Report Details:
15 Companies Covered
128 Pages
Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Sulfuric Acid Market.
Global Sulfuric Acid Market Highlights
The Global Sulfuric Acid Market is anticipated to garner a healthy CAGR of 2.76% during the forecast period (2022 - 2030), Market Research Future (MRFR) unveils in a detailed report. Sulfuric acid is considered one of the largest industrial chemicals in terms of volume. Sulfuric acid, also termed as vitriol, is a mineral acid, which is composed of oxygen, sulfur, and hydrogen, and is an odorless, colorless, and syrup liquid. Sulfuric acid is soluble in water and is synthesized in reactions, which are considered highly exothermic.
Market Potential and Pitfalls
The demand for sulfuric acid is skyrocketing across the globe, mainly due to the soaring demand for sulfur-based fertilizers. Sulfuric acid is extensively used in the wastewater treatment and oil & gas industry, which is likely to trigger the demand from the sulfuric acid market. Sulfuric acid is extensively used to manufacture fertilizers and chemicals and is used in metal processing. This is anticipated to accelerate the market growth across the globe. It is highly used as a catalyst, dehydrating agent, and reactant by the automotive sector. The increasing demand for excellent food quality and high crop yield from the agricultural industry are further anticipated to stimulate the market in the long run. Sulfuric acid is also used in automotive batteries, which is likely to act as a primary growth stimulant for the market.
On the flip side, fluctuating raw material prices are considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.
Global Sulfuric Acid Market: Segmental Analysis
The sulfuric acid market has been segmented on the basis of type and application.
By type, the sulfuric acid market is segmented into battery acid, dilute sulfuric acid, chamber acid, and concentrated sulfuric acid.
By application, the sulfuric acid market is segmented into pulp and paper industry and phosphate fertilizers. Of these, the phosphate fertilizers segment is likely to gain prominence as sulfuric acid is largely used to manufacture phosphate fertilizers, which is highly preferred in modern agricultural practices.
Regional Frontiers
Geographically, the sulfuric acid market spans across the Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Considering the global scenario, Asia Pacific resonates strong growth opportunities and is likely to rule the market in the coming years. In this region, China alone acquires almost half of the market in terms of production. Consumption of fertilizer in India represents a massive number, due to the existence of a large agricultural base in the country. These factors are likely to trigger the demand from the sulfuric acid market in the foreseeable future. The recent boom in the chemical industry, soaring developmental strategies like setting up of production facilities to meet the increased demand for sulfuric acid, and easy availability of raw materials are predicted to encourage the sulfuric acid market in the APAC.
The sulfuric acid market in North America is likely to register significant growth owing to the soaring demand for sulfuric acid for the production of fertilizers. Strict regulations by the government to produce sulfuric acid is likely to promote the regional market’s growth.
Industry Updates
March 2019: Outotec has recently inked a contract with the Moroccan OCP Group for delivery of sulfuric acid plant to produce fertilizer. The delivery comprises procurement, engineering, and construction of the plant and is based on Outotec's sulfur burning system. This all-new acid plant will incorporate advanced technologies like HEROS heat recovery system, absorption towers, a converter, and an acid distribution system made of the Edmeston SX stainless steel alloy.
Competitive Dashboard
The top players operating in the global sulfuric acid market include Akzo Nobel, Agrium, Bp, Bayer, Cytec Industries, Chevron, Evonik Industries, Dupont, Honeywell, and Solvay.
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