Scienza e Tecnologia
Sulphuric Acid Sales Set to Expand by 1.3x to Reach US$ 18.7 Bn Amid Surging Application in Fertilizers Production: Future Market Insights
Growing use of sulphuric acid in the production of nutritional-rich fertilizers is the major factor expected to drive the growth in the market. Demand for sulphuric acid has been consistently growing across diverse end-use industries such as paper & pulp, agriculture, and others.
Sales of sulphuric acid dampened with the onset of the novel COVID-19 due to the muted demand from petroleum refining, metal manufacturing and other end-use industries. However, resumption of supply-chain activities across diverse end-use verticals will recover the sales of sulphuric acid.
Shrinking agricultural land and lack of nutritional-rich fertilizers is expected to improve the demand for sulphuric acid in the production of fertilizers. Also, initiatives undertaken by government to improve the quality of fuel to power automobiles will increase the demand for sulphuric acid in petroleum refining industry.
Further, surging use of metals in construction, mining, and automotive industries will amplify the growth opportunities for sulphuric acid market in metal extraction industry. Increasing demand for ultra-pure sulphuric acid for the production of pharmaceutical products will spur the sales over the coming years.
As per FMI, the market will register significant increase in the sales of sulphuric acid owing to the increasing adoption within agriculture industry. Sales of sulphuric acid increased by 1.1% during 2016 and 2020 owing to the growing demand across China , India , and South Korea.
says the FMI analyst.
As per the study, with the presence of numerous leading players, the market is expected to be highly competitive. Key manufacturers are adopting market expansion strategies such as collaborations and partnerships to expand their customer base.
Several prominent companies are introducing new product launches to strengthen their product portfolio and generate remunerative revenues during the forecast period.
For instance,
In its latest report, Future Market Insights offers exhaustive analysis on global sulphuric market for the forecast period of 2021 and 2031. The report delves into compelling insights of the market key growth drivers, trends, and opportunities with detailed segmentation on the basis of:
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai , and has delivery centers in the UK, U.S. and India . FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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