Sulfuric Acid Market Estimated to Reach US$ 28.5 Billion by 2027 Globally, at a CAGR of 11.7%, says MarketsandMarkets™
Chicago, March 29, 2023 (GLOBE NEWSWIRE) — The global sulfuric acid market is projected to grow from USD 13.2 billion in 2020 to USD 28.5 billion by 2027, at a CAGR of 11.7% during the forecast period, as per the recent study by MarketsandMarkets™. The market is witnessing growth due to an increase in the production of nutrient-rich food crops. Sulfuric acid is primarily used in metal ore leaching, fertilizer manufacturing, oil refining, wastewater processing, and chemical synthesis.
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Browse in-depth TOC on “Sulfuric Acid Market”
216- Market Data Tables
34- Figures
196- Pages
List of Key Players in Sulfuric Acid Market:
- The Mosaic Company (US)
- BASF SE (Germany)
- OCP Group (Morocco)
- Chemtrade Logistics Income Fund (Canada)
- Nouryon (Netherlands)
- Others
Drivers, Restraints, Opportunities and Challenges in Sulfuric Acid Market:
- Drivers: Strong demand for sulfuric acid in various industries
- Restraints: Restriction on use of sulfuric acid due to health and environmental concerns
- Opportunity: Increasing use of sulfuric acid in wastewater treatment
- Challenge: Rapid increase in price
Key Findings of the Study:
- The elemental sulfur segment is expected to hold the largest share of the sulfuric acid market, during the forecast period
- The chemical manufacturing segment, by application, is expected to account for the second largest market during the forecast period
- Asia Pacific region is expected to be the largest and fastest growing sulfuric acid market
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Based on raw material, the sulfuric acid market is segmented into elemental sulfur, pyrite ores, base metal smelters, and others. Sulfur is the major raw material used in the production of sulfuric acid. Elemental sulfur is expected to account for the largest share in 2022, in terms of volume. Around 90% of sulfur produced goes into the manufacturing of sulfuric acid. Thus, the use of elemental sulfur as a major feedstock to produce sulfuric acid, fuels the growth of this segment.
Based on application, the sulfuric acid market is segmented into fertilizers, metal processing, pulp & paper, petroleum refining, textile industry, automotive, chemical manufacturing, and others. Fertilizer application is expected to account for the largest share in 2022, in terms of volume. The growth can be attributed to the use of about 50%-60% of sulfuric acid in the manufacturing of phosphate fertilizers such as superphosphate of lime and ammonium sulphate.
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Based on region, the sulfuric acid market is segmented into North America, Western Europe, Central & Eastern Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is expected to be the largest market for sulfuric acid, in terms of value and volume, in 2022. The increasing demand for sulfuric acid for fertilizers, chemical manufacturing, metal processing, and automotive industries in China, Japan, and Indonesia is driving the market in the Asia Pacific.
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