SEATTLE--(BUSINESS WIRE)--The global sulfuric acid market was pegged at 266.2 million tons in 2018 and is expected to exhibit a CAGR of 2.3% over the forecast period (2019 – 2027).
Key Trends and Analysis of the Sulfuric Acid Market:
The growing fertilizer industry is expected to fuel growth of the sulfuric acid market. For instance, according to the Food and Agriculture Organization of the United Nations, the global demand for fertilizer was 184 million tons in 2015 and is expected to exhibit a CAGR of 1.9% to reach 201.6 million tons by 2020.
Sulfuric acid is used in the manufacture of phosphoric acid, which is used to produce phosphate fertilizers, ammonium phosphates, and calcium dihydrogen phosphate. Phosphate fertilizer is used to increase the crop yield as it ensures normal plant growth. Such factors are expected to drive demand for phosphate fertilizers, and facilitate growth of the sulfuric acid market over the forecast period.
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Various key players are focused on increasing their consumer base and expanding their global footprint by adopting strategies such as mergers and acquisitions. For instance, in 2015, Ineos Enterprises, Limited acquired Befesa Valorizacion de Azufre S.L.U (BVA). BVA is a producer of sulfuric acid which is located in Spain. The acquisition has helped Ineos to expand its sulfuric acid business in Europe and increase its production capacity.
Key Market Takeaways:
- The global sulfuric acid market is expected to exhibit a CAGR of 2.3% during the forecast period (2019–2027), owing to increasing demand for sulfuric acids from end-use industries such as chemical, textile, agriculture, etc.
- Among regions, Asia Pacific held a significant share in the global sulfuric acid market in 2018, owing to increasing demand for sulfuric acid from fertilizer and chemical industries in emerging economies such as China and India. The key players are involved in enhancing its production capacities for high quality sulfuric acid. For instance, BASF SE started an electronic-grade sulfuric acid plant in May 2018.
- According to the India Brand Equity Foundation, the chemical industry in India was valued at US$ 150-155 billion in 2017 and is expected to grow at a CAGR of 8-10% to reach US$ 300 billion by 2025
- Growth of various end-use industries such as textile, chemical, agriculture etc. is expected to create opportunities for global and local key players to tap potential markets in developed and emerging economies. Sulfuric acid is used in manufacturing chemicals such as hydrochloric acid, nitric acid, sulfate salts. These aforementioned chemicals are used for producing synthetic detergents, dyes, pigments, explosives, and drugs.
- The expanding chemical manufacturing and processing industry is expected to drive growth of the global sulfuric acid market. For instance, according to the European Chemical Industry Council, the global chemical sales in 2015 was US$ 3,886 billion, which increased to US$ 3,901 billion in 2016.
Some of the major players operating in the global sulfuric acid market include:
PVS Chemicals, BASF SE, Akzo Nobel N.V., DowDuPont Inc., Unigel Group, Boliden Group, Ineos Enterprises Limited, Trident Chemicals, Aurubis AG, Climax Molybdenum BV, and Amal Ltd.
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Global Sulfuric Acid Market, By Raw Material Type:
- Pyrite Ore
- Elemental Sulfur
- Base Metal Smelters
Global Sulfuric Acid Market, By Application:
- Pulp & Paper
- Chemical Manufacturing
- Metal Processing
- Automotive Battery Acid
- Petroleum Refining
Global Sulfuric Acid Market, By Manufacturing Process:
- Single Contact Process
- Wet Contact Process
- Lead Chamber Process
Global Sulfuric Acid Market, By Region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Rest of Middle East
- North Africa
- Central Africa
- South Africa
- North America
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