Global Sulfuric Acid Market Bwc19161

Global Sulfuric Acid Market, By Raw Materials (Elemental Sulfur, Base Metal Smelters, Pyrite Ore, Others), By Application (Fertilizers, Chemical Manufacturing, Metal Processing, Petroleum Refining, Textile Industry, Automotive, Pulp & Paper, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: September 2021
  • Report ID: BWC19161
  • Available Format: PDF
  • Page: 189

Report Overview

Global sulfuric acid market is growing at a high rate because of the driving factors such as expanding usage of fertilizers for increasing agricultural yield and other commercial use such as paper and pulp production, automotive industries in the batteries, metal processing, etc.

Global Sulfuric Acid Market- Industry Trends & Forecast Report 2027

Global sulfuric acid market was worth USD 13.2 billion in 2020 and is projected to reach USD 16.1 billion by 2027, growing at a CAGR of 3.0% in the forecast period. Sulfuric acid demand is increasing due to increased fertilizer use for enhanced agricultural yield and other commercial applications such as paper and pulp manufacture, automotive industries in batteries and metal processing, and so on. Furthermore, continuous and stable demand for sulfuric acid due to several end-user applications and rising demand from the oil & gas industry, wastewater treatment is the factors favoring the growth of the global sulfuric acid market.

Global Sulfuric Acid Market

Source: BlueWeave Consulting

Global Sulfuric Acid Market - Overview

Sulfuric acid, also known as sulfuric acid, is a mineral composed of sulfur, oxygen, and hydrogen elements. Its physical properties are colorless and odorless and are highly miscible with water. Among other things, sulfuric acid is used for manufacturing fertilizers, explosives, glue, purifying petroleum, producing lead-acid batteries, and much more. One of the most common applications of sulfuric acid is its use as an electrolyte in lead-acid storage batteries. However, it is a highly corrosive chemical that can cause severe damage to human skin.

Global Sulfuric Acid Market Forecast and Trends

Growth Drivers

Increasing Use of Sulfuric Acid in Agricultural Sector

Fertilizers have always been an integral part of agriculture as they provide the soil with nutrients like potassium, phosphate, and nitrogen. Growing concerns from the agricultural sector regarding high crop yield and improved food quality are expected to drive fertilizer market growth, propelling the sulfuric acid market forward. Sulfuric acid is used in the production of phosphate fertilizers such as lime superphosphate and ammonium sulfate. The demand for food has increased dramatically as the world's population has grown, necessitating fertilizers to increase agricultural productivity. During the projected period, this aspect is likely to boost the growth of the global sulfuric acid market.

Growing Application of Sulfuric Acid in Medicine and the Pharmaceutical Industry

Since sulfuric acid is a highly corrosive acid, it is widely used for damaging cancerous cells’ DNA. The pharmaceutical industry uses them extensively to make chemotherapy drugs. Considering the growing prevalence of cancer worldwide, the demand for chemotherapy for treatment purposes will rise at a rapid pace. In addition to treating skin infections, sulfuric acid is found in ointments for treating canker sores. These factors are likely to significantly propel the demand for sulfuric acid in the forecast period.

Restraints

Sulfuric Acid Poses Serious Health and Environmental Hazards

Sulfuric acid is a highly corrosive acid that is hazardous for both humans and the environment. Even the slightest contact with sulfuric acid can cause severe burns. Moreover, any type of contact on the cornea or eyes can induce permanent blindness. Therefore, workers exposed during the production of this acid are constantly in danger. Moreover, sulfuric acid can exist in the air as particles or droplets and contribute to acidity, harming sensitive ecosystems. Hazards of this type restrict market growth significantly.

Impact of COVID-19 on Global Sulfuric Acid Market

The COVID-19 outbreak and the pandemic have had a tremendous 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.

Global Sulfuric Acid Market - By Raw Materials

Based on raw materials, the global sulfuric acid market is segmented into elemental sulfur, base metal smelters, pyrite ore, and others. The elemental sulfur holds the largest market share as this type of raw material is comparatively less polluting than other types such as pyrite ore or base metal smelters. Furthermore, the growing demand for industrial chemicals for manufacturing various commercial products and expanding production capacities for sulfur also propels the demand for elemental sulfur.

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. Among these segments, the fertilizer segment accounts for the largest market share because of their expanding applications in agriculture for enhancing crop yields. Furthermore, the availability of fertile land has also decreased because of rapid industrialization and development. Therefore, the demand for fertilizers is growing rapidly to meet the consumption needs of the growing population.

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. The Asia-Pacific region dominates the sulfuric acid market and is also projected to witness the highest CAGR during the forecast period. China is leading the market as the largest producer as well as a consumer for sulfuric acid with flourishing industrial applications. In addition, the easy availability of raw materials and rising development strategies such as setting up production facilities to meet the growing demand for sulfuric acid are also driving the market in this region.

Regional Insights

Source: BlueWeave Consulting

Competitive Landscape

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, Xilan Chemicals Co Ltd, The Mosaic Company, Kanto Kagaku, and other prominent players.

The market is highly consolidated with the presence of several global and regional market players. The regional players have better penetration among the end-users as they offer a wide range of products for different industries. Therefore, the prominent market players have been prominently adopting competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., to stay ahead in the market.

Recent Developments

  • In September 2021, Japanese chemical company Sumitomo Chemical and the Belgian chemical company Solvay announced they would expand their production capacity to produce high-purity sulfuric acid and aqueous ammonia for chip cleaning applications.
  • In August 2021, INEOS, a British chemicals company, announced the completion of the sale of its sulfur chemicals business to the International Chemical Investors Group.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Raw Materials, By Application, By Region

Key Players

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, Xilan Chemicals Co Ltd, The Mosaic Company, Kanto Kagaku, and other prominent players.

 

By Raw Materials

  • Elemental Sulfur
  • Base Metal Smelters
  • Pyrite Ore
  • Others

By Application

  • Fertilizers
  • Chemical Manufacturing
  • Metal Processing
  • Petroleum Refining
  • Textile Industry
  • Automotive
  • Pulp & Paper
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Frequently Asked Questions:

Ans: Global sulfuric acid market reached USD 13.2 billion in 2020.
Ans: The major factors driving the growth of the global sulfuric acid market are the increasing use of sulfuric acid in the agricultural sector and growing demand for sulfuric acid in industrial production.
Ans: The key 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, Xilan Chemicals Co Ltd, The Mosaic Company, Kanto Kagaku, and other prominent players.
Ans: The fertilizers segment accounted for the largest share in the global sulfuric acid market.
Ans: The Asia-Pacific region has the largest share in the global sulfuric acid market.