Sulfuric Acid Market to Reach US$ 18.2 Bn by 2031, Transparency Market Research Inc.

WILMINGTON, DE / ACCESSWIRE / February 8, 2023 / Transparency Market Research Inc. - As per a recent market report by Transparency Market Research, the global sulfuric acid market is anticipated was valued at US$ 13.9 Bn in 2021 and is projected to reach US$ 18.2 Bn by 2031, expanding at a CAGR of 2.7% during the forecast period from 2022 to 2031. Sulfuric acid, one of the most commonly used chemical compounds in industrial and manufacturing sectors, is utilized to synthesize phosphate-based fertilizers. Increase in demand for crops, such as soya bean, cotton, and rice, across the world is driving market development. Sulfuric acid is also used as a feedstock to manufacture different types of essential chemicals, such as titanium oxide, hydrofluoric acid, hydraulic acid, and nitric acid.

Transparency Market Research inc., Wednesday, February 8, 2023, Press release picture
Transparency Market Research inc., Wednesday, February 8, 2023, Press release picture

Rise in recovery of sulfur, a key raw material in sulfuric acid, from core industrial and manufacturing sectors in developing countries is expected to present attractive business opportunities for industry stakeholders. Furthermore, rise in demand for phosphate fertilizers, owing to benefits offered, such as enhancing crops' photosynthesis capabilities; promoting healthy growth of nucleic acids, enzymes, and proteins; improving uniformity in crops; supporting production of seeds and formation of flowers; and strengthening roots, are anticipated to propel the global market.

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Sulfuric Acid Market: Key Findings of Report

  • Increase in Demand in Fertilizers Market: Key applications of sulfuric acid include chemical synthesis, metal & mining, fertilizers, semiconductors, and wastewater treatment. The fertilizers segment held the leading market share of 62.1% in 2021. The trend is expected to continue in the next few years, owing to increase in demand for phosphoric acid (produced using chemical synthesis of sulfuric acid) in the fertilizers industry. Surge in the global population has increased demand for food grains across the world. This is fueling growth and expansion of the fertilizers industry, which, in turn, is anticipated to propel sulfuric acid market expansion.

Sulfuric Acid Market: Growth Opportunities

  • Surge in demand for sulfuric acid owing to its diverse applications

  • Increase in demand for next-gen effective fertilizers to enhance crop yields

  • Growth of industrial sectors in key developing economies around the world

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Sulfuric Acid Market: Key Players

The global sulfuric acid solutions industry is extremely fragmented, with the presence of a large number of medium- and large-scale manufacturers. Leading companies in the market include BASF SE, Chemtrade Logistics, Ma'aden, Southern States Chemical, Nouryon, The Mosaic Company, Khaitan Chemicals & Fertilizers Limited, INEOS, PQ Corporation, and PVS Chemicals. These players have adopted strategies, such as partnerships & collaborations, mergers & acquisitions, technological advancements, and expansion of production capacities, to strengthen market position.

Sulfuric Acid Market: Regional Growth Assessment

Asia Pacific is anticipated to account for the largest market share by 2031. This is ascribed to rapid growth of the industrial sector in major countries in the region. Presence of well-established manufacturers in different sectors, including automotive, apparel, semiconductors, pharmaceutical, and food & beverage, is fueling market expansion in the region. Furthermore, key drivers of the market in Asia Pacific include increase in demand for chemicals produced by synthesizing sulfuric acid and rapid expansion of the regional fertilizer market.

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Sulfuric Acid Market: Segmentation

Sulfuric Acid Market, by Application

  • Fertilizers

  • Chemical Synthesis

  • Wastewater Treatment

  • Metal & Mining

  • Semiconductors

  • Others

Sulfuric Acid Market, by Region

  • North America

  • Europe

  • Asia Pacific

  • Middle East & Africa

  • Latin America

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