Sulfuric Acid Market was valued at USD 16.46 Billion in 2022, and it is expected to reach USD 35.72 Billion by 2029, exhibiting a CAGR of 11.7% during the forecast period (2023-2029)
Sulfuric Acid Market Overview
The Sulfuric Acid Market, a vital industrial chemical known for its caustic, colorless, and oily properties, plays a crucial role in various sectors, including agriculture, chemicals, and pharmaceuticals. The global sulfuric acid market was valued at USD 16.46 billion in 2022 and is anticipated to reach USD 35.72 billion by 2029, growing at a robust CAGR of 11.7% during the forecast period from 2023 to 2029. This growth is driven by the chemical’s extensive applications in fertilizer production, automotive industry, and other industrial processes.
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Report Scope
The report covers a comprehensive analysis of the sulfuric acid market, examining the key trends, drivers, and challenges influencing its growth. It includes an in-depth evaluation of market dynamics, segmentation based on raw materials and applications, and regional insights. Additionally, the report provides an impact analysis of the COVID-19 pandemic on the market and explores future growth prospects and emerging trends.
Drivers
- Growing Consumption from Fertilizer Segment: Sulfuric acid is a crucial component in the production of phosphate fertilizers, such as monoammonium phosphate (MAP) and diammonium phosphate (DAP). Approximately half of the world’s sulfuric acid is used in agriculture, highlighting its importance in enhancing agricultural productivity. The demand for fertilizers, driven by the need to boost crop yields and improve soil fertility, significantly propels the market.
- Strong Demand in Various Industries: Known as the “king of chemicals,” sulfuric acid is used extensively across various industries. It serves as a raw material in the production of hydrochloric acid, nitric acid, and phosphoric acid, among others. Its use in automotive batteries, metal refining, and textiles further drives market demand.
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Key Players: The key players are
1. KANTO Corporation (US)
2. KMG Corporate (US)
3. Cornerstone Chemical Company (US)
4. PVS Chemicals Inc.(US)
5. Kel Chemicals (US)
6. Canada Colors and Chemicals Limited (Canada)
7. Seastar Chemicals Inc (Canada)
8. Aurubis AG (Germany)
9. BASF SE (Germany)
10.Ineos Group Ltd (UK)
11.Linde plc (Ireland)
12.Nouryon (Netherlands)
13.Boliden Group (Sweden)
14.Tata Chemicals (India)
15.Trident Group (India)
16.Hindustan Copper Ltd. (India)
17.Wylton (China) Chemical Co., Ltd. (China)
18.Hubei Xingfa Chemicals Group Co., Ltd (China)
19.Sumitomo Chemical Co., Ltd. (Japan)
20.Tayca Corporation (Japan)
21.UBE Corporation (Japan)
22.Young Poong Co., Ltd. (South Korea)
Segmentation:
- By Raw Material: The elemental sulfur segment dominates the market due to its widespread use in producing sulfuric acid. Elemental sulfur is sourced from petroleum and natural gas, making it a preferred choice for manufacturers.
- By Application: The fertilizers segment holds the largest market share, driven by the high demand for sulfuric acid in producing phosphate-based fertilizers. The automotive segment, particularly for battery production, is also experiencing significant growth.
by Raw Material
Elemental Sulfur
Pyrite Ores
Base Metal Smelters
Others
by Application
Fertilizers
Metal Processing
Pulp & Paper
Petroleum Refining
Textile Industry
Automotive
Chemical Manufacturing
Others
by Grade
PPT
PPB
Others
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Sulfuric Acid Market Regional Analysis
The Asia-Pacific region is expected to lead the sulfuric acid market during the forecast period. Countries such as China, India, and Japan are major contributors to market growth due to their extensive chemical and fertilizer industries. China, in particular, is the largest producer of sulfuric acid, with significant production capacities and an increasing focus on expanding its sulfuric acid manufacturing. India is also making strides with new sulfuric acid production facilities, aiming to reduce reliance on imports and support its growing agricultural sector.
COVID-19 Impact Analysis
The COVID-19 pandemic had a mixed impact on the sulfuric acid market. Initially, the pandemic caused disruptions in supply chains and a temporary decline in industrial activities. However, the demand for sulfuric acid in agriculture and cleaning agents provided a buffer against the downturn. As economies recover and industrial activities resume, the sulfuric acid market is expected to rebound and continue its growth trajectory.
In summary, the sulfuric acid market is poised for substantial growth, driven by its essential role in fertilizer production, diverse industrial applications, and the shift towards more sustainable raw materials. The Asia-Pacific region, led by China and India, is expected to be a key player in this growth. Despite challenges posed by health and environmental concerns, the market is set to benefit from ongoing industrialization and agricultural advancements.
Key Questions Answered:
- What will be the CAGR of the Sulfuric Acid market during the forecast period?
- Which segment emerged as the leading segment in the Sulfuric Acid market?
- Who are the prominent players in the Sulfuric Acid market?
- What will be the Sulfuric Acid market size by 2027?
- Which company held the largest share in the Sulfuric Acid market?
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