Scienza e Tecnologia
Sulfuric Acid Market Value to Reach US$ 18.2 Bn by 2031: TMR Study
Leading players are looking to increase their production capacities to meet customer requirements from different end-use industries. Additionally, prominent sulfuric acid market players are collaborating with other players to expand their market presence and improve their revenue.
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Based on application, the global sulfuric acid market is segmented into fertilizers, chemical synthesis, wastewater treatment, metal & mining, and semiconductors. Fertilizers accounted for the largest market share in 2021. Sulfuric acid is a key raw material used in the production of phosphoric acid, which has been used to produce fertilizers such as monoammonium phosphates, diammonium phosphate, and triple superphosphate. The rise in use of phosphoric acid in fertilizers is also helping in the expansion of the sulfuric acid market size.
While sulfuric acid is witnessing increased demand from different end-use industries, a key factor that could negatively impact business growth during the forecast timeline is likely to be the high product cost, which may force industries to look for cheaper alternatives and lower the demand for sulfuric acid.
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Asia Pacific is expected to account for key market share during the forecast timeline, attributed to increase in sulfuric acid demand from automotive and pharmaceutical end-use industries in countries such as China and India . Furthermore, the ease of availability of key resources such as land and labor could help leading players in establishing sulfuric acid manufacturing plants, thereby helping the market to expand in the region.
For example, in November 2021 , Coromandel International Ltd., announced the establishment of a new sulfuric acid production unit in Vizag ( India ), capable of producing 1650 metric tons of sulfuric acid every day.
The global sulfuric acid market is fragmented due to the presence of several international and local players. Entry of new players in the overall market during the forecast timeline is likely to intensify the competition.
Some of the key players in the global market include BASF, The Mosaic Company, Nouryon, PQ Corporation, PVS Chemicals, and INEOS.
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