The market for sulfuric acid is expected to grow at a CAGR of over 3% globally during the forecast period. Major factors driving the market studied are increasing application in fertilisers manufacturing and growing demand from chemical & pharmaceutical industries. On the flip-side, stringent environmental regulations are expected to majorly hinder the growth of market.
- Sulfuric Acid market is expected to grow during the forecast period owing to the increasing application in fertilisers, chemical & pharmaceutical industries across the globe.
- Asia-Pacific region dominated the market across the globe with the largest consumption from the countries such as China, India and Japan
Key Market Trends
Increasing Application in Fertilizers, Chemical & Pharmaceutical Industries
- Sulfuric acid, also called oil of vitriol, or hydrogen sulfate is dense, colorless, oily, corrosive liquid, one of the most important of all chemicals, prepared industrially by the reaction of water with sulfur trioxide, which in turn is made by chemical combination of sulfur dioxide and oxygen.
- Sulfuric acid is used in various concentrations during the manufacturing of different fertilizers, drugs and chemicals.
- The Indian pharmaceutical industry which is currently valued at USD 38 billion is expected to grow exponentially to reach USD 120-130 billion by 2030.
- According to Food and Agriculture Organisation of the United States, the world fertilzers consumption is expected to reach 199 million tonnes by the end of 2019
- Hence, owing to the growing applications especially in Asia-Pacific and other regions, the demand for sulfuric acid is expected to increase considerably over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for sulfuric acid during the forecast period. Due to the high demand from countries like China, India and Japan, from chemical, fertilizer and other manufacturing industries, the market for sulfuric acid has been rapidly increasing.
- The largest producers of sulfuric acid are located in Asia-Pacific region. Some of the leading companies in the production of sulfuric acid are KMG Chemicals, Nouryon, PVS Chemicals, Xilan Chemicals Co Ltd, etc.,
- Chinese pharmaceutical industry which is valued at about ~USD 145 billion currently, represents the biggest emerging market with growth tipped to reach about ~USD 200 billion by 2022, thus increasing the scope of the market.
- All-India estimated consumption of SSP and NP/NPK and other complex fertilizers increased by 7.1%, 25.9% and 5.6%, respectively, during FY'18-19 over FY'17-18
- Sulfuric acid is also used in oil refineries, automotive batteries, metal processing industry, paper and pulp industry and many other industries where it has wide range of applications
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for sulfuric acid during the forecast period.
The global sulfuric acid market is fragmented with players accounting for a marginal share of the market. Few companies include KMG Chemicals, INEOS, PhosAgro Group of Companies, Aurubis AG, Nouryon
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