LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global sulfuric acid market is projected to grow to USD 80.86 billion by 2021, at a CAGR of close to 3% over the forecast period.
This research report titled ‘Global Sulfuric Acid Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Sulfuric acid, or oil of vitriol, is an odorless, colorless and an extremely corrosive oily liquid. It is widely used in the production of fertilizers and chemicals, and processing of metals. The global sulfuric acid is positively impacted by the increasing use of phosphate fertilizer to meet the rising demand for nutrition rich food crops.|
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Based on application, the report categorizes the global sulfuric acid market into the following segments:
- Phosphate fertilizer production
- Chemical production
- Metal processing
The top three revenue-generating application segments in the global sulfuric acid market are discussed below:
Phosphate fertilizer production
“Phosphate fertilizers production is responsible for generating over 56% of the overall revenue for the global sulfuric acid market. Since manufacturing phosphate fertilizers requires raw materials rich in sulfur, sulfuric acid is highly demanded in the sector,” says Mahitha Mallishetty, a lead analyst at Technavio for specialty chemicals research.
Diammonium phosphate (DAP) is the most widely used phosphate fertilizer; mono ammonium phosphate (MAP) and triple superphosphate (TSP) are the other important phosphate fertilizers. Plants require these fertilizers for optimal photosynthesis, nucleus formation, growth, and cell division, thereby ensuring a constant demand for the market.
The chemical production sector of the sulfuric acid market is projected to be worth USD 11.43 billion by 2021. Sulfuric acid is required for the production of chemicals such as hydrochloric acid, nitric acid, and sulfate salts. The key revenue generating countries for this application segment are the US, Germany, Russia, China, Japan, the UK, Italy, France, India, and Brazil. Since the production of chemicals is constantly evolving, driven by innovations in science and technology, the growth of this segment will be higher from developed countries.
“The metal processing industry requires sulfuric acid for the pickling of metals to remove rust and other impurities from the metal surface. The increase in the demand for metal processing due to rising metal impurity levels is driving the demand for sulfuric acid,” says Mahitha.
The automotive, infrastructure and construction, mechanical machinery, metal products, electrical equipment, and domestic appliances industries are the key contributors to the market segment. The maximum growth for this market segment is expected to be from developing economies, driven by the shift of factories to countries in the region.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Akzo Nobel
- Evonik Industries
- Honeywell International
Browse Related Reports:
- Global Methanol Market 2017-2021
- Global Water Soluble Fertilizers Market 2016-2020
- Global Liquid Fertilizer Market 2016-2020
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