Sulfuric acid, chemically represented as H2SO4, is a highly important industrial chemical used in various applications. It is known for its strong acidic properties and has a wide range of applications in industries such as chemicals, fertilizers, metal processing, petroleum refining, and wastewater treatment. The global Sulfuric Acid Market has experienced significant growth in recent years, driven by increasing demand in key sectors and continuous innovations in production processes.
The sulfuric acid market is expected to witness steady growth in the coming years due to its indispensable role in various industries. Technological advancements and increased focus on sustainable production methods are likely to drive innovation and create new opportunities for market players. Additionally, the rising demand for batteries for electric vehicles and renewable energy storage could boost the demand for sulfuric acid in battery manufacturing.
In 2022, the sulfuric acid market is projected to be worth US$ 18,393.2 Million. The total sales of sulfuric acid are anticipated to increase at a stable 3.4% CAGR between 2022 and 2032, reaching US$ 25,623.0 Million by 2032 due to increased usage of sulfuric acid in a variety of applications, including the manufacture of fertilizers and chemical goods.
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The market has been significantly influenced by certain macro-economic and industrial factors including chemical industries development, rapid economic boom, expansion of manufacturing sector, and growth of agricultural industry.
Sulfuric acid, also known as oil of vitriol, is a strong mineral acid that finds application in diverse industries including metal extraction, agriculture, pharmaceuticals, and textiles. It has become a key constituent utilized for the manufacturing of phosphate-based fertilizers.
Thus, need for increasing the crop production all over the globe will indirectly push the demand for sulfuric acid during the forecast period. Similarly, development in the chemical industry and growing demand for catalyst in the processing industries are also expected to boost the growth of sulfuric acid market.
Moreover, growing demand for metals ignited by increasing infrastructural activities across emerging regions of Latin America, South Asia Pacific and Africa is expected to support the growth of sulfuric acid market during the forthcoming years. As sulfuric acid is being increasing used in metal production and processing, rising consumption of metals will eventually create prospects within the global sulfuric acid market.
Despite several positive growth prospects, the market is witnessing certain challenges which are expected to restraint the growth outlook. Certain growth hampering factors includes stringency in environment regulations, increase in raw material pricing and commodity chemical pricing, etc.
“Consistently growing demand from end-use industries, particularly fertilizers, metal production and processing, and petroleum refining is driving the demand for sulfuric acid,” said an analyst at FMI.
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Key Takeaways from Sulfuric Acid Market Study
- By purity type, standard sulfuric acid segment is estimated to create an incremental dollar opportunity of about US$ 6,701.7 Mn during the forecast period of 2022 and 2032.
- Based on application, the fertilizer segment is expected to account for about 3/5th of the sulfuric acid consumption.
- North America and Europe are expected to collectively hold around 37% of the overall market share.
- The MEA sulfuric acid market is projected to grow at a relatively higher CAGR of 3.5% between 2022 and 2032.
- Demand for sulfuric acid to grow at a moderate CAGR of 2.3% in the U.S. market during the forecast period.
Competitive Landscape
The market of sulfuric acids is estimated to be a consolidated market, where leading players are expected to account for a key share of the market. Some of the top sulgfuric acid manufacturers includes BASF SE, Ineos Group Ltd, KANTO Corporation, Aurubis AG, Avantor Performance Materials, LLC, PVS Chemicals Inc., Seastar Chemicals, KMG Chemicals, Qingdao Hisea Chem Co. Ltd., Linde Group, Nouryon, Cornerstone Chemical Company, Ma’aden – Saudi Arabian Mining Company, Canada Colors and Chemicals Limited, Hubei Xingfa Chemicals Group Co., Ltd, Asia Union Electronic Chemical Corporation (AUECC), Tata Chemicals, Trident Group, Boliden Group, UBE INDUSTRIES, LTD., Sumitomo Chemical Co., Ltd., Tayca Corporation.
These key players are focusing on increasing their production capacity to enhance their market footprint all over the globe and to gain traction in the market. Further certain key players are focusing on investing in ultra-pure sulfuric acid production owing to rising demand from electronic industry.
For instance, In July 2021, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd. and its fully-owned subsidiary Zhejiang Jiafu New Material Technology Co. Ltd. signed an agreement to further expand the production capacity of electronic-grade sulfuric acid in Jiaxing, China.
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Sulfuric Acid Market Segmentation
By Purity Type:
- Standard
- Ultra-Pure
By Raw Materials:
- Elemental Sulfur
- Base Metal Smelters
- Pyrite Ores
- Others
By Application:
- Fertilizers
- Petroleum Refining
- Metal Production & Processing
- Wastewater Treatment
- Chemicals Production
- Textile Processing
- Pulp & Paper Production
- Semiconductor & Electronics
- Pharmaceuticals
- Domestic Cleaning Products
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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