw material, application, and region.
Based on Raw Material
The global sulfuric acid market based on raw material is classified into the elemental sulfur base metal, smelters pyrite ore, and others (from oil & petroleum refineries). Among them, the elemental sulfur base element is leading the market due to the abundance of elemental sulfur in the market. Due to the use of sulfur in the production of sulfuric acid, it is less polluted compared to pyrite ore roasting and base metal smelter where factories need to adopt strict procedures for treating the emitted sulfuric acid gases before releasing them in the atmosphere.
Based on Application
The sulfuric acid application is categorized into various types such as chemical manufacturing, fertilizers, metal processing, petroleum refining, textile industry, automotive, pulp & paper, and others. Among these applications, the fertilizers segment is predicted to dominate the market share due to the growing population across the world which leads to a rise in demand for better quality food crops. Due to rapid industrialization and urbanization, there is a decline in hectares of arable land. In this situation, fertilizers are used by farmers to increase the crop yield which is propelling the demand for sulphuric acid in the coming years.
Based on Region
Region-wise, the global sulfuric acid market is divided into Europe, Asia-Pacific, Latin America, North America, and the Rest of the World. The most promising and largest growth achiever market in this segment is the Asia Pacific region. The demand is most likely to grow exponentially in the Asia Pacific market.
Regional Analysis -
Geographically, the sulfuric acid market is analyzed into five major regions like Europe, North America, Latin America, Asia-Pacific, and the Rest of the World. The factors such as the easy availability of raw materials, flourishing chemical industry, and growing developmental strategies like setting up production facilities to reach the growing demand for sulfuric acid make the Asia-Pacific hold the maximum sulfuric acid market share in the forthcoming years. The largest market for sulfuric acid in this region is China. Increasing the production of cereals leads to the consumption of fertilizers that increases the growth of sulfuric acid in the regional market during the review period.
The prominent key players in the sulfuric acid market outlook are the following:
This global sulfuric acid market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the sulfuric acid market drivers, restraints, challenges, and opportunities. The sulfuric acid market forecast segments are raw material, application, and region.
The sulfuric acid market trends have been segmented globally based on the raw material, application, and region.
By Raw Material
Elemental sulfur base metal, smelters pyrite ore, and others (from oil & petroleum refineries).
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the sulfuric acid market.
|Market Size||2030: USD 12.36 billion|
|CAGR||2.76% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Agrium, Akzo Nobel, Bayer, Bp, Chevron, Cytec Industries, Dupont, Evonik Industries, Honeywell and Solvay|
|Key Market Opportunities||Increasing its demand due to industrial cleaning agents as sulfuric acid is also utilized in cleaning agent and drain cleaner.|
|Key Market Drivers||The drivers for sulfuric acid market are automotive industry and chemical industry.|
The most prominent companies in this market are Agrium, Cytec Industries, Evonik Industries, Bp, Bayer, Chevron, Honeywell, Dupont, Akzo Nobel, and Solvay.
Strategic alliances, mergers & acquisitions, and new product development.
Textile, paper & pulp manufacturing, refinery, chemical manufacturing, and fertilizers.
Volatility in raw material cost.