Global Sulfuric Acid Market is expected to reach USD 13.45 billion by 2025. Sulfuric Acid is also termed as oil of vitriol, sulphuric acid, or dihydrogen sulfate is a colorless & odorless, dense, oily corrosive liquid with a molecular formula H2SO4. The molecular weight is 98.072 g/mol and is soluble in water and sulfur trioxide with release of heat. It is exclusively used to manufacture chemicals and fertilizers and in steel and iron production. It is normally supplied based on concentrations of 98, 78, or 93 percent.
Sulfuric acid is a very robust acid and in aqueous solutions, it ionizes entirely to form hydrogen sulfate ions (HSO4−) and hydronium ions (H3O+). The Sulfuric Acid Market is estimated to grow at a significant CAGR of 3.3%over the forecast period as the scope and its applications are rising enormously across the globe.
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Rising manufacturing of nutrient rich food crops, high demand for sulfur based fertilizers, rising use of sulfuric acid in metal processing, and growing demand from waste water treatment plant and oil & gas industry are documented as major factors of Sulfuric Acid Market that are estimated to enhance the growth in the years to come. However, high cost of raw material and strict government policy associated with sulfuric acid due to health & environment concern are the factors that may restrain overall market growth in coming years. Sulfuric acid industry is segmented based on type, application, and region.
Pyrite ore, elemental sulfur, base metal smelters, and other types could be explored in Sulfuric Acid in the forecast period. Another sector comprises of petroleum & oil refineries. Elemental sulfur accounted for substantial market share. This may be because it is less atmosphere polluting in comparison with pyrite ore roasting.
The market may be categorized based on applications like pulp & paper, fertilizers, automotive, chemical manufacturing, textile industry, metal processing, petroleum refining, and other that could be explored in the forecast period. The other sector comprises of applications like electronics industry, wastewater treatment, drugs & medicines, and industrial cleaning agent. The fertilizers sector accounted for the substantial market share of Sulfuric Acid and is estimated to remain dominant in the coming years. This may be because of growing population and demand for high quality food and fertilizers increase crop yield.
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Globally, Asia Pacific accounted for the substantial market share of sulfuric acid and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be presence of key manufacturers in the region, high demand for food as growing population in emerging countries, and easy availability of customers and raw materials. The developing countries like India and China are the major consumers of sulfuric acid in the region.
Instead, Europe and North America are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, North America is estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of sulfuric acid market are Jacobs, Akzo Nobel, Honeywell International, DuPont, Evonik Industries, PotashCorp, and Aditya Birla Management Corporation. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.