According to FMI’s analysis, the European Sulfuric Acid Market is expected to grow at a sluggish pace of 2.6% CAGR during the forecast period. Europe’s sulfuric acid market is currently estimated to be around US$ 3,324.5 Million in 2022. By the year 2032, it is expected that the sulfuric acid market in Europe will surpass US$ 4,285.5 Million. For the base year, a historical market valuation of US$ 3,226.5 Million was registered in 2021.
The petroleum refining business is primarily driven by strict government rules put in place to improve fuel quality. Growing demand for petroleum refining operations is improving the consumption of sulfuric acid in Europe. Further, rising usage of gasoline and other petroleum products in the automotive industry will also aid the sales in Europe sulfuric acid market.
As sulfuric acid acts as a catalyst in petroleum refining, end users are improving the adoption of sulfuric acid. This is expected to propel the demand for sulfuric acid in Germany, Italy, and the U.K. over the upcoming decade. As per FMI, Germany sulfuric acid market is anticipated to register growth at 3% CAGR between 2022 and 2032. Nearly 1/5th of revenue in Europe sulfuric acid market are expected to be contributed by Germany.
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Key Takeaways from the Sulfuric Acid Market
- France sulfuric acid market is anticipated to account for around 14% of demand share during the forecast period.
- Germany is expected to register highest CAGR of 3.0% in Europe sulfuric acid market during the forecast period.
- Sales of sulfuric acid in Europe reached a valuation of US$3,226.5 Mn in 2021.
- The market for sulfuric acid in Europe is anticipated to reach a peak of US$4,285.5 Mn by 2032.
“Consumption of sulfuric acid is rising as a result of increased demand for petroleum refining operations. Hence, key players in Europe are collaborating with leading automotive companies to increase their revenue and gain competitive edge.” – Says an FMI Analyst.
Competition Landscape in the Sulfuric Acid Market
Key competitors in the market are leveraging organic growth tactics such as product releases and approvals. They are also relying on acquisitions, partnerships, and collaborations to expand their consumer bases and businesses.
Boliden Group, BASF SE, and Aguachem Ltd are some of the key players gaining advantage in the Europe loudspeakers market.
Recent Developments
- In July 2021, Boliden Group announced a US$ 700 million expansion plan for its Odda zinc smelter in western Norway. The Odda facility would have a new roaster, a new sulfuric acid plant, and a new cell house. It is expected to have a 350,000 tons’/year capacity after the projected capacity increase by 75%. The infrastructure of the foundry and quay, as well as the current leaching and purifying facility, will also be extended and improved. In 2024, the expansion is expected to be finished.
- In July 2021, in order to increase the production of electronic-grade sulfuric acid in Jiaxing, China, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd. (“Jiahua”), and it’s completely owned subsidiary Zhejiang Jiafu New Material Technology Co. Ltd. (“Jiafu”) inked a contract. To supply China’s rapidly expanding semiconductor industry, the company will more than double its current sulfuric acid manufacturing capacity through this multi-digit million-euro investment.
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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
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