Sulfuric Acid Market : A Strong Growth Outlook from 2023 to 2035
Research Nester assesses the growth and market size of the global sulfuric acid market which is anticipated to be on account of the growing usage of sulfuric acid in the agriculture sector and the manufacturing processes of various chemicals worldwide.
Research Nester’s recent market research analysis on “Sulfuric Acid Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global sulfuric acid market in terms of market segmentation by application, raw material, and by region.
Growing Usage of Sulfuric Acid in the Agriculture Sector to Promote Global Market Share of Sulfuric Acid
The growth of the market is attributed to the increasing use of sulfuric acid in the agricultural sector and the manufacturing processes of various chemical products. Significant amounts of sulfuric acid are used in the manufacture of fertilizers such as ammonium sulfate and superphosphate. Many pesticides use sulfuric acid as raw material, such as copper sulfate and zinc sulfate as fungicides for plants, and iron sulfate and copper sulfate as herbicides.
A major end-use market for sulfuric acid, accounting for more than 60% of total global consumption in the year 2020, is the manufacture of fertilizers, particularly phosphate fertilizers from the wet process of phosphoric acid. These factors are expected to contribute to the market growth.
Some of the major growth factors and challenges that are associated with the growth of the global sulfuric acid market are:
Growth Drivers:
- Increasing Demand for Sulfuric Acid in the Agriculture Sector
- Rising Implementation of Emission Regulations
Challenges:
The growing concern of people about the harmful effects of Sulfuric Acid is one of the major factors expected to slow down the growth of the market. The release of sulfur dioxide creates sulfur trioxide in the air, which reacts with water vapor to form sulfuric acid. Acid rain formation is stimulated by sulfonic acid in the rain. Both the environment and human health are severely affected by acid rain. It may be very harmful to the forest and wildlife.
By raw material, the global sulfuric acid market is segmented into elemental sulfur, base metal smelters, and pyrite ore. The elemental sulfur segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The segment growth is due to lower elemental sulfur contamination rates compared to base metal smelters and pyrite ores. Increasing development activities, such as improving the ability of companies to produce sulfuric acid products made from organic sulfur. In addition, the massive elemental sulfur tax and a ban on sulfur mining are also expected to boost segment growth. In 2022, China became the world’s top sulfur producer, producing more than 18 million tons of sulfur. It is estimated that all of these factors contribute to the growth of the segment.
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By region, the Asia Pacific sulfuric acid market is to generate the highest revenue by the end of 2035. The growth of the market is mainly attributed to the increasing sulfur production in the region. For instance, China produced more than 18 million tons of sulfur in 2022 due to lower sulfur extraction and increased demand from various sectors. In addition, the increasing demand for sulfuric acid from the Philippines and Indonesia is also expected to contribute to the growth of the market. The market is expected to grow in the coming years, as the production of phosphate fertilizers becomes more of a necessity given the increasing demand from the fertilizer sector and strict environmental regulations in the production of organic products.
This report also provides the existing competitive scenario of some of the key players of the global sulfuric acid market which includes company profiling of Mosaic Company, PotashCorp, Groupe Chimique Tunisien, Maaden – Saudi Arabian Mining Company, OCP Group, PVS Chemicals, Aurubis, Chemtrade Logistics Income Fund, BASF SE, AkzoNobel N.V.,
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