Sulfuric Acid Market to Exceed US$25,623 Million by 2032

NEWARK, Del, July 15 2022 (GLOBE NEWSWIRE) — According to research by Future Market Insights on the global sulfuric acid market, the demand for sulfuric acid is expected 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 macro-economic and industrial factors including the development of chemical industries, rapid economic boom, expansion of manufacturing sector and growth of agricultural industry.

Sulfuric acid, also known as oil of vitriol, is a strong mineral acid that finds application in various industries including metal mining, agriculture, pharmaceuticals, and textiles.

It has become a key constituent used for the manufacture of phosphate-based fertilizers. Thus, the need to increase agricultural production worldwide will indirectly increase the demand for sulfuric acid during the forecast period.

Likewise, the development of the chemical industry and the growing demand for catalysts in the process industries are also expected to boost the growth of the sulfuric acid market.

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Additionally, growing demand for metals driven by increasing infrastructure activities in emerging regions of Latin America, Asia South Pacific and Africa is expected to support the growth of the sulfuric acid market in the course of the next few years.

As sulfuric acid is increasingly used in the production and processing of metals, the increase in metal consumption will ultimately create opportunities in the global sulfuric acid market.

Despite several positive growth prospects, the market is facing some challenges which are expected to limit the growth prospects. Some factors that are hampering growth include stringent environmental regulations, rising raw material prices and chemical prices, etc.

“Growing demand from end-use industries, particularly fertilizers, metal production and processing, and petroleum refining, is driving demand for sulfuric acid,” an IMF analyst said.

Key Findings from Sulfuric Acid Market Research

  • By type of purity, the standard sulfuric acid segment is estimated to create incremental dollar opportunity of approximately US$6,701.7 million during the forecast period of 2022 and 2032.
  • Based on the application, the fertilizer segment is expected to account for approximately 3/5e 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 expected to grow at a relatively higher CAGR of 3.5% between 2022 and 2032.
  • The demand for sulfuric acid is expected to grow at a moderate CAGR of 2.3% in the US market over the forecast period.

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Competitive landscape

The sulfuric acids market is estimated to be a consolidated market, where major players are expected to account for a key share of the market. Some of the major 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 strengthen their market presence across the globe and gain traction in the market. In addition, some key players are focusing on investment in the production of ultra-pure sulfuric acid owing to the growing demand from the electronics industry.

For example, in July 2021, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd. and its wholly owned subsidiary Zhejiang Jiafu New Material Technology Co. Ltd. signed an agreement to further expand electronic-grade sulfuric acid production capacity in Jiaxing. , China.

More information about the sulfuric acid market report

In its latest report, Future Market Insights offers an unbiased analysis of the global sulfuric acid market, providing historic data from 2017 to 2021 and forecast statistics from 2022 to 2032. To understand the potential, growth and scope of the global market, the market is segmented on the basis of purity type, application, raw material and region.

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Sulfuric acid market segmentation

By type of purity:

Standard

ultra-pure

By raw materials:

Elemental sulfur

Base metal foundries

pyrite ores

Others

Per application:

Fertilizers

Petroleum refinement

Production and processing of metals

Pickling of steel

Copper production

Cleaning of metal surfaces

Others

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About FMI – Chemicals and Materials

FMI’s Chemicals and Materials division offers distinct and accurate analysis of the chemicals and materials industry. This comprehensive coverage extends from raw materials, bulk, specialties and petrochemicals to advanced materials, composites and nanotechnology in particular, with particular emphasis on “green alternatives, recycling and renewable technology developments, assessment of supply, demand and trade”. Our research studies serve as benchmark market guidelines for chemical manufacturers, research institutes, distribution partners and government agencies for development – “The Way Forward”.

Contents

1. Summary

2. Market Overview

3. Key Market Trends

4. Key success factors

5. 2017-2021 Global Sulfuric Acid Market Demand Analysis and Forecast, 2022-2032

Continue the table of contents…

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