A recent survey by Future Market Insight (FMI) discloses information on drivers, opportunities, and restraints affecting the sulphuric acid market growth. The report highlights scope for expansion across various segments across seven regions in terms of purity and application for the next decade.
DUBAI, U.A.E., Oct. 14, 2021 /PRNewswire/ -- As per Future Market Insights, the global sulphuric acid marketis anticipated to reach US$ 13.7 Bn in 2021. Sales of sulphuric acid grew year-on-year by 3.1% in 2021.
Growing use of sulphuric acid in the production of nutritional-rich fertilizers is the major factor expected to drive the growth in the market. Demand for sulphuric acid has been consistently growing across diverse end-use industries such as paper & pulp, agriculture, and others.
Sales of sulphuric acid dampened with the onset of the novel COVID-19 due to the muted demand from petroleum refining, metal manufacturing and other end-use industries. However, resumption of supply-chain activities across diverse end-use verticals will recover the sales of sulphuric acid.
Shrinking agricultural land and lack of nutritional-rich fertilizers is expected to improve the demand for sulphuric acid in the production of fertilizers. Also, initiatives undertaken by government to improve the quality of fuel to power automobiles will increase the demand for sulphuric acid in petroleum refining industry.
Further, surging use of metals in construction, mining, and automotive industries will amplify the growth opportunities for sulphuric acid market in metal extraction industry. Increasing demand for ultra-pure sulphuric acid for the production of pharmaceutical products will spur the sales over the coming years.
As per FMI, the market will register significant increase in the sales of sulphuric acid owing to the increasing adoption within agriculture industry. Sales of sulphuric acid increased by 1.1% during 2016 and 2020 owing to the growing demand across China, India, and South Korea.
"Growing demand for sulphuric acid from metal extraction, automotive, agriculture, and pharmaceutical industries, especially across East & South Asia, is expected to boost the sales. Key players are likely to capitalize on this opportunity to generate revenues" says the FMI analyst.
Key Takeaways from FMI's Sulphuric Acid Market Survey
In terms of application, fertilizers segment will account for over 60% of sulphuric acid produced globally
Ultra-pure sulphuric acid is expected to gain traction in terms of purity type owing to the increased application in electrical and electronic industry
The U.S. sulphuric acid market will register year-on-year growth by 2.9% owing to the surging applications of metals in manufacturing operations
Sales of sulphuric acid in India are expected to grow at 3.7% CAGR between 2021 and 2031
China will vanguard the sales of East Asia sulphuric acid market, registering growth at 3.5% CAGR in 2031
South Korea and Japan are expected to, collectively, account for 6% of total sales of sulphuric acid market
Increased adoption of sulphuric acid in the production of nutrient-rich food crop will boost the sales
Sustainable demand for sulphuric acid owing to its increased use in wastewater treatment, paper & pulp production, and fertilizers will aid the growth in the market
Stringent regulations due to the hazardous effects on the use of sulphuric acid will restrict the growth in the market
Volatility and fluctuation in raw material prices will act as a challenge for sulphuric acid key players
As per the study, with the presence of numerous leading players, the market is expected to be highly competitive. Key manufacturers are adopting market expansion strategies such as collaborations and partnerships to expand their customer base.
Several prominent companies are introducing new product launches to strengthen their product portfolio and generate remunerative revenues during the forecast period.
In February 2021, Rama Phosphates Ltd, announced the commencement of its new commercial production of sulphuric acid and its derivatives from the new manufacturing facility in India. The company's overall production capacity of sulphuric acid is estimated to be 155,000 TPA from its Indore manufacturing facility.
In January 2021, Nuberg EPC acquired 500 mtpd sulphuric acid plant project owned by Sprea Misr, leading plastics manufacturers in Egypt. The project is based on EPC and LSTK basis in Egypt which is going to be used for industrial purposes. The project will be based on the latest double contact double absorption (DCDA) process technology. This is the first time that the company is building a turbine unit for electricity production which will provided to the agriculture industry for the production of urea and other fertilizers.
Some of the key players operating in the sulphuric acid industrymarket profiled by FMI are:
Ineos Group Ltd
Avantor Performance Materials, LLC
PVS Chemicals Inc.
Qingdao Hisea Chem Co.Ltd
Cornerstone Chemical Company
Ma'aden - Saudi Arabian Mining Company
Canada Colors and Chemicals Limited
Hubei Xingfa Chemicals Group Co., Ltd
Asia Union Electronic Chemical Corporation (AUECC)
In its latest report, Future Market Insights offers exhaustive analysis on global sulphuric market for the forecast period of 2021 and 2031. The report delves into compelling insights of the market key growth drivers, trends, and opportunities with detailed segmentation on the basis of:
By Purity Type:
Metal Production & Processing
Metal Surface Cleaning
Semiconductor & Electronics
Integrated Circuit Components
Pulp & Paper Production
Domestic Cleaning Products
South Asia Pacific
Middle East and Africa
Key Questions Covered in the Report
The report offers insight into sulphuric acid market demand outlook for the forecast period 2021-2031
The market study also highlights projected sales growth for sulphuric acid market between 2021 and 2031
Sulphuric acid market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Sulphuric acid market platform share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.