PUBLISHER: Orion Market Research | PRODUCT CODE: 1123122
PUBLISHER: Orion Market Research | PRODUCT CODE: 1123122
Global Sulfuric Acid Market Size, Share & Trends Analysis Report By Application (Chemicals Manufacturing, Metal Processing, Textile Industry, Paper & Sugar Industry, Automotive Industry, Fertilizer Industry, and Other Industry), By Manufacturing Process (Contact Process, Wet Sulfuric Acid Process, and Others), By Type of Raw Materials (Elemental Sulfur, Pyrite Ore, Base Metal Smelters, and Others) Forecast, 2021-2027
The global sulfuric acid market is growing at a considerable CAGR of 2.3% during the forecast period (2021-2027). The major factors that are augmenting the growth of sulfuric acid market share are rising demand in the industrial and fertilizer industry by raw material manufacturers across the globe. Furthermore, its uses in chemical manufacturing industries for making phosphate fertilizers and in automotive industries for batteries have also contributed to the growth of the sulfuric acid market. Being one of the most important elements of industrial raw materials, sulfuric acid has been considered one of the best products for increasing the nation's industrial development owing to its applications and features which it provides. Owing to urbanization, there has been decreasing availability of fertile land agricultural practices and the availability will decrease in future years too. Therefore, the demand for fertilizers will increase which will further lead to an increase in demand for sulfuric acid as it key raw material used in the manufacture of commercial fertilizers.
Besides, the increase in the production of nutrient-rich food crops, and steady and sustainable demand for sulfuric acid due to its various application are among the factors that are driving the growth of the market during the forecast period. For instance, fertilizers are now an important aspect of agriculture, providing nutrients like potassium, phosphate, and nitrogen to the soil. They are responsible for half of the global crop production. The increased demand for sulfuric acid, which is a vital raw material used in the production of commercial phosphate fertilizers, will be boosted by the rise of fertilizers, particularly in the phosphate segment. However, certain factors are affecting the growth of the market. Sulfuric acids are highly corrosive and are prone to cause chemical burns. Moreover, stringent government regulations for the production of environmentally-friendly products and owing to sulfuric acid's strong acidic mixture are the major constraints that are expected to hinder the growth of the global Sulfuric acid Market across the globe. Conversely, its need for sugar bleaching, paper bleaching, water treatment, cellulose fibers, and coloring agents are expected to increase the demand and provide lucrative growth in the sulfuric acid market share.
Impact of COVID-19 on the Global Sulfuric Acid Market
The global sulfuric acid market is hardly hit by the COVID-19 pandemic since December 2019. The outbreak of COVID-19 in the major economies has disrupted the manufacturing and supply of sulfuric acid across the globe which resulted in a decrease in market share. This was mainly due to the lockdowns imposed by the governments of several countries due to which many industries were not being operated and hence the pandemic created technical challenges for the industries as many industries where sulfuric acid is used were not being operated. Chemical manufacturing industries, metal industries, fertilizer industries, and automotive industries were mostly affected by the global pandemic. However, the use of sulfuric acid did not saw a high decline in power generation industries.
Segmental Outlook
The market is segmented based on application, manufacturing process, and type of acid. By application, the market is segmented into chemicals manufacturing, metal processing, textile industry, paper & sugar industry, automotive industry, fertilizer industry, and other (power generation). Based on the manufacturing process segment, the market is segmented into contact process, wet sulfuric acid process, others (metabisulfite method and more). Further bases on the type of raw materials, the market is segmented into elemental Sulfur, pyrite ore, base metal smelters, and others.
Global Sulfuric Acid Market Share by Applications, 2020 (%)
Global Sulfuric Acid Market Share by Applications
Fertilizer Industry Segment to Hold a Lucrative Share in the Global Sulfuric Acid market
Amongst the application segment of the global sulfuric acid market, the fertilizer industry segment holds a significant market share in 2020. The market growth is driven by increasing demand for agriculture to raise agricultural productivity to make phosphate fertilizers which farmers usually apply. The sulfuric acid for fertilizer industry providers includes Dulany Industries Inc., DuPont de Nemours, Inc., Yara International, and BASF SE. Automotive Industry is also one of the major segments which is expected to grow at a significant rate in the forecast period as there will be a rise in population and improvement in living standards of the people. This means, there will be more vehicles on the road that will contain batteries that use sulfuric acid to operate.
Regional Outlooks
The global sulfuric acid market is analyzed based on the geographical regions that are contributing significantly to the growth of the market. Based on the geography, the market is bifurcated into North America (the US and Canada), Europe (Germany, Spain, Italy, France, the UK, and the Rest of Europe), Asia-Pacific (India, China, Japan South Korea, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East and Africa, and Latin America). North America is estimated to contribute a significant share in the global sulfuric acid market. Canada is one of the largest sulfuric acid producers in the world due to the more number of agro-based industries.
Global Sulfuric acid Market Growth, by Region 2021-2027
Global Sulfuric acid Market Growth, by Region
Asia-Pacific is projected to highest Contributor to the growth of the Global Sulfuric Acid Market
Asia-Pacific is anticipated to be the fastest-growing region in the global sulfuric acid market due to the impact of emerging economies. An increase in development strategies with industrialization and rising demand for H2SO4 and production of phosphate fertilizers for agricultural processes are some of the major factors estimated to fuel the growth of the sulfuric acid market in the forecast period. Besides, the sulfuric acid market in this region is being driven by thriving chemical industry, cheap availability of raw materials, and increased development strategies such as the establishment of production facilities to fulfill the growing demand for sulfuric acid. China is the largest producer of sulfuric acid in this region.
Market Players Outlook
The key players of the global sulfuric acid market include BASF SE, Aurubis AG, DuPont de Nemours, Inc., INEOS Capital Ltd., Nouryon, Honeywell International Inc., and Nutrien Ltd, among others. To survive in the market these players adopt different marketing strategies such as a merger, acquisitions, product launch, and geographical expansion so on. For Instance, Nutrien Ltd. was formed by the mergers of Potash Corporation of Saskatchewan and Agrium Inc. to increase market opportunities by increasing customer response. In October 2018, Carlyle Group acquired Nouryon for $ 11.6 billion whose sulfuric acid segment was initially under Akzo Nobel N.V.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global sulfuric acid market based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying who-stands-where in the market.
REST OF THE WORLD SULFURIC ACID MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027($ MILLION)
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