The Ultra Pure Sulfuric Acid Market is estimated to be valued at US$ 16.65 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ultra pure sulfuric acid is colorless, odorless, and highly corrosive liquid with a density of about 1.84 g/cm3. It is commonly used in chemical processing industries such as pharmaceuticals, semiconductors, and others where high purity acids are required. Ultra pure sulfuric acid has a very low concentration of contaminants like chlorides, heavy metals, and other organic/inorganic impurities making it suitable for use in industries with stringent purity specifications. Some key applications of ultra pure sulfuric acid include cleaning of semiconductor wafers, metal pickling, and electroplating solutions.
Market Dynamics:
The ultra pure sulfuric acid market is primarily driven by growing demand from the semiconductor industry. Ultra pure sulfuric acid is widely used in various steps of semiconductor wafer fabrication such as cleaning, stripping, and etching. Rapid advancements in technologies like 5G networks and electric vehicles are fueling the demand for semiconductors globally which in turn is boosting the consumption of ultra pure sulfuric acid. Another key driver is increasing usage of ultra pure sulfuric acid in the pharmaceutical industry. Ultra pure sulfuric acid is a critical raw material used in manufacturing APIs and effective in ion exchange processes. Its ability to maintain high purity levels makes it suitable for applications in the pharmaceutical sector.
Segment Analysis
The ultra pure sulfuric acid market can be segmented based on end use industry into semiconductors, pharmaceuticals, chemical, and others. The semiconductors segment currently dominates the market due to high demand for ultra pure sulfuric acid in various semiconductor manufacturing processes such as cleaning and etching. The purity requirements for semiconductors are very stringent which drives the demand for ultra pure sulfuric acid in this segment.
PEST Analysis
Political: Changes in environmental regulations regarding hazardous chemical disposal can impact the market.
Economic: Growth of end use industries especially semiconductors drives the demand. A slowdown in global economy negatively impacts the market.
Social: Increasing demand for electronics and need for pure chemicals in pharmaceutical industry increases demand for ultra pure sulfuric acid.
Technological: Advancements in semiconductor manufacturing processes requiring ultra high purity chemicals boosts the market. Continuous improvements in purification technologies also support the growth.
Key Takeaways
The Global Ultra Pure Sulfuric Acid Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand from the semiconductor industry. The market size for ultra pure sulfuric acid was valued at US$ 16.65 Bn in 2023.
Regional analysis
Asia Pacific dominates the ultra pure sulfuric acid market and is expected to continue its dominance during the forecast period. This is attributed to massive manufacturing hub of electronics including semiconductors in countries such as China, South Korea, Taiwan and Japan driving the demand.
Key players
Key players operating in the ultra pure sulfuric acid market are Tampa Electric, Chemtrade Refinery, The Mosaic, Lucite International, Climax Molybdenum, Valero Energy, Solvay, DuPont, Akzonobel N.V, BASF,US Petrochemical, Shell, Avantor Performance Materials, Indian Oil Corporation Ltd., Ineos Enterprises, PVS Chemicals Inc., Moses Lake Industries, Sigma-Aldrich Co. LLC, KMG Chemicals Inc., Kanto Chemical Co. Inc. Linde Group, Reagent Chemicals, and Ineos Enterprises. Tampa Electric and Chemtrade Refinery are the leading players based on production capacity and market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it