The global sulfuric acid market accounted for US $ 11,395 Mn in 2020 and is expected to reach US $ 14,282 Mn by 2028 with a considerable CAGR of 2.9% during the forecast period of 2021 to 2028.
Sulfuric acid, often known as oil of vitriol, is a mineral acid with the chemical formula H2SO4 and is made up of the elements sulfur, oxygen, and hydrogen. It's a colorless, odorless, viscous, water-miscible liquid. Pure sulfuric acid, like its strong affinity for water vapor, does not exist naturally on Earth. As a result, it is hygroscopic and rapidly absorbs water vapor from the air. It is an oxidant with strong dehydrating qualities;and concentrated sulfuric acid is very corrosive to other materials, including rocks and metals. Sulfuric acid is a necessary resource chemical, and its production represents a country's industrial strength. It is made in many different ways, including the contact process, the wet sulfuric acid process, the lead chamber technique, and others. Sulfuric acid is also important in the chemical industry. It is most commonly used in the production of fertilizer, but it is also important in mineral processing, oil refining, wastewater treatment, and chemical synthesis.
|Market||Sulfuric Acid Market|
|Market Size 2020||US $11,395 Mn|
|Market Forecast 2028||US $14,282 Mn|
|CAGR||2.9 % During 2021 - 2028|
|Analysis Period||2017 - 2028|
|Forecast Data||2021 - 2028|
|Segments Covered||By Raw Material Type, By Purity Type, By Application and By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||BASF SE, Akzonobel N.V., Ineos Enterprises, Limited, The Mosaic Company, Potashcorp, Aurubis, PVS Chemicals, Inc., Sumitomo Chemical, Chemtrade Refinery, DuPont, Nouryon, OCP Group among others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Sulfuric acid shortage
Sulfuric acid is the most widely produced industrial chemical in the world. It is one of the most important chemicals, accounting for around 300 MT per year and playing an important role in many chemical processes. However, an end to the severe sulfuric acid shortage is not yet in sight. Fertilizer manufacturing is the most important end-use market for sulfuric acid, accounting for more than 60% of total global consumption in 2020. Continued scarcity of sulfuric acid will inevitably lead to a scarcity of fertilizer. Furthermore, sulfuric acid is an important raw material in the automotive industry for the production of vehicle batteries and thus contributes significantly to modern mobility. Carmakers are already experiencing production issues in the short and medium-term as a result of the global chip crisis. However, the sulfuric acid shortage is likely to exacerbate these situations.
Market by Raw Material Type
Based on the raw material, the elemental sulfur segment will have the largest market share in 2020. Elemental sulfur sources are extremely acidic. The rapid growth of elemental sulfur can be attributed to the fact that it is the most efficient and least polluting raw material used in the production of sulfuric acid. Furthermore, its abundant supply on the market makes it a cost-effective raw material for the production of sulfuric acid.
Market by Purity Type
Based on the purity type, the ultra-pure segment is growing significantly in the market. The electrical and electronic industries use ultra-pure sulfuric acid extensively in the production of printed circuit boards (PCBs), photovoltaic cells, and other products. The electrical and electronic industries are rapidly expanding, which is expected to drive demand for sulfuric acid over the forecast period. Furthermore, ultra-pure sulfuric acid is used in the pharmaceutical industry to manufacture some pharmaceutical products. The pharmaceutical industry is expanding at a rapid pace, and it is expected to benefit from the level of sulfuric acid consumption during the forecast period.
Market by Application
Based on the application, Fertilizerswill dominate the global sulfuric acid market in 2020. Sulfuric acid is specifically used in the production of phosphate fertilizers such as lime superphosphate and ammonium sulfate. The world's population is growing, which increases demand for higher-quality food crops. Farmers use chemicals such as fertilizers to increase crop yield and increasing gthe production of essential crops. As a result, increasing the use of sulfuric acid in manufacturing of fertilizers is expected to drive the Sulfuric Acid Market during the forecast period.
Sulfuric Acid Market Regional Overview
Middle East & Africa
The Asia Pacific region dominates the global sulfuric acid market. The market for sulfuric acid has been rapidly expanding due to high demand from countries such as China, India, and Japan in the chemical, fertilizer, and other manufacturing industries. Food demand in the Asia Pacific is expected to rise due to the population growth, which increases demand for sulfuric acid in fertilizer production. In India, demand for sulfuric acid is increasing owing to increased phosphoric acid production and growing specialty fertilizer production. However, Argus estimated that India will import 1.8 to 1.9 MT of sulfuric acid in 2020. Furthermore, North America is expected to see significant growth in the sulfuric acid market due to an increase in the demand for sulfuric acid in fertilizer manufacturing.
A rising demand of global sulfuric acidin agriculture and automotive industries is expected to broaden the outreach of prominent players.Some of the key players in global sulfuric acid market are BASF SE, Akzonobel N.V., Ineos Enterprises, Limited, The Mosaic Company, Potashcorp, Aurubis, PVS Chemicals, Inc., Sumitomo Chemical, Chemtrade Refinery, DuPont, Nouryon, OCP Group among others.
The estimated value of global Sulfuric Acid market in 2020 was accounted to be US$11,395 Mn.
The projected CAGR of Sulfuric Acid during the analysis period of 2021 to 2028 is 2.9%.
The prominent players of the global Sulfuric Acid marketinvolve BASF SE, Akzonobel N.V., Ineos Enterprises, Limited, The Mosaic Company, Potashcorp, Aurubis, PVS Chemicals, Inc., Sumitomo Chemical, Chemtrade Refinery, DuPont, Nouryon, OCP Group among others.
Asia Pacific held the dominating share for Sulfuric Acidduring the analysis period of 2021 to 2028
Which region exhibited the fastest growing CAGR for the forecast period of 2021 to 2028?
Increased adoption of sulfuric acid in the production of nutrient-rich food crop and sustainable demand for sulfuric acid owing to its increased use in wastewater treatment, paper & pulp production, and fertilizers are the prominent factors that fuel the growth of global Sulfuric Acidmarket
Based on Raw Material Type, elemental sulfur segment held the maximum share for Sulfuric Acid market in 2020