NEWARK, Del, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The global sulfuric acid market size is poised for significant growth, projected to surpass US$ 19,030.60 million by 2023. The sulfuric acid sales are expected to witness a CAGR of 3.40% from 2023 to 2033. By 2033, the sulfuric acid catalyst market is anticipated to reach a valuation of US$ 26,586.30 million.
Growth Stimulants for the Sulfuric Acid Market
- The quick adoption of sulfuric acid as a fertilizer has increased crop yields while improving crop quality and quantity.
- The sulfuric acid catalyst market expansion is driven by rising industrialization, increased research and development using sulfuric acid, and increased urbanization.
- Growing consumer demands for higher-quality crops with nutrients in vegetables and meeting the demands to boost the amount of agricultural products manufactured using fertilizers.
- The sulfuric acid market developed due to the swift adoption of electric vehicles and the expansion of the automotive industry due to rising consumer demand.
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Hurdles in the Sulfuric Acid Industry
- Consumer demand for sulfuric acid as a fertilizer to boost crop yields has increased, which is hazardous to the body and is subject to regulations. A rise in the sulfuric acid rates consistently impedes sulfuric acid catalyst market expansion.
- There is a lack of expertise among individuals when it comes to using concentrated sulfuric acid, which is extremely dangerous. A lack of skill could cause a decrease in market growth for sulfuric acid.
- The growth of the sulfuric acid market may need to be improved by the availability of substitutes for use in product processing, manufacturing, and production in the chemical industry that can adapt to new chemicals.
Regional Outlook
- Owing to the strong presence of industries like mining, agriculture, and chemicals, the sulfuric acid market in North America is predicted to advance steadily.
- In North America, the use of cleaner production methods is being encouraged by strict environmental regulations.
- Due to the established industrial base, the sulfuric acid market in Europe is expected to grow at a moderate rate.
- Market growth for sulfuric acid is going to be fueled by Europe's emphasis on sustainability and rising sulfuric acid demand from the production of electronics and automobile batteries.
- Due to the swift industrialization of nations like China and India, the Asia Pacific sulfuric acid catalyst market is expected to develop significantly.
- Primary consumers are the chemical, construction, and agricultural industries in Asia Pacific. Rising urbanization is pushing up the demand for sulfuric acid.
“Sulfuric acid is essential in the manufacturing and industrial sectors, particularly in manufacturing phosphate-based fertilizers. With the expansion of the food industry, fueled by the rising population and developing-country spending power, demand for sulfuric acid fertilizers is advancing. Asia Pacific industrial growth is stimulating the global sulfuric acid industry.” says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
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Key Takeaways
- The segment for elemental sulfur is predicted to grab a sulphuric acid market share of 59.4%.
- A 96.2% market share for sulfuric acid is anticipated for the standard purity type sector.
- The United States sulfuric acid sales are anticipated to surge at a CAGR of 2.3% by 2023.
- The Canada sulphuric acid market is anticipated to accelerate at a CAGR of 2.1% from 2023 to 2033.
- Germany sulfuric acid market is to develop at a CAGR of 3% through 2023.
- The France sulfuric acid industry is expected to accelerate a CAGR of 2.7% between 2023 and 2033.
- The sulfuric acid demand in the United Kingdom is to witness growth at a CAGR of 2.6% from 2023 to 2033.
- The Italy sulfuric acid market is to record a CAGR of 2.3% through 2023.
- The Spain sulfuric acid market expects growth from 2023 to 2033 at a CAGR of 2.4%.
- China sulfuric acid sales are expected to surge at a CAGR of 3.6% until 2033.
- India sulfuric acid industry is anticipated to boost at a CAGR of 3.5% by 2023.
- ASEAN sulfuric acid sales to soar at a CAGR of 3.3% between 2023 and 2033.
- ANZ sulfuric acid industry to register a CAGR of 2.9% through 2023.
- Japan sulfuric acid market may exhibit a CAGR of 2.8% by 2023.
Competitive Landscape
Owing to the abundance of sulfuric acid suppliers and sulfuric acid manufacturers, the global industry is highly competitive. While controlling distribution costs, these businesses employ various strategies to satisfy the expanding demand and broaden their global reach. Companies are turning to tactics like mergers, acquisitions, joint ventures, and expansions to take full advantage of the opportunities that global markets present.
Recent Developments
- Industrial plants started using BASF's O4-111 X3D and O4-115 X3D sulfuric acid catalysts in July 2022, the first made using the new technology.
- The new onsite Waste Heat to Power Plant at PVS Chemicals, Inc. capture waste steam to produce 2.6 MW of renewable electricity through a steam turbine generator in August 2022. Energy Systems Group, LLC is a leading provider of sustainable energy solutions and a wholly-owned subsidiary of CenterPoint Energy, Inc. This partnership will significantly improve sustainability at PVS Chemicals' sulfuric acid plant.
- The additional capacity of the sulfuric acid plant was put into service by Oriental Carbon and Chemicals in April 2022. With effect from March 2025, the company is authorized by ICC to use the ‘Responsible Care’ logo.
Vital Sulfuric Acid Manufacturers
- BASF SE
- Ineos Group Ltd
- KANTO Corporation
- Aurubis AG
- Avantor Performance Materials, LLC
- PVS Chemicals Inc.
- Seastar Chemicals
- KMG Chemicals
- Qingdao Hisea Chem Co.Ltd
- Linde Group
- Nouryon
- Cornerstone Chemical Company
- Ma’aden - Saudi Arabian Mining Company
- Canada Colors and Chemicals Limited
- Hubei Xingfa Chemicals Group Co., Ltd
- Asia Union Electronic Chemical Corporation (AUECC)
- Tata Chemicals
- Trident Group
- Boliden Group
- UBE INDUSTRIES, LTD.
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Sulfuric Acid Market Key Segments
By Purity Type:
- Standard
- Ultra-pure
By Raw Materials:
- Elemental Sulfur
- Base Metal Smelters
- Pyrite Ores
- Others
By Application:
- Fertilizers
- Petroleum Refining
- Metal Production and Processing
- Steel Pickling
- Copper Production
- Metal Surface Cleaning
- Others
- Wastewater Treatment
- Chemicals Production
- Textile Processing
- Pulp and Paper Production
- Semiconductor and Electronics
- Battery Electrolyte
- Integrated Circuit Components Fabrication
- Photovoltaic Cells
- Pharmaceuticals
- Domestic Cleaning Products
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa
Old Source: Sulfuric Acid Market to Exceed US$ 25,623 Mn by 2032 Amid Rising Applications in Fertilizer Industry| Future Market Insights, Inc.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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