Sulfuric Acid Market worth $28.5 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 2, 2022 /PRNewswire/ -- Sulfuric Acid Market is projected to grow from USD 13.2 billion in 2020 to USD 28.5 billion by 2027, at a CAGR of 11.7% during the forecast period, according to a new report by MarketsandMarkets™. Expanding market for fertilizers, chemical manufacturing and metal processing is expected to drive the sulfuric acid market.
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Browse in-depth TOC on "Sulfuric Acid Market"
216 – Tables
34 – Figures
196 – Pages
List of Key Players:
- The Mosaic Company (US),
- BASF SE (Germany),
- OCP Group (Morocco),
- Chemtrade Logistics Income Fund (Canada), and
- Nouryon (Netherlands) among others.
Sulfuric Acid Market Dynamics:
- Driver: Strong demand for sulfuric acid in various industries
- Restraints: Restriction on use of sulfuric acid due to health and environmental concerns
- Opportunity: Increasing use of sulfuric acid in wastewater treatment
- Challenge: Rapid increase in price.
The elemental sulfur segment is expected to hold the largest share of the sulfuric acid market, during the forecast period
The elemental sulfur segment is expected to lead the sulfuric acid market during the forecast period by volume. Elemental sulfur is the major feedstock used for the production of sulfuric acid. Elemental sulfur is one of the widely used raw materials in the production of sulfuric acid and with the growing demand for sulfuric acid the segment is expected to grow.
The chemical manufacturing segment, by application, is expected to account for the second largest market during the forecast period
Based on application, sulfuric acid is classified into fertilizers, metal processing, pulp & paper, petroleum refining, textile industry, automotive, chemical manufacturing, and others. Sulfuric acid is used in the manufacturing process of many well-known chemicals, including hydrochloric acid, nitric acid, phosphoric acid, and many other industrial chemicals. It is also used in the manufacturing of hydrofluoric acid and phenol with propanone, all of which are used in many industries. Thus, the usage of sulfuric acid in the production of the wide range of chemicals is expected to drive the market.
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Asia Pacific region is expected to be the largest and fastest growing sulfuric acid market
Asia Pacific is expected to lead the sulfuric acid market during the forecast period by value. This demand can be attributed to the high growth in emerging economies such as China and India, sthat has made Asia Pacific a huge market for sulfuric acid. China is one of the largest markets for sulfuric acid across the globe and is expected to contribute a major portion to the overall regional demand for sulfuric acid during the forecast period.
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