Global Sulfuric Acid Market

Sulfuric Acid Market Size, Share, Growth Analysis, By Raw Material(Elemental Sulfur, Base Metal Smelters, Pyrite Ore, Others), By Application(Fertilizers, Chemical manufacturing, Metal processing, Petroleum refining), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2309 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 98 | Figures: 76

Sulfuric Acid Market Insights

Sulfuric Acid Market size was valued at USD 13.20 billion in 2022 and is poised to grow from USD 14.74 billion in 2023 to USD 35.73 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

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, 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.

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Sulfuric Acid Market size was valued at USD 13.20 billion in 2022 and is poised to grow from USD 14.74 billion in 2023 to USD 35.73 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

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. 'The Mosaic Company', 'BASF SE', 'Akzo Nobel N.V.', 'Chemtrade Logistics Income Fund', 'Solvay SA', 'DuPont de Nemours, Inc.', 'Vale Fertilizantes S.A.', 'PVS Chemicals, Inc.', 'Veolia Environnement S.A.', 'PotashCorp', 'Ineos Enterprises', 'Agrium Inc.', 'The Chemours Company', 'KMG Chemicals, Inc.', 'EuroChem Group AG', 'Hydrite Chemical Co.', 'Chemtex Speciality Limited', 'China Petrochemical Corporation (Sinopec)', 'Koppers Inc.', 'Nouryon'

The agriculture industry must produce more with less waste due to the expanding population, shrinking agricultural land, and rising demand for nutrient-rich food crops. The agricultural industry has demanded the best fertilizers in order to get the best yield, which is driving the growth of the sulfuric acid market. Due to its high demand in the metal processing and automotive industries, sulfuric acid has a wide range of uses.

Pesticides and cleaning supplies made with sulfuric acid are extremely important in a pandemic situation. In a pandemic situation, cleaning is crucial, and demand for cleaning supplies is on the rise. Thus, this pandemic is causing additional growth in the sulphuric acid market. However, a slight slowdown in growth rate can be seen as a result of the worldwide national lockdowns. The government lifts the lockdown following the decline in corona cases, and sales and demand quickly resume.

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.

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Global Sulfuric Acid Market

Report ID: SQMIG15A2309

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