The ‘Global Sulphuric Acid Market Price, Trends, Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global sulphuric acid market, assessing the market on the basis of its segments like application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Sulphuric Acid Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 1.5%
The global sulphuric acid market is expected to register growth during the forecast period on account of the rising utilisation of sulphuric acid in the agricultural industry. Due to the strong presence of strict environmental rules and regulations to regulate emissions, an upsurge in the demand for fertilisers employing phosphates is likely to drive market growth for sulphuric acid. This is further likely to increase the usage of smelters to secure sulphur dioxide products.
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The increasing employment of sulphuric acid in the production of a wide variety of chemicals is expected to fuel market growth across the globe. Based on application, the fertilisers segment is expected to witness significant growth in the sulphuric acid market share over the coming years on account of the rising demand for better-quality crops to meet the needs of increasing populations.
The growing urbanisation and industrialisation are leading to a reduction of arable land. This is further expected to boost the use of fertilisers by farmers to improve crop yield which is likely to enhance segment growth across the globe. Moreover, the increasing usage of sulphuric acid to produce quality fertilisers for agricultural applications to increase production capacity is expected to fuel the sulphuric acid market growth during the forecast period.
Sulphuric Acid Industry Definition and Major Segments
Sulphuric acid, also known as an oil of vitriol or Mattling acid, is a mineral acid that is made of sulphur, hydrogen, and oxygen. It is corrosive with a strong acidic nature that acts as a dehydrating and oxidising agent at higher concentrations. It is a syrupy liquid that has no colour or odour. It is generally employed in the production of fertilisers and in chemical synthesis.
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By application, the market is classified into:
• Fertilisers
• Chemicals
• Others
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Europe
• Middle East and Africa
Sulphuric Acid Market Trends
Sulphur is commonly recovered from petrochemical plants and refineries which can then be used for the production of sulphuric acid. The expansion of the petrochemical sector is a key trend in the sulphuric acid market as it provides a steady supply for sulphur raw materials. By utilising raw materials that are generated in other refining processes, the production costs of sulphuric acid are lowered, and manufacturing becomes more environmentally friendly and sustainable. This is likely to increase the market demand for sulphuric acid over the upcoming years.
Geographically, the Asia Pacific region is expected to gain momentum in the sulphuric acid market share over the coming years on account of the surging production of sulphur in countries such as Japan and China. The rising investments towards chemical synthesis by manufacturers in China is expected to drive the market growth of sulphuric acid across the region. With the rise in the production of various industrial cleaning agents, the market demand for sulphuric acid is likely to fuel over the coming time frame.
Moreover, the increasing demand for sulphuric acid from industrial and phosphoric acid industries due to the higher crop yields and the rise in the cultivation of crops, especially in China is expected to boost the market growth in the Asia Pacific. The increasing demand for sulphuric acid in Indonesia and the Philippines is also anticipated to bolster the market growth of sulphuric acid in the region during the forecast period.
Key Market Players
The major players in the global sulphuric acid market report are:
- INEOS Group
- BASF SE
- DuPont de Nemours, Inc.
- PVS Chemicals, Inc.
- Chung Hwa Chemical Industrial Works, Ltd.
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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