Worldwide Sulfuric Acid Industry to 2030 - Featuring Agrium, PVS Chemical Solution and Nouryon Among Others
DUBLIN, Oct. 20, 2022 /PRNewswire/ -- The "Sulfuric Acid Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
The market for sulfuric acid is projected to grow at a steady 4% CAGR during the forecast period of 2022 to 2030. Strong sulfuric acid, also known as oil of vitriol, is a solid acid formed from the elements sulphur, oxygen, and hydrogen. It is also known as the oil of vitriol.
In addition to its employment in the production of other chemicals, explosives, and glue, it is also put to use in the curing of metal and the refining of petroleum. The growth can be ascribed to the presence of strong environmental regulations to control emissions, which is likely to lead to the increased usage of smelters in order to capture sulphur dioxide products. Parallelly the growth is also driven by the increasing adoption of sulfuric acid in a wide range of applications, including the manufacturing of fertilisers and chemical products.
The demand for sulfuric acid is being fuelled in part by an increase in demand for high purity sulfuric acid from the electronics industry. It is anticipated that East Asia will continue to play a significant role in the global market for sulfuric acid, which currently accounts for approximately one-third of the total consumption of acid. It is estimated that somewhere between 35% and 40% of the total market for acids is comprised of sulfuric acid use over the world.
Demand for Nutrient-Rich Crops is Compelling the Market Growth for Sulfuric Acid
The global market for sulfuric acid is being driven by an increase in the production of crops rich in nutrients. It is anticipated that there would be a significant increase in the demand for fertilisers as a result of the larger expectation of yield increases from farmers and the decreased availability of fertile land for agricultural practises as a result of expanding urbanisation. The addition of fertilisers to agricultural practices has become commonplace. These additions enrich the soil with elements like potassium, phosphate, and nitrogen.
They are responsible for fifty per cent of the total crop production that is produced across the globe. The demand for sulfuric acid, which is the most important raw material in the production of commercial phosphate fertilisers, is expected to rise as a result of the expansion of the fertiliser industry overall and particularly in the phosphate sector.
Regulation in Emission to Boost the Sulfuric Acid Market
It is anticipated that factors such as fluctuations in the prices of raw materials as a result of rising consumption from phosphate fertiliser producers during periods of tight supply and the implementation of various regulations for the production of environmentally friendly products will have a negative impact on the growth of the industry. It is anticipated that during the period from 2017 to 2025, there will be an increase in the implementation of standards such as New Source Performance Standards (NSPS) to regulate the emissions of sulphur dioxide, sulfuric acid mist, particulate matter, and nitrogen oxides from H2SO4 production facilities. This will lead to an expansion of the market.
High Cost Associated with Pollution Control Systems Barricading the Market Revenue
In the electrical and pharmaceutical industries, ultra-pure sulfuric acid can be used for a wide number of purposes. However, increasing the production of ultra-pure sulfuric acid is still a difficult aspect for the top competitors in the industry. The production of ultra-pure sulfuric acid involves heating raw ingredients, such as sulfuric acid, to their boiling point and then distilling the resulting mixture.
Through the process of direct distillation, industrial sulfuric acid is purified; nevertheless, this process also results in the development of mist, which poses a threat to the surrounding environment. To comply with the myriad of environmental rules that have been imposed on the subject of industrial emissions, producers have been forced to implement a wide variety of pollution control technologies.
Sulphur among Other Raw Materials Dominated the Market in 2021
In 2021, the elemental sulphur raw material segment captured a substantial portion of the market, and it is anticipated to make the most rapid progress over the course of the forecast year. The raw material contributes significantly less to environmental damage than pyrite ore does or what base metal smelters do, and it is widely accessible within the sector.
A significant number of businesses have implemented stringent treatment procedures for the sulphur gas that is discharged into the atmosphere before releasing it. This is being done in an effort to limit or reduce environmental pollution. It is anticipated that increasing developmental activities, such as boosting the production capacity of enterprises in order to improve the manufacturing of sulfuric acid products derived from elemental sulphur, will cause the market to expand.
Fertilizers Contributed Over Half of the Global Revenues, Electronics to Grow Fastest
In 2021, fertilizer was the most dominating application segment that contributed over 50% of market revenues. The market is likely going to experience growth in the near future as a result of increasing demand for increased crop quality as well as rising population levels around the world. Rapid industrialization and urbanisation are having the effect of reducing the amount of land that is suitable for food production, which in turn is prompting farmers to turn to the usage of fertilisers in order to boost crop yields. Growth in the market is anticipated to be driven by an increase in the utilisation of H2SO4 in the manufacturing of high-quality fertilisers for agricultural usage, with the aim of increasing agricultural output capacity.
