Published by Wanda Rich
Posted on February 22, 2023
The global sulfuric acid volume to grow from 2,86,616.9 kilo tons in 2022 to 3,82,738.7 kilo tons in 2032. Strong Presence of Manufacturing and Chemical Industries Driving Demand for Sulfuric Acid in the USA.
NEWARK, Del: According to research conducted by Future Market Insights on global sulfuric acid market, demand for sulfuric acid is set to grow at a moderate CAGR of 3.4% between 2022 and 2032, reaching a valuation of US$ 25,623.0 Mn by the end of the forecast period (2032).
The market has been significantly influenced by certain macro-economic and industrial factors including chemical industries development, rapid economic boom, expansion of manufacturing sector, and growth of agricultural industry.
Sulfuric acid, also known as oil of vitriol, is a strong mineral acid that finds application in diverse industries including metal extraction, agriculture, pharmaceuticals, and textiles. It has become a key constituent utilized for the manufacturing of phosphate-based fertilizers.
Thus, need for increasing the crop production all over the globe will indirectly push the demand for sulfuric acid during the forecast period. Similarly, development in the chemical industry and growing demand for catalyst in the processing industries are also expected to boost the growth of sulfuric acid market.
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Moreover, growing demand for metals ignited by increasing infrastructural activities across emerging regions of Latin America, South Asia Pacific and Africa is expected to support the growth of sulfuric acid market during the forthcoming years. As sulfuric acid is being increasing used in metal production and processing, rising consumption of metals will eventually create prospects within the global sulfuric acid market.
Despite several positive growth prospects, the market is witnessing certain challenges which are expected to restraint the growth outlook. Certain growth hampering factors includes stringency in environment regulations, increase in raw material pricing and commodity chemical pricing, etc.
“Consistently growing demand from end-use industries, particularly fertilizers, metal production and processing, and petroleum refining is driving the demand for sulfuric acid,” said an analyst at FMI.
Key Takeaways from Sulfuric Acid Market Study
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Competitive Landscape
The market of sulfuric acids is estimated to be a consolidated market, where leading players are expected to account for a key share of the market. Some of the top sulgfuric acid manufacturers includes 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., Sumitomo Chemical Co., Ltd., Tayca Corporation.
These key players are focusing on increasing their production capacity to enhance their market footprint all over the globe and to gain traction in the market. Further certain key players are focusing on investing in ultra-pure sulfuric acid production owing to rising demand from electronic industry.
For instance, In July 2021, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd. and its fully-owned subsidiary Zhejiang Jiafu New Material Technology Co. Ltd. signed an agreement to further expand the production capacity of electronic-grade sulfuric acid in Jiaxing, China.
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Sulfuric Acid Market Segmentation
By Purity Type:
By Raw Materials:
By Application:
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Table of Content
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Application Mapping
2.4. Grade and Application Heat Mapping
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
Explore FMI’s Extensive Ongoing Coverage on Chemicals & Materials Domain
Glutaric Acid Market Value: Global Glutaric Acid demand is anticipated to be valued at US$ 5.3 Billion in 2022, forecast to grow at a CAGR of 5% to be valued at US$ 8.63 Billion from 2022 to 2032.
Dodecanedioic Acid Market Size: The dodecanedioic acid market size is anticipated to rise from US$ 866.57 Mn in 2022 and it is anticipated to surpass US$ 1,704.68 Mn by 2032. The dodecanedioic acid (DDDA) market is anticipated to grow at a CAGR of 7% during the forecast period.
Purified Terephthalic Acid (PTA) Market Demand: The overall demand for purified terephthalic acid (PTA) projected to grow at a CAGR of 5.5% between 2022 and 2032, totaling around US$ 99,496.2 Million by 2032.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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