PUBLISHER: The Business Research Company | PRODUCT CODE: 1263114
PUBLISHER: The Business Research Company | PRODUCT CODE: 1263114
“Sulfuric Acid Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on Sulfuric acid market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for Sulfuric acid? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The Sulfuric acid market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the Sulfuric acid market are: Aurubis AG, PVS Chemicals Inc., Seastar Chemicals, KMG Chemicals Inc., Linde PLC, Nouryon B.V., Ma'aden - Saudi Arabian Mining Company, Cornerstone Chemical Company, Canada Colors and Chemicals Limited, Hubei Xingfa Chemicals Group Co. Ltd., Tata Chemicals Limited, Trident Group, Boliden AB, UBE Corporation, BASF SE, and Kanto Corporation.
The global sulfuric acid market is expected to grow from $13.53 billion in 2022 to $14.80 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sulfuric acid market is expected to reach $20.73 billion in 2027 at a CAGR of 8.7%.
The sulfuric acid market consists of sales of sulfur atom, iron sulphide, thiosulphuric acid and hydrogen. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sulfuric acid is a strong acid that has both hygroscopic and oxidising properties usually produced from sulphur dioxide. It refers to H2SO4, a potent dehydrating agent that is a dibasic, strong acid which is colourless when pure. It is employed in the production of industrial explosives, dyes, fertilizers, and electroplating.
Asia-Pacific was the largest region in the sulfuric acid market in 2022. The regions covered in the Sulfuric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major raw material types of Sulfuric acid are elemental sulfur, pyrite ore, base metal smelters, and others. Elemental sulfur refers to a crystalline yellow substance that is insoluble in water. Elemental sulfur is found as a deposit in volcanic areas, where it is produced by the emission of hydrogen sulfide and subsequent aerial oxidation of the element. The major sulfuric acid forms are concentrated, tower or glover acid, chamber or fertilizer acid, battery acid, 66 degree baume sulfuric acid, and dilute sulfuric acid. The different purity types include tandard and ultra-pure sulfuric acid that are used by several end-user industries such as fertilizer, metal processing, pulp and paper, petroleum refining, textile industry, automotive, chemical manufacturing, and others.
The rapid acceptance of electric vehicles is expected to propel the growth of the sulfuric acid market going forward. An electric vehicle refers to a form of transportation that runs on electricity. Electric cars and trucks use an electric motor powered by electricity from batteries or a fuel cell, as opposed to traditional vehicles that use a gasoline (petrol) or diesel-powered engine. Sulfuric acid is used in producing lead acid batteries, primarily for automobiles and electric vehicles, that leads to an increasing demand for sulfuric acid. For instance, in June 2022, according to a report shared by the International Council on Clean Transportation, a US-based independent nonprofit organization, EV sales reached a new high of 6.9 million globally in 2021, an increase of 107% from the previous year. Furthermore, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the last year in 2021, reaching a new high of 6.6 million. Therefore, the rapid acceptance of electric vehicles across the region is driving the growth of the sulfuric acid market.
Expansion of production plants with advance technology has emerged as a key trend gaining popularity in the sulfuric acid market. Major companies operating in the market are focused on introducing new sulfuric acid plants with the help of new technologies to sustain their position in the market. For instance, in October 2022, Andritz AG, an Austria-based technology group, made the world's first sulfuric acid plant for Klabin's Ortigueira mill in Brazil. The plant can produce 150 metric tonnes of commercial-grade (>98%) sulfuric acid daily from concentrated odorous vapors and elemental sulphur. This plant's technology is based on Andritz's self-created A-Recovery+ idea, enabling pulp mills to extract side streams from the pulping process and transform them into commercial goods and commodities. The facility is part of Andritz's CircleToZero product line, which aims to remove waste byproducts, create new goods with added value, and set the framework for zero-emissions, zero-waste production.
In May 2022, the WeylChem Group of Companies, a Germany-based fine and specialty chemicals platform of the International Chemicals Investors Group, acquired INEOS Sulphur Chemicals Spain S.L.U. from INEOS Enterprises for an undisclosed amount. This acquisition reinforces Welchyem's dedication to strengthening its position as a strategic partner in advanced intermediates and reagents based on its strong manufacturing knowledge, technical dependability, and on-time production. INEOS Enterprises is a UK-based company operating in sulfuric acid.
The countries covered in the Sulfuric acid market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sulfuric acid market research report is one of a series of new reports from The Business Research Company that provides sulfuric acid market statistics, including sulfuric acid industry global market size, regional shares, competitors with a sulfuric acid market share, detailed sulfuric acid market segments, market trends and opportunities, and any further data you may need to thrive in the sulfuric acid industry. This sulfuric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.