Sulfuric Acid Market Analysis, Key Trends, Major Players, and Forecast 2022-2030
Research Reports
Apr 12, 2022
Sulfuric Acid Market Overview
In 2020, the Sulfuric Acid Market value is registered as USD 10.22 billion and is expected to grow at a significant rate of 2.76?GR with the sulfuric acid market size of USD 12.36 billion during the forecast period (2021-2027).
Sulphuric acid or sulfuric acid (chemical formula H2SO4) is a mineral acid composed of the elements sulfur, oxygen, and hydrogen. Its density is 1.83 g/cm?3;, and it is corrosive to metals and tissue. Sulfuric acid will char wood and most other organic matter on contact but is unlikely to cause a fire. However, exposure to its low or high concentrations can result in adverse health effects from inhalation.
Sulfuric Acid uses include the manufacturing of fertilizers & other chemicals, petroleum refining and iron & steel production, and many others. Sulphuric acid also finds its extensive usage in automotive batteries, industrial cleaning agents, household cleaning agents, and cement manufacturing. Sulfuric acid remains entrenched in the high-volume O&G and energy industry, where reliability, cost-effectiveness, and the existence of a well-established supply chain are crucial.
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Due to its extensive usage in major end-use industries, sulfuric acid witnesses an enormous demand invariably, and, consequently, its market witnesses tremendous traction on a global level. Acknowledging the increasing value that the market perceives continually, Market Research Future (MRFR) asserts that the global sulfuric acid market is estimated to substantiate exponentially by 2023. In its recent study analysis, MRFR also mentions that the market would register a modest CAGR over the forecast period (2017-2023).
Advancements in battery technologies and the massive uptake of innovative batteries in the automotive industry is a key driving forces behind the market growth. Besides, the application of batteries in energy storage applications is expected to drive market growth. Process technology providers such as Dupont use sulphuric acid technologies in a diverse range of industries, from fertilizer to refining, mining, and beyond to produce clean fuel sustainably.
O&G and energy sector define the huge market landscape. Ongoing smart grid projects and an increase in the adoption of renewable energy systems are fostering the market growth. Also, rising numbers of power stations and substations push the market to an extent.
On the other hand, volatile prices and the demand-supply gap in raw materials such as sulfur, crude oil, and natural gas challenges the growth of the market. Since sulfur is a byproduct of the refining process of crude oil & natural gas processing, fluctuations in the prices of these commodities impact the price of sulfur directly.
Global Sulfuric Acid Market – Segment
MRFR has segmented the report into three dynamics to widen the scope of understanding,
By Type: Dilute Sulphuric Acid, Battery Acid, Concentrated Sulphuric Acid, and Chamber Acid
By Application: Phosphate fertilizers, Pulp & Paper Industry, Metal Processing, and other applications
By Regions: Asia Pacific, North America, Europe, and the Rest of the World.
Global Sulfuric Acid Market -Regional Analysis
The Asia Pacific region dominates the global sulfuric acid market. The largest share of the market is majorly attributed to the rise in the development of emerging economies like China, India. Besides, promising government regulations that encourage investments from public-private partnerships, and foreign direct investments impact the market growth positively. Also, the vast consumption in phosphate fertilizers, pulp & paper, and the metal processing industry are expected to fuel the APAC sulfuric acid market.
The North American region stands second in the global sulfuric acid market. Rising technological enhancements alongside the increasing governmental focus on reducing greenhouse gas emission and the rise in the number of power outages drive the regional market growth, driving the O&G and energy industry. Additionally, the growing number of battery manufacturers is another major factor driving the growth of the sulfuric acid market in North America.
Europe sulfuric acid market is also recognized as a substantially growing ecosystem. Countries such as the UK, Germany, Sweden, and Italy are contributing to the market growth in the region led by the increasing number of offshore and onshore renewable energy industries. The resurging economy in the region is undoubtedly supporting market growth.
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Sulfuric Acid Market – Competitive Analysis
Until 2016, the overall global sulfuric acid market appeared weary, with just the three key players reckoning for a small share. The competition in the market seemed slow due to sulfuric acid’s harmful effects on the environment and the capital-intensive nature of the market. To gain a larger competitive advantage in this market, market players always focus on the main growth strategies such as acquisitions & mergers, collaboration, technology launch, and expansion.
These players also focus on some strategies, like introducing powerful & automatic products and developing valued customer relationships. Other strategies adopted by these players include greater commercialization of their products through promotion initiatives and increased collaboration.
Major Players:
Players leading the sulfuric acid market include Akzo Nobel, Agrium, Bayer, Chevron, BP, Cytec Industries, Evonik Industries, Dupont, Honeywell, and Solvay, among others.
Industry/ Innovation/ Related News:
November 26, 2019 –— DuPont Clean Technologies (the US), a global leader in process technology licensing and engineering, announced that its sulphuric acid technology – MECS® has been selected by a leading mineral development company in Canada – NioCorp Developments Ltd. The MECS technology would be used at NioCorp’s Superalloy Materials Project in southeast Nebraska. The MECS sulphuric acid plant will be designed to maximize energy recovery and emissions control to ensure best-in-class environmental performance.
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