Global Sulfuric Acid Market Showing Modest Growth: Growing at a CAGR of 3.0% During the Forecast Period
Published | 10 September 2021
Global sulfuric acid market is growing at a high CAGR because of the increasing demand for fertilizers in agricultural production along with the widespread use in various end-user industries such as chemical manufacturing, paper, and pulp, etc...
A recent study conducted by strategic consulting and market research firm, BlueWeave Consulting, revealed that the global sulfuric acid market was worth USD 13.2 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 3.0%, earning revenue of around USD 16.1 billion by the end of 2027. The growth of the global sulfuric acid market is attributed to the increasing agricultural production activities to feed the growing population. In turn, the need to produce healthier crops pushes fertilizer demand, helping the sulfuric acid market grow. In addition, the increasing use of sulfuric acid in numerous end-user sectors such as chemical production, paper & pulp, metal processing, petroleum refining, and the automobile industry is driving up market demand. Additionally, the growing construction of new sulfur burners in countries like Cuba, Morocco, Turkey, etc., is estimated to address the ever-increasing demand for sulfuric acid in fertilizer production and metal processing industries in the coming years. However, the hazards associated with sulfuric acid are likely to restrict the growth of the global sulfuric acid market in the coming years. A highly corrosive acid, sulfuric acid is responsible for acid rain. It can also affect underground water and cause long-term harm to humans and the environment.
Growing Demand for Sulfuric Acid In Industrial Production is Likely to Drive the Global Sulfuric Acid Market
One of the major factors boosting the global sulfuric acid market is its prominent use in various end-user industries. For example, sulfuric acid is used extensively in the iron and steel industries for oxidation, corrosion, and scaling. Additionally, this acid is also used in the chemical industry for various purposes, including converting cyclohexanone oxime into caprolactam, used to make nylon. Such a wide array of applications strengthens its demand in the market and propels its growth.
Flourishing Automobile Industry Is Expected To Boost The Global Sulfuric Acid Market
Sulfuric acid is increasingly used in lead-acid storage batteries as an electrolyte, which is driving its demand in the market. The batteries fitted in automobiles use lead plates and an electrolyte consisting of diluting sulfuric acid. This combination is used for converting electrical energy into potential chemical energy which creates a portable power in the form of SLA batteries. With growing automobile production, especially in developing countries such as China, India, Japan, South Korea, the demand for sulfuric acid is projected to surge at a high rate, propelling the market growth.
Global Sulfuric Acid Market - By Applications
Based on applications, the global sulfuric acid market is segmented into fertilizers, chemical manufacturing, metal processing, petroleum refining, textile industry, automotive, pulp & paper, and others. Fertilizers account for the largest market share due to their wide application in agriculture to expand crop yields. The amount of fertile land is also decreasing due to rapid industrialization and development. Thus, fertilizers are becoming increasingly necessary as demand rises due to an increasing population. On the other hand, the automotive segment is also projected to grow at a high rate during the forecast period. Lead-acid batteries are used to power motor vehicles. The electrolyte in the batteries is sulfuric acid. As the automotive industry flourishes in the emerging economies and electric vehicles develop, the demand for sulfuric acid is expected to rise.
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Global Sulfuric Acid Market - Regional Insights
Geographically, the global sulfuric acid market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, the Asia-Pacific dominates the sulfuric acid market and is also projected to witness the highest CAGR during the forecast period as well. A booming fertilizer sector and stringent environmental regulations concerning the manufacturing of environmentally friendly products are likely to boost the market in the Asia Pacific over the coming years, resulting in an expansion of the phosphate fertilizer market. On the other hand, Middle East & Africa is likely to witness the fastest-growing region during the forecast period. An increase in the number of acid plants to meet growing consumer demand and the rising supply of sulfur-burnt acids in the region is estimated to boost the market.
Impact of COVID-19 on Global Sulfuric Acid Market
The COVID-19-induced pandemic has had a negative impact on the global sulfuric acid market. As a result of the lockdowns imposed by various countries to control the spread of the virus, several end-user industries were completely shut down, including automobile production, chemical manufacturers, petroleum refiners, and so on. This resulted in a significant decline in demand for sulfuric acid, causing severe losses to the market. Moreover, the production of sulfuric acid also suffered during COVID-19. As a result, agricultural demand for sulfuric acid was not met, further inhibiting the global market's growth.
The leading players in the global sulfuric acid market are Mosaic Company, Chemtrade Refinery, DuPont, AkzoNobel N.V., Panoli Intermediates India Private Limited, PVS Chemical Solution, Solvay, Valero Energy, Potash Corp, Agrium Inc., Indian Farmers Fertiliser Cooperative Limited, Israel Chemicals Ltd., Rashtriya Chemicals and Fertilizers Ltd., Zuari Agro Chemicals Ltd., Panoli Intermediates India Private Limited, PhosAgro Group of Companies, Xylan Chemicals Co Ltd, The Mosaic Company, Kanto Kagaku, and other prominent players.
With many global and regional players in the market, the global sulfuric acid market is highly consolidated. As regional players offer a broad range of products for different industries, they have better penetration among end-users. Therefore, to remain competitive, prominent market players have been consistently employing competitive strategies, such as partnerships, mergers, acquisitions, collaborations, etc.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global sulfuric acid market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global sulfuric acid market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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