by The Sulfuric Acid Market is estimated to be valued at US$ 23.45 Bn in 2021 and is expected to exhibit a CAGR of 4.67% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sulfuric acid is a highly corrosive and dense liquid that is widely used in various industries such as chemical, fertilizer, metal processing, and pharmaceutical. It is primarily used in the production of fertilizers, where it is used to manufacture phosphoric acid and superphosphate fertilizers. Sulfuric acid is also used in the production of detergents, dyes, pigments, and drugs.
Market Dynamics:
The Sulfuric Acid Market is driven by the increasing demand from the chemical industry, where it is used as a raw material in the production of various chemicals. Moreover, the growing agricultural sector and the increasing demand for food are also driving the market growth. Sulfuric acid is extensively used in the production of fertilizers, which are required for high-yield crop production. Furthermore, the expanding metal processing industry, particularly in developing regions, is fueling the demand for sulfuric acid for metal extraction and purification processes. Overall, these factors are expected to drive the growth of the Sulfuric Acid Market over the forecast period.
Segment Analysis
The sulfuric acid market can be segmented based on application into fertilizers, chemicals, metal processing, pharmaceuticals, and others. Among these segments, the fertilizer application dominates the market due to the increasing demand for fertilizers in agriculture. Sulfuric acid is widely used in fertilizer production as a raw material for manufacturing phosphate fertilizers such as ammonium phosphate and superphosphates. The growth of the agriculture industry, especially in emerging economies, is driving the demand for sulfuric acid in the fertilizer segment. Additionally, government initiatives to promote sustainable farming practices and increase crop yield are further fueling the growth of the fertilizer segment in the sulfuric acid market.
PEST Analysis
Political: The sulfuric acid market is influenced by government regulations and policies related to environmental protection and worker safety. Strict regulations regarding emissions and waste disposal impact the production and usage of sulfuric acid.
Economic: The growth of industries such as agriculture, chemicals, and metal processing directly impacts the demand for sulfuric acid. Economic factors, such as GDP growth and investment in infrastructure development, also contribute to the demand for sulfuric acid.
Social: Increasing population, urbanization, and changing consumer preferences drive the demand for agricultural products, which in turn increases the demand for sulfuric acid in fertilizer production.
Technological: Technological advancements in sulfuric acid production and handling, such as improved manufacturing processes and advanced equipment, have enhanced the efficiency and safety of sulfuric acid utilization.
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), due to increasing demand from various industries. The fertilizer application segment dominates the market, driven by the rising demand for fertilizers in agriculture.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the sulfuric acid market. This can be attributed to the growing population, rapid industrialization, and increasing agricultural activities in countries like China and India.
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 key players contribute to the market through product innovations, strategic collaborations, and expansions to cater to the growing demand for sulfuric acid.
