Oleum Market Updates

Oleum Market size was valued at USD 2.0 billion in 2023 and is poised to grow from USD 2.1 billion in 2024 to USD 3.05 billion by 2032, growing at a CAGR of 4.8% during the forecast period (2025-2032).

The global oleum market is highly fragmented with the presence of both established and local/regional players. The top players in markets hold less than 10% of the market demand. 'The Dow Chemical Company (USA) ', 'Eastman Chemical Company (USA) ', 'ExxonMobil Corporation (USA) ', 'Honeywell International Inc. (USA) ', 'Huntsman Corporation (USA) ', 'INEOS Group Limited (UK) ', 'BASF SE (Germany) ', 'LyondellBasell Industries N.V. (Netherlands) ', 'Mitsubishi Chemical Corporation (Japan) ', 'PPG Industries, Inc. (USA) ', 'Royal Dutch Shell plc (Netherlands/UK) ', 'SABIC (Saudi Arabia) ', 'Sasol Limited (South Africa) ', 'Sinopec Corporation (China) ', 'Solvay S.A. (Belgium) ', 'Sumitomo Chemical Co., Ltd. (Japan) ', 'Tata Chemicals Limited (India) ', 'The Chemours Company (USA) ', 'The Linde Group (Germany) ', 'Toray Industries, Inc. (Japan)', 'In May 2022, WeylChem International GmbH completed the acquisition and integration of INEOS Sulfur Chemicals Spain SLU, INEOS enterprises' main Spanish sulfur chemicals arm. The acquired company includes a 350,000 ton annual capacity sulfuric acid production facility in Bilbao. The newly merged sulfur business is currently known as "WeylChem Bilbao."', 'In July 2021, The Boliden group announced a EUR 700 million expansion plan for its Odda zinc smelter in western Norway. The Odda facility, which will have a capacity of 350,000 tons per year after a 75% capacity increase, will feature a new roaster, a new sulfuric acid factory, and a new cell house. The leaching and purifying plant, as well as the foundry and quay infrastructure, will be extended and updated. The expansion is scheduled to be finished in 2024.'

The increased demand for oleum in end-use industries is likely to boost the market during the forecast period. It is primarily utilized as an intermediary in the manufacture of sulfuric acid. As a critical chemical compound, sulfuric acid is utilized in the production of a variety of well-known compounds such as hydrochloric acid, nitric acid, phosphoric acid, and many more industrial chemicals. Demand for oleum is predicted to rise as demand for sulfuric acid rises. This will, in turn, boost the oleum market over the forecast period.

Sulphuric acid and oleum were the 1754th most traded product in the world in 2020, with a total trade value of US$1.16 billion. Sulphuric acid and oleum exports fell by -25.3% between 2019 and 2020, from US$1.55 billion to US$1.16 billion. Sulphuric acid and oleum trade account for 0.0069% of total global trade. In 2020 the top importers of Sulphuric acid, oleum were United States (US$256M), Chile (US$113M), Democratic Republic of the Congo (US$103M), Singapore (US$60.5M), and Morocco (US$46.9M).

In 2021, Asia Pacific accounted for the lion's share of the global oleum market followed by North America and Europe. The Asia Pacific region of the global oleum market is quite profitable. This pattern is predicted to continue in the next years. The Asia Pacific oleum market is being pushed by the rise of the cleaning detergents and cleaning sector, as well as the region's strong economic growth.