Sulfuric Acid Market is anticipated to worth USD 12.31 billion by 2025
Published Date | 2019 April 22
According to BlueWeave Consulting, the Global Sulfuric Acid market is anticipated to worth USD 12.31 billion by 2025, with a CAGR of 3.17% during 2019-2025. Global Sulfuric Acid Market is projected to exhibit significant growth during 2019-2025, on account of increasing fertilizer production across the globe.
Sulfuric acid is one of the most extensively used and produced industrial chemicals in the world. Sulfuric acid also is known as ‘oil of vitriol’ having molecular formula H2SO4, is a highly strong corrosive mineral acid. Sulfuric acid is majorly used in the manufacture of chemicals to make sulfate salts, pigments, dyes, nitric acid, sulfate salts, and others. It also aids as the electrolyte in the lead-acid battery. Elemental Sulfur raw material segment dominates the entire sulfuric acid market, due to the abundant availability of in the market and less polluting as compared to other raw materials like pyrite ore or base metal smelters. Growing concerns about high crop yield and superior food quality from the agricultural sector are anticipated to drive fertilizer market growth, which, in turn, is likely to trigger the sulfuric acid market.
Moreover, increasing demand and consumption of sulfuric acid can be attributed to rapid growth in population size, which is consequently propelling the demand for infrastructure, food crops, and base metals.
Among applications, the Fertilizers segment holds the largest market share of the sulfuric acid market during the forecast period.
The fertilizer segment is the leading application of the entire sulfuric acid market during the forecast period 2019-2025, owing to an increase and planned growth in fertilizers using phosphates. More than 50% of sulfuric acid goes into the manufacturing of phosphate fertilizers like superphosphate of lime and ammonium sulfate. Rapid industrialization and development are resulting in the reduction of fertile land, which in turn is leading the farmers to use fertilizers for increasing crop yield. Sulfuric acid is also used for the manufacturing of Lead-Acid type Batteries and Sealed-unit lead-acid type batteries that are used in the automotive industry for cars and trucks. It is also used in the manufacturing of chemicals such as hydrochloric acid, nitric acid, phosphoric acid, and many other industrial chemicals.
The Asia Pacific accounts for the largest market size in the sulfuric acid market during the forecast period.
Geographically, Asia Pacific dominated the overall sulfuric acid market and projected to lead the market over the forecast period 2019-2025. Owing to the growing agriculture sector, increasing metal processing activities, coupled with rising awareness about wastewater treatment, drive the demand for sulfuric acid in this region. Sulfuric acid is a vital part of nearly all manufactured goods, chemical syntheses such as hydrochloric acid, nitric acid, sulfate salts, synthetic detergents, dyes and pigments, explosives, and drugs. Continuous and stable demand for sulfuric acid due to several end-user applications and rising demand from the oil & gas industry, wastewater treatment are the factors favoring the market growth. Furthermore, increasing focus on the agriculture sector of India to meet the growing demand for food, increasing population, and the presence of major fertilizer and chemical producing companies located in this region.
Global Sulfuric acid Market: Competitive Landscape
Companies such as Mosaic Company, Chemtrade Refinery, DuPont, AkzoNobel N.V, BASF SE, PVS Chemical Solution, Solvay, Valero Energy, Potash Corp (PCS Phosphate), Agrium Inc., Indian Farmers Fertiliser Cooperative Limited (IFFCO), Israel Chemicals Ltd., Rashtriya Chemicals and Fertilizers Ltd., Zuari Agro Chemicals Ltd. are the leading players of sulfuric acid market across the globe.
Browse Detailed Analysis with TOC, “Global Sulfuric Acid Market, By Raw Material (Elemental Sulfur, Base Metal Smelters, Pyrite Ore, And Others), By Application (Fertilizers, Chemical Manufacturing, Metal Processing, Petroleum Refining, Textile Industry, Automotive, Pulp & Paper And Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa And Latin America), Price Trend Analysis, Competitive Market Share And Forecast, 2015-2025”