In terms of revenue, the Global Sulfuric Acid Market is expected to reach USD 17.3 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 4.70% from 2022 to 2028.
The increase in market growth can be ascribed to the strict environmental rules that are in place to restrict emissions, which are predicted to cause an increase in the use of smelters to absorb sulfur dioxide products. The industry is anticipated to grow due to rising demand for the product from the fertilizer, chemical manufacturing, paper & pulp, petroleum refinery, metal processing, and automotive industries for usage as a catalyst, dehydrating agent, and reactant. In addition, growing concerns from the agricultural sector regarding high crop yield and outstanding food quality are anticipated to drive the fertilizer market's expansion, likely to spark the Sulfuric Acid Market.
Key Developments in the Industry
· WeylChem International GmbH successfully acquired and integrated INEOS Sulfur Chemicals Spain SLU, which produces the most sulfur chemicals in Spain. The newly acquired company includes a cutting-edge facility in Bilbao with a 350,000-tonne yearly capacity for producingSulfuric Acid. The newly combined sulfur company is currently known as "WeylChem Bilbao."
· The Boliden group announced its plans to invest 700 million euros in expanding its Odda zinc smelter in western Norway in July 2021. 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%. In addition, 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.
· On the grounds of the fertilizer cooperative IFFCO's Paradip division, the Chief Minister of Odisha in India lay the cornerstone for a Sulfuric Acid manufacturing facility in July 2021. Operation of the project is anticipated to begin in 2023, with an estimated cost of 400 crore INR. The reliance on chemical imports will decline thanks to this new manufacturing facility. This facility, which has a daily production capacity of around 2,000 metric tonnes (MT), is IFFCO's third Sulfuric Acid production facility.
· Coromandel International Limited will debut a new Sulfuric Acid production facility in the fertilising industry in November of 2021.
· Sumitomo Chemical Corporation introduced Sulfuric Acid in August of 2021 with expanded Sulfuric Acid output and purity to meet the growing demand from the semiconductor and automotive industries.
The market for Sulfuric Acid is affected by several factors, including the quick uptake of Sulfuric Acid as a fertilizer and improvements in crop productivity, quality, and quantity. Additionally, expanding industry, research and development using Sulfuric Acid, and urbanization contribute to the market's expansion. Additionally, to meet the growing consumer demand for crops of higher quality with more nutrients in the vegetables, agricultures are using fertilizers to increase output. Moreover, the market for Sulfuric Acidproliferated due to the fast adoption of electric vehicles across regions and the development of the automotive industry with rising consumer demands.
Sulfuric Acid is used in the chemical industry to increase the synthesis of chemicals and in the pharmaceutical industry to produce and develop new drugs with higher production and manufacturing of medicines. The increased use of Sulfuric Acid in the automotive industry is mostly used in batteries, which help to store the energy that drives the demand for Sulfuric Acid. The market is expected to grow throughout the projected period due to increased chemical synthesis research and development, higher fertilizer use, and greater output due to Sulfuric Acid's improved performance. The main market participants in Sulfuric Acid promote higher development of Sulfuric Acid and increasing investment for the introduction of new fertilizers and chemicals significantly accelerates the market development of Sulfuric Acid.
During the forecast period, the Sulfuric Acid Market in Asia Pacificis anticipated to develop at the quickest rate.It is anticipated that increasing sulfur output in China and Japan will increase the product selection of Sulfuric Acid for the various regional application sectors. Exports from China have increased due to rising demand for H2SO4 in the Philippines and Indonesia, which is anticipated to drive the market. Asia Pacific has the highest growth rate as a result.Due to increased demand from the industrial and phosphoric acid industries, crop yields and areas under cultivation have increased in China.
In addition, prices for Sulfuric Acid are increasing as a result of the product's expanding demand in the Asia Pacific region. In the upcoming years, the market is projected to be driven by the growing requirement to increase phosphate fertilizer production due to increased demand in the agricultural sector and strict environmental rules governing the development of environmentally friendly products.
The Global Sulfuric Acid Market is Segmented as follows
- Raw Materials
- Base Metal Smelters
- Elemental Sulfur
- Pyrite Ore
- Other Raw Materials
- Tower/Glover Acid
- Chamber/ Fertilizer Acid
- Battery Acid
- 66 Degree Baume Sulfuric Acid
- Dilute Sulfuric Acid
- Manufacturing Process
- Contact Process
- Lead Chamber Process
- Wet Sulfuric Acid Process
- Metabisulfite Process
- Other Manufacturing Processes
- Distribution Channels
- Specialty Stores
- Chemical Industries
- Petroleum Refining
- Metal Processing- Steel Picking, Copper Production, Metals Surface Cleaning
- Drug Manufacturing
- Pulp & Paper
- Semiconductor Electronics- Battery Electrolyte, Integrated Circuit Components, Fabrication, Photovoltaic Cells
- Wastewater Treatment
- Other Applications
- Purity Type
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Sulfuric Acid Market is
UBE Industries Ltd. (Japan), Boliden Group (Sweden), Trident Group (India), Tata Chemicals (India), Asia Union Electronic Chemical Corporation (Taiwan), Hubei Xingfa Chemicals Group Co. Ltd. (China), Canada Colors & Chemicals Limited (Canada), Maaden - Saudi Arabian Mining Company (Saudi Arabia), Nouryon (Netherlands), Cornerstone Chemical Company (US), Linde Group (Ireland), Qingdao Hisea Chem Co. Ltd. (China), KMG Chemicals Inc. (US), Seastar Chemicals (Canada), PVS Chemicals Inc. (US), Avantor Performance Materials LLC (US), Aurubis (Germany), Knato Corporation (US), INEOS Group Ltd. (UK), BASF SE (Germany), The Mosaic Company (US), Yunnan Copper Co. Ltd. (China), Jiangxi Copper Group Co. Ltd. (China), Honeywell International Inc. (US), Dupont (US), Cytec Industries (US), Chevron Philips Chemical (US), Akzo Nobel (Netherlands), Bayer (Germany)
The Global Sulfuric Acid Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|