The global Sulfuric Acid Market is estimated to be valued at US$ 25.69 Bn in 2023 and is expected to exhibit a CAGR of 4.67% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sulfuric acid is a highly reactive strong acid used as a precursor to fertilizers such as phosphoric acid and ammonium sulfate. It is also used as a catalyst dehydrating agent and precursor to other chemicals. The use of sulfuric acid in fertilizer production makes it an indispensable chemical required for food production.
Market key trends:
One of the key trends in the sulfuric acid market is its usage in fertilizer production. Around 85-90% of the total sulfuric acid produced globally is consumed by fertilizer manufacturers to produce ammonium phosphate fertilizers and ammonium sulfate. As the world population is rising, the demand for food is also increasing rapidly which is boosting the fertilizer demand and in turn driving the growth of the sulfuric acid market. Moreover, rising awareness about soil health and declining soil fertility has increased fertilizer consumption globally over the past few years.
Market key trends:
The sulfuric acid market is witnessing increasing demand from the chemical industry. Sulfuric acid finds wide usage as an essential raw material in the production of phosphate fertilizers, chemicals, and metals. It is used as an electrolyte in lead-acid batteries which are further employed in automotive and industrial applications. Rapid industrialization and growing automotive sector in developing economies are driving the consumption of sulfuric acid. Furthermore, increasing agricultural production to meet the rising global food demand will propel the demand for phosphate fertilizers and consequently sulfuric acid over the forecast period.
SWOT Analysis
Strength: High demand from end-use industries like chemical, fertilizer and automotive industry. Versatile chemical properties allowing wide range of applications.
Weakness: Highly corrosive in nature, requires special equipment for production, transportation and storage.
Opportunity: Growth in production of phosphate fertilizers in developing countries. Increasing battery demand from electric vehicles.
Threats: Stringent regulations regarding sulfur dioxide emissions. Fluctuating raw material prices.
Key Takeaways
The global sulfuric acid market is expected to witness high growth, exhibiting CAGR of 4.67% over the forecast period, due to increasing demand for phosphate fertilizers from the agricultural sector. Asia Pacific dominates the global sulfuric acid market owing to large production of sulfuric acid in China and India to meet the rising demand from chemical and fertilizer industries. Key players operating in the sulfuric acid market are PVS Chemicals, BASF SE, Akzo Nobel N.V., DowDuPont Inc., Unigel Group, Boliden Group, Ineos Enterprises Limited, Trident Chemicals, Aurubis AG, Climax Molybdenum B.V., and Amal Ltd. The market size for sulfuric acid was valued at US$ 25.69 Bn in 2023.
Regional analysis:
Asia Pacific is expected to be the fastest growing as well as the dominating regional market for sulfuric acid during the forecast period. Wide availability of raw materials, rapid industrialization and growing population are driving the demand for phosphate fertilizers in the region resulting in increased sulfuric acid consumption. China accounts for over 50% of the global sulfuric acid production owing to presence of huge coal reserves used for sulfuric acid manufacturing.
Key players:
Key players operating in the sulfuric acid market are PVS Chemicals, BASF SE, Akzo Nobel N.V., DowDuPont Inc., Unigel Group, Boliden Group, Ineos Enterprises Limited, Trident Chemicals, Aurubis AG, Climax Molybdenum B.V., and Amal Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
