Market Overview:
The global Sulfuric Acid Market is estimated to be valued at US$ 23.45 billion in 2022 and is expected
to exhibit a CAGR of 4.67% over the
forecast period 2022-2030, according to a new report published by Coherent
Market Insights. Sulfuric acid is widely used in various industries such as
fertilizers, chemicals, and mining. It is a highly corrosive and dense liquid
that is used for manufacturing phosphoric acid, metal sulfates, dyes,
detergents, and fertilizers. The growing demand for sulfuric acid in the
production of phosphate fertilizers is a key driver for the market.
Additionally, the increasing application of sulfuric acid as a catalyst in
various industrial processes further boosts market growth.
Market Key Trends:
The key trend in the sulfuric acid market is the growing demand for sulfuric
acid in the mining industry. Sulfuric acid is extensively used in the mining of
metals such as copper, nickel, and uranium. It is used in the leaching process
to extract valuable metals from ores. The rising demand for metals across
various industries, including construction and electronics, has led to
increased mining activities, driving the demand for sulfuric acid. Moreover,
advancements in mining technologies and the adoption of
environmentally-friendly mining practices have also contributed to the growing
use of sulfuric acid in the mining industry. This trend is expected to continue
over the forecast period, positively impacting market growth.
The sulfuric acid market can be segmented based on application and end-use
industry. In terms of application, the dominant segment is the chemical
manufacturing segment, which accounted for the largest market share in 2021.
This is because sulfuric acid is widely used in the production of various
chemicals such as fertilizers, detergents, pigments, and pharmaceuticals. The
chemical manufacturing segment is expected to continue dominating the market
throughout the forecast period.
Within the chemical manufacturing segment, the fertilizer production
sub-segment is expected to witness the highest growth. This can be attributed
to the increasing demand for fertilizers globally, driven by the growing
population and the need to enhance agricultural productivity. Sulfuric acid is
a key component in the production of phosphate fertilizers, which are widely
used in crop cultivation. The fertilizer production sub-segment is projected to
dominate the sulfuric acid market due to the rising demand for agricultural
products and the need for sustainable farming practices.
Key Takeaways:
The global Sulfuric
Acid Market Growth is expected to witness high growth, exhibiting a
CAGR of 4.67% over the forecast period (2022-2030). This growth can be
attributed to several factors. Firstly, the increasing demand for sulfuric acid
in the chemical manufacturing industry, particularly for the production of
fertilizers, is driving market growth. With the growing population and the need
for food security, the demand for fertilizers is expected to rise, thereby
boosting the demand for sulfuric acid.
Regarding regional analysis, Asia Pacific is projected to be the
fastest-growing and dominating region in the sulfuric acid market. This can be
attributed to the rapid industrialization in countries like China and India,
which have a significant demand for sulfuric acid in various industries.
Additionally, the agricultural sector in these regions plays a crucial role in
driving the demand for fertilizers, further contributing to the growth of the
sulfuric acid market.
Key players operating in the sulfuric acid market include PVS Chemicals, BASF
SE, Akzo Nobel N.V., DowDuPont Inc., Unigel Group, Boliden Group, Ineos
Enterprises Limited, Trident Chemicals, Aurubis AG, Climax Molybdenum B.V., and
Amal Ltd. These companies have a strong presence in the market and are actively
involved in strategic initiatives such as mergers and acquisitions,
partnerships, and product innovations to maintain their market position. Their
expertise in sulfuric acid production and distribution allows them to cater to
the increasing demand from various end-use industries efficiently.
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