APAC to Remain as a Global Leader
In 2021, the Asia Pacific was the key region in terms of revenue, accounting for around 45% of the overall revenue. It is anticipated that an increase in the output of sulphur from China and Japan will drive an increase in the product offers of sulfuric acid in this region. The increasing demand for sulfuric acid in Asia and the Pacific Rim is contributing to a rise in the price of the product. In the coming years, the market is likely to experience growth as a result of an increasing need to increase the production of phosphate fertiliser. This need is being driven by an expanding fertiliser sector as well as stringent environmental regulations concerning the production of environmentally friendly products.
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
- Pre Covid-19 situation
- Post Covid-19 situation
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Sulfuric Acid market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Sulfuric Acid market?
- Which is the largest regional market for Sulfuric Acid market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Sulfuric Acid market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Sulfuric Acid market worldwide?
Key Topics Covered:
1. Preface
2. Executive Summary
3. Sulfuric Acid Market: Business Outlook & Market Dynamics
3.1. Introduction
3.2. Global Sulfuric Acid Market Value, 2020 - 2030, (US$ Million)
3.3. Market Dynamics
3.3.1. Market Drivers
3.3.2. Market Restraints
3.3.3. Key Challenges
3.3.4. Key Opportunities
3.4. Impact Analysis of Drivers and Restraints
3.5. See-Saw Analysis
3.6. Porter's Five Force Model
3.6.1. Supplier Power
3.6.2. Buyer Power
3.6.3. Threat Of Substitutes
3.6.4. Threat Of New Entrants
3.6.5. Competitive Rivalry
3.7. PESTEL Analysis
3.7.1. Political Landscape
3.7.2. Economic Landscape
3.7.3. Technology Landscape
3.7.4. Legal Landscape
3.7.5. Social Landscape
3.8. Heptalysis Analysis
3.9. Critical Investigation of Business Problems Through Five Whys Root Cause Analysis & Relevant Solutions
4. Sulfuric Acid Market: By Raw Material, 2020-2030, USD (Million)
4.1. Market Overview
4.2. Growth & Revenue Analysis: 2021 Versus 2030
4.3. Market Segmentation
4.3.1. Elemental sulfur
4.3.2. Base metal smelters
4.3.3. Pyrite ore
4.3.4. Others
5. Sulfuric Acid Market: By Application, 2020-2030, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2021 Versus 2030
5.3. Market Segmentation
5.3.1. Fertilizers
5.3.2. Chemical manufacturing
5.3.3. Metal processing
5.3.4. Petroleum refining
5.3.5. Textile industry
5.3.6. Automotive
5.3.7. Paper & pulp
5.3.8. Others
6. North America Sulfuric Acid Market, 2020-2030, USD (Million)
7. UK and European Union Sulfuric Acid Market, 2020-2030, USD (Million)
8. Asia Pacific Sulfuric Acid Market, 2020-2030, USD (Million)
9. Latin America Sulfuric Acid Market, 2020-2030, USD (Million)
10. Middle East and Africa Sulfuric Acid Market, 2020-2030, USD (Million)
11. Company Profile
11.1. DuPont
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Portfolio
11.1.4. Strategic Initiatives
11.2. AkzoNobel N.V.
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Product Portfolio
11.2.4. Strategic Initiatives
11.3. BASF SE
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Product Portfolio
11.3.4. Strategic Initiatives
11.4. Agrium Inc.
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Product Portfolio
11.4.4. Strategic Initiatives
11.5. PVS Chemical Solution
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Product Portfolio
11.5.4. Strategic Initiatives
11.6. Chemtrade Logistics
11.6.1. Company Overview
11.6.2. Financial Performance
11.6.3. Product Portfolio
11.6.4. Strategic Initiatives
11.7. Nouryon
11.7.1. Company Overview
11.7.2. Financial Performance
11.7.3. Product Portfolio
11.7.4. Strategic Initiatives
11.8. KMG Chemicals
11.8.1. Company Overview
11.8.2. Financial Performance
11.8.3. Product Portfolio
11.8.4. Strategic Initiatives
11.9. the PhosAgro Group of Companies
11.9.1. Company Overview
11.9.2. Financial Performance
11.9.3. Product Portfolio
11.9.4. Strategic Initiatives
11.10. Aurubis AG
11.10.1. Company Overview
11.10.2. Financial Performance
11.10.3. Product Portfolio
11.10.4. Strategic Initiatives
11.11. WeylChem International GmbH,
11.11.1. Company Overview
11.11.2. Financial Performance
11.11.3. Product Portfolio
11.11.4. Strategic Initiatives
11.12. among others
11.12.1. Company Overview
11.12.2. Financial Performance
11.12.3. Product Portfolio
11.12.4. Strategic Initiatives
For more information about this report visit https://www.researchandmarkets.com/r/ps9iot
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