The global sulfuric acid market is anticipated to grow at a considerable CAGR of 2.3% during the forecast period (2024-2031). The market growth is mainly attributed to the rising demand for sulphuric acid in several industries across the globe. The importance of sulphuric has been increasing gradually over the years due to the high need in automotive industries and cement industries. In the automotive industry, batteries utilized in any vehicle contain a large amount of sulfuric acid. The use of the same is expected to increase in the forecast period with a high value as there will be improved in living standards of the people who will further go for the purchase of vehicles. The industrialization has led to high growth in the cement industry which will eventually lead to high demand for sulphuric acid.
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Sulfuric acid is one of the largest chemicals produced in terms of volume in the US as it is used in the manufacturing of phosphate fertilizers and inorganic chemicals. Sulfuric acid is also used to manufacture phosphate fertilizers such as monoammonium phosphate, diammonium phosphate, calcium dihydrogen phosphate, and others. According to the Food and Agriculture Organization (FAO), global demand for phosphate fertilizers was 43.2 million tonnes in 2017. The target has now been raised to 45.8 million tonnes by 2020. Besides, in March 2019, Outotec, a provider of process technologies and services for the metals and mining, industrial water treatment, alternative energy, and chemical industries, inked a deal with the Moroccan OCP Group to deliver a sulfuric acid plant for fertilizer manufacturing.
In addition to this, government initiatives and regulations to control emissions help to install several sulfuric acid plants. For instance, in February 2018, Best grand Chemical Group announced the installation of its wet gas sulfuric acid (WSA) plant which will produce a capacity of 300,000 tons of sulfuric acid per year according to the company’s data and is currently the world’s largest wet gas sulfuric plant in China. Besides, in November 2020, DuPont Clean Technologies introduced two new sulfuric acid catalysts named MECS Super GEAR and MECS XLP-310, which complement the company’s existing GEAR and XLP catalyst lines. Besides, in August 2020, Itafos Conda, a phosphatic fertilizer manufacturer, revealed that it has been facing a substantial disruption in sulfuric acid supplies from Rio Tinto’s Kennecott mine (a metals and mining corporation). Thus, the major player’s initiative in the market is to drive the market growth during the forecast period.
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Market Coverage
- Segment Covered-
o By Application
o By Manufacturing Process
o By Raw Material
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- BASF SE, Aurubis AG, DuPont de Nemours, Inc., INEOS Capital Ltd., Nouryon, Honeywell International Inc., and Nutrien Ltd, among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Sulfuric Acid Market Report Segment
By Application
- Chemicals Manufacturing
- Metal Processing
- Textile Industry
- Paper & Sugar Industry
- Automotive Industry
- Fertilizer Industry
- Other (Power Generation)
By Manufacturing Process
- Contact process
- Wet Sulfuric Acid
- Others (metabisulfite method and more)
By Raw Materials
- Elemental Sulfur
- Pyrite Ore
- Base Metal Smelters
- Others
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