Sulfuric Acid Market Analysis by Raw Material and Application: Growth Prospects in Chemical Manufacturing and Metal Processing
Sulfuric acid is a highly corrosive and strong mineral acid with the chemical formula H2SO4. It is colorless, odorless, and water-soluble, with a viscous texture. Sulfuric acid is widely used in various industrial processes, including chemical manufacturing, metal processing, fertilizer production, and petroleum refining. It serves as a crucial ingredient in the production of various chemicals, batteries, detergents, and fertilizers. Due to its acidic properties, sulfuric acid is also utilized in wastewater treatment, pH regulation, and as a cleaning agent in numerous industrial and laboratory applications.
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. The market is witnessing growth due to an increase in the production of nutrient-rich food crops.
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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 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 for the production of 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 largest share in 2022, in terms of volume. The growth can be attributed to the use of about 50%-60% of sulfuric acid in manufacturing of phosphate fertilizers such as superphosphate of lime and ammonium sulfate.
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 Asia Pacific.
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Some of the leading players in the sulfuric acid market include The Mosaic Company (US), OCP Group (Morocco), Chemtrade Logistics Income Fund (Canada), Nouryon (Netherlands), 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., and Others.
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