Sulfuric Acid Market is Estimated to Grow at a CAGR of 4.9% from 2022 to 2028
As stated in our extensive report; the Global Sulfuric Acid Market accounted for USD 13.0 Billion in 2021.
Because it is used directly and indirectly in producing numerous compounds, including fertilizers, Sulfuric Acid is known as the king of acids. Due to its expanded use in the agricultural and automotive industries, Sulfuric Acid is in higher demand. Automobile and transportation, agriculture, consumer products, and other end-use sectors employ Sulfuric Acid in many ways. Additionally, the electronics industry’s growing need for high-purity Sulfuric Acid is boosting demand for the chemical. As a result, East Asia is anticipated to continue to be a significant market for Sulfuric Acid in the region, making for about one-third of global acid consumption.
Additionally, it is anticipated that the need for fertilizers and agrochemicals will increase due to the significant growth in population and the global decline in agricultural land. The fertilizer sector mainly consumes Sulfuric Acid. Thus, throughout the projected period, rising fertilizer demand will eventually fuel the growth of the Sulfuric Acid Market.
Factors Influencing Global Sulfuric Acid Market Growth
The growth of the Global Sulfuric Acid Market can be attributable to the following:-
- The high demand for Sulfuric Acid in phosphate-based fertilizers and rising global consumption from the chemical and pharmaceutical industries are two factors propelling the Sulfuric Acid Market.
- Agriculture is a significant source of income worldwide, and it is expanding favorably in India and the United States. As a result, the market is anticipated to be driven by the need for fertilizers over the forecast period.
- Increased use of Sulfuric Acid is predicted to promote market expansion in the automotive industry for car batteries. Up to 28–32% of the Sulfuric Acid in car batteries produces an electrical current that can react with lead.
- The manufacturers of Sulfuric Acid are anticipated to benefit from attractive growth potential due to the metal industry’s rapid expansion and the growing use of Sulfuric Acid, a very potent acid.
- Because Sulfuric Acid breaks the DNA of malignant cells, it is utilized to make chemotherapy medications. Sulfuric Acid, a component of skin ointments, can treat skin infections, including canker sores brought on by stress, acidic meals, or minor injuries. Such advantageous uses of Sulfuric Acid in the healthcare industry are expected to impact market expansion.
On the other hand, the limitation on Sulfuric Acid use because of environmental and health risks can impede the expansion of the Sulfuric Acid Market.
Asia Pacific Region to Take Over the Market
Asia Pacific holds the major share in the Sulfuric Acid Market and is anticipated to continue this trend during the forecast period. The need for Sulfuric Acid has been growing fast owing to the increased demand from the chemical, fertilizer, and other manufacturing sectors in nations like China, India, and Japan. In the automotive industry, Sulfuric Acid is frequently utilized in large power batteries. In batteries, Sulfuric Acid serves as the electrolyte, producing the necessary electrons when it combines with lead to create voltage. Similarly, it is anticipated that the size of the Sulfuric Acid Market in China will increase during the forecast period. This is attributable to the chemical industry’s rapid expansion, the rising demand for metals and automobile batteries, the increasing use of mineral acids, and the significant presence of top Sulfuric Acid producers.
The rising demand for the product from industries including chemical manufacturing, fertilizer production, paper, and pulp production, petroleum refinery, automotive manufacturing, metal processing, and others has positively impacted the total Sulfuric Acid Market sales.
The well-known players of the Global Sulfuric Acid Market include UBE Industries Ltd. (Japan), Boliden Group (Sweden), Trident Group (India), Tata Chemicals (India), Asia Union Electronic Chemical Corporation (Taiwan), Hubei Xingfa Chemicals Group Co. Ltd. (China), Canada Colors & Chemicals Limited (Canada), Maaden – Saudi Arabian Mining Company (Saudi Arabia), Nouryon (Netherlands), Cornerstone Chemical Company (US), Linde Group (Ireland), Qingdao Hisea Chem Co. Ltd. (China), KMG Chemicals Inc. (US) and others.