Global Sulfuric Acid Market was valued $71.40 Billion in 2017 and is anticipated to reach $89.50 Billion by 2026 at a CAGR of about 2.86 % during a forecast. Increasing demand from the various end-use industries is considered to be one of the primary growth drivers for sulfuric acid market.Global Sulfuric Acid market is segmented by raw material, by application and by region.
Sulfuric Acid market is segmented into Elemental Sulfur, Base Metal Smelters, Pyrite Ore and Others. Fertilizers, Chemical Manufacturing, Metal Processing, Petroleum Refining, Textile Industry, Automotive, Pulp & Paper and Other are application segment of sulfuric acid market.
Geographically into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Moreover, growing production of nutrient dense food crops, increasing use of sulphuric acid in metal processing, rising demand for sulfur based fertilizers, continuous and stable demand for sulfuric acid due to several end-user applications and rising demand from oil and gas industry, waste water treatment are the factors favouring the market growth.
Elemental sulfur is the largest market in the global sulfuric acid market, by raw material followed by base metal smelters.
The raw material causes less pollution in comparison to pyrite ore or base metal smelters and is available in abundance in the industry.
Fertilizers was the significant application segment in 2017 and accounted for around 54% of the overall market revenue.
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Increasing demand for improved quality of crop and rising population globally are likely to boost market over the foreseeable period.
Rising concerns about high crop yield and excellent food quality from agricultural sector are expected to propel fertilizer market growth, which, in turn, is likely to trigger sulfuric acid market.
The Asia-Pacific region was the largest market for sulfuric acid, in terms of value and volume, in 2017.
The large market size of Asia-Pacific is due to shifting of manufacturing facilities by big market player from mature market like Europe and North America to Asia pacific and Middle East & African region.
The big players prefer investing in these regions because they offer wide range of market penetration opportunities due to the presence of natural resources reserves like mineral deposits and crude oil and abundant availability of workforce and consumers.
Rising demand for Sulfuric acid from the Philippines and Indonesia is expected to boost Asia Pacific regional market over the forecast period.
DuPont, AkzoNobel N.V., BASF SE, Agrium Inc., PVS Chemical Solution, and Chemtrade Logistics, Zhejiang Jiahua Energy Chemical Industry Co. Ltd., Akzonobel N.V., Valero Energy, Solvay, The Mosaic, Lucite International, Climax Molybdenum, Tampa Electric are key players included in the sulfuric acid market.