USD 11.82 billion
Report ID: SQSG15A2032 | Region: Global | Published Date: August, 2022 | Pages: 165 | Tables: 69 | Figures: 75
Global Sulfuric Acid Market size was valued at USD 11.82 billion in 2021 and is poised to grow from USD 13.2 billion in 2022 to USD 35.74 billion by 2030, growing at a CAGR of 11.7% in the forecast period (2023-2030).
The sulfuric acid market is estimated to rise due to rising demand for the product from the fertilizer, chemical manufacturing, paper & pulp, petroleum refinery, metal processing, and automotive industries for use as a catalyst, dehydrating agent, and reactant. Growing concerns from the agricultural sector about high crop yield and excellent food quality are anticipated to drive the fertilizer market's expansion, which is then likely to spark the sulfuric acid market.
Over the forecast period, the automotive industry is expected to advance at the highest CAGR. In the upcoming years, it is anticipated that increased use of sulfuric acid in automotive batteries will stimulate the automotive application segment.
The implementation of various regulations for the production of environmentally friendly products and the volatility in raw material prices as a result of rising demand from phosphate fertilizer producers during a period of limited supply are expected to have a negative impact on the industry's growth. The market for H2SO4 is expected to grow due to an increase in the adoption of standards like New Source Performance Standards (NSPS) to control the emissions of sulfur dioxide, sulfuric acid mist, particulate matter, and nitrogen oxides from H2SO4 production facilities.
US Sulfuric Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 11.82 billion
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The global sulfuric acid market is segmented based on raw material, application, and region. Based on raw material, the sulfuric acid market is segmented into elemental sulfur, base metal smelters, pyrite ore, and other. On the basis of application, the market can be bifurcated into fertilizers, chemical manufacturing, metal processing, petroleum refining, textile industry, automotive, paper & pulp, and other. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Sulfuric Acid Market Analysis by Raw Material
The raw materials containing elemental sulfur saw significant sulfuric acid market share gains and is projected to grow at the fastest rate during the forecast period. In comparison to pyrite ore or base metal smelters, the raw material is less polluting and is widely used in the sector. Numerous businesses have implemented strict measures to treat the released sulfur gas before releasing it into the atmosphere in an effort to reduce or stop environmental pollution.
The majority of the pyrites produced in China, which is the world's top producer, are used to make sulfuric acid. Since pyrites are less environmentally friendly than elemental sulfur, manufacturers are likely to take strict measures when mining them for the creation of acid products. The growth of the raw pyrite ore market is likely to be hampered by these factors.
Sulfuric Acid Market Analysis by Application
The significant application segment was fertilizers, which generated about 54% of the sulfuric acid market's overall revenue. Global population growth and rising crop quality demand are expected to drive sulfuric acid market growth over the coming years. The loss of arable land brought on by rapid industrialization and urbanization is forcing farmers to use fertilizers to boost crop yield. Market expansion is expected to be fueled by rising H2SO4 use in the production of high-quality fertilizers for use in agriculture.
The majority of the production of tainted sulfuric acid, which leads to the regeneration of pure and concentrated H2SO4 products, occurs in chemical and petroleum refineries. Low emissions from the regenerated acids result in lower production costs, making it sustainable and environmentally friendly.
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With about 46% of the total revenue, Asia Pacific was the largest regional segment. The region's sulfuric acid product offerings are expected to grow as a result of rising sulfur production in China and Japan. Over the forecast period, an increase in H2SO4 demand from the Philippines and Indonesia is predicted to boost the Asia Pacific region market. Sulfuric acid prices are rising as a result of the region's expanding demand for the substance. Over the next few years, the sulfuric acid market is expected to grow as a result of increased demand for phosphate fertilizer due to the expanding fertilizer industry and strict environmental regulations governing the production of environmentally friendly products.
China's market is expected to expand as a result of rising demand from the industrial and phosphoric acid sectors brought on by increased crop cultivation and higher crop yields. Regional market expansion is projected to be fueled by China's growing exports to India and the Philippines. Over the upcoming time frame, the market is anticipated to grow as a result of the expanding supply of H2SO4 products coming from Saudi Arabia and Morocco.
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The top players are concentrated on expansion tactics such as teaming up with successful individuals and national initiatives or programmes that advertise their goods. Key development strategies, market share analysis, and market ranking analysis of the players globally are also included in the competitive landscape section.
Top Players in the Global Sulfuric Acid Market
Sulfuric Acid Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global sulfuric acid market is segmented based on raw material, application, end-user and regions. The raw materials containing elemental sulfur saw significant market share gains and is projected to grow at the fastest rate during the forecast period. The significant application segment was fertilizers, which generated about 54% of the market's overall revenue. Global population growth and rising crop quality demand are expected to drive sulfuric acid market growth over the coming years. With about 46% of the total revenue, Asia Pacific was the largest regional segment. The region's sulfuric acid product offerings are expected to grow as a result of rising sulfur production in China and Japan.
|Market size value in 2021||USD 11.82 billion|
|Market size value in 2030||USD 13.2 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Sulfuric Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sulfuric Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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