According to the latest market study published by Future Market Insights (FMI), the demand for sulphuric acid is set to rise on account of its application in production of fertilizers. As per the report, demand for sulphuric acid will increase by 3.2% CAGR between 2021 and 2031.
Focus on improving agricultural yield across the globe is elevating the demand for fertilizers. Sulphuric acid, being a key constituent used in production of phosphate based fertilizers, is expected to register notable surge in demand with the growth in sales of fertilizers during the forecast period.
Economic expansion in Latin America, East Asia, South Asia Pacific and others has pushed infrastructure development activities. This is expected to propel the demand for metals in the aforementioned regions.
Coupled with this abundant metal reserve in these regions is supporting the expansion of metal processing. FMI has projected application of sulphuric acid will increase, particularly in the metal extraction industry.
In addition to this, regulations implemented to ascertain the quality of fuel will increase the demand for sulphuric acid globally. Sulphuric acid is used as key catalyst in various operations in petroleum refining process. Growth in petroleum refining industry is likely to augment the sales of sulphuric acid in developed economies.
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Key Takeaways from Sulphuric Acid Market Study
- Global sulphuric acid market is expected to reach a value of US$ 18 Bn by the end of the forecast period.
- Fertilizers industry will account for maximum sales of sulphuric acid.
- China is expected to lead sulphuric acid sales in East Asia.
- The U.S. will exhibit maximum demand for sulphuric acid in North America.
- Key manufacturers are focusing on expansion through strategic mergers, acquisitions and collaborations.
- Regulations implemented to curb the harmful emission from sulphuric acid might hamper sales.
“Consistently growing demand from various end users, particularly fertilizers, metal production and processing, and petroleum refining industries is driving sales of sulphuric acid,” said an analyst at FMI.
What Is the Impact of the COVID-19 Crisis on the Sulphuric Acid Market?
Sales of sulphuric acid has been impacted directly by novel coronavirus outbreak in 2020. The global market was impacted moderately owing to the muted demand from several end-use industries including the metal production and processing industry, petroleum refining industry, and others.
The demand was hampered owing to the disruptions in supply chain networks and restrictions on production, construction, and other related activities that occurred worldwide due to movement & travel restrictions and nationwide lockdowns.
However, consumption of sulphuric acid is expected to recover 2021 onwards as supply chain networks recover and industries resume operations.
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Sulphuric Acid Market: Participant Insights
According to the Market Research analysis, BASF SE, