Sulfuric Acid Market Overview
The demand for sulfuric acid is skyrocketing across the globe, mainly due to the soaring demand for sulfur-based fertilizers. Sulfuric acid is extensively used in the waste water treatment and oil & gas industry, which is likely to trigger the demand from the global sulfuric acid market size. Sulfuric acid is extensively used to manufacture fertilizers and chemicals and is used in metal processing. This is anticipated to accelerate the market growth across the globe. It is highly used as a catalyst, dehydrating agent, and reactant by the automotive sector. The increasing demand for excellent food quality and high crop yield from the agricultural industry are further anticipated to stimulate the market in the long run. Sulfuric acid is also used in automotive batteries, which is likely to act as a primary growth stimulant for the market.
On the contrary, fluctuations in the prices of raw materials is considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.
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Global Sulfuric Acid Market: Segmental Analysis
The global COVID-19 analysis on sulfuric acid market report has been segmented on the basis of type and application.
By type, the sulfuric acid market analysis is segmented into battery acid, dilute sulfuric acid, chamber acid, and concentrated sulfuric acid.
By application, the sulfuric acid industry is segmented into pulp and paper industry and phosphate fertilizers. Of these, the phosphate fertilizers segment is likely to gain prominence as sulfuric acid is extensively used in the manufacturing of phosphate fertilizers, which is highly preferred in modern agricultural practices.
Sulfuric Acid Market Regional Frontiers
Geographically, the sulfuric acid market spans across Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Considering the global scenario, Asia Pacific resonates strong growth opportunities and is likely to rule the market in the coming years. In this region, China alone acquires almost half of the market in terms of production. Consumption of fertilizer in India represents a massive number, due to the existence of large agriculture base in the country. These factors are likely to trigger the demand from the sulfuric acid market in the foreseeable future. The recent boom in the chemical industry, soaring developmental strategies like setting up of production facilities to meet the increased demand for sulfuric acid, and easy availability of raw materials are predicted to encourage the sulfuric acid market in the APAC.
The sulfuric acid market in North America is likely to register significant growth owing to the soaring demand for sulfuric acid for the production of fertilizers. Strict regulations by the government for the production of sulfuric acid is likely to promote the regional market’s growth.
Sulfuric Acid Market Competitive Dashboard
The top players operating in the global sulfuric acid market include Akzo Nobel, Agrium, Bp, Bayer, Cytec Industries, Chevron, Evonik Industries, Dupont, Honeywell, and Solvay.
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