According to research conducted by Future Market Insights on the global sulfuric acid market, demand for sulfuric acid is set to grow at a moderate CAGR of 3.4% between 2022 and 2032, reaching a valuation of US$ 25,623.0 Million by the end of the forecast period (2032).
The market has been significantly influenced by certain macroeconomic and industrial factors including chemical industries development, rapid economic boom, expansion of the manufacturing sector, and growth of the 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.
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Thus, the need for increasing 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 catalysts in the processing industries are also expected to boost the growth of the sulfuric acid market.
Moreover, the 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 the sulfuric acid market during the forthcoming years. As sulfuric acid is being increasingly 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 restrain the growth outlook. Certain growth-hampering factors include stringency in environmental 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.
Key Takeaways from Sulfuric Acid Market Study
- By purity type, the standard sulfuric acid segment is estimated to create an incremental dollar opportunity of about US$ 6,701.7 Million 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.
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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 sulfuric acid manufacturers include 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 the 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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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