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.
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.
Request a Sample Report (choose the corporate mail ID to receive top attention) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=8911
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
Buy this Premium Research Report - https://www.transparencymarketresearch.com/checkout.php?rep_id=8911<>
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.
Request for Customization - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=8911
Sulfuric Acid Market: Segmentation
Sulfuric Acid Market, by Application
Metal & Mining
Sulfuric Acid Market, by Region
Middle East & Africa
Browse More Chemicals And Materials Reports by TMR:
Zinc-manganese Oxide Batteries Market Size, Share & Analysis 2022-2031
Polymer Colloids Market Growth, Trends, and Forecast, 2022-2031
Titanium Fluoride Phosphate Market Trends, and Forecast, 2025-2031
Ferrocene Market Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031
Phthalates and Bisphenol A Market Growth, Trends, and Forecast, 2022-2031
FCC Catalyst Market Size, Share, Growth, and Forecast, 2022-2031
Flat Roofing Market Share, Growth, Trends, and Forecast, 2022-2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit our YouTube channel - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
USA - Canada Toll Free: 866-552-3453
SOURCE: Transparency Market Research inc.
View source version on accesswire.com: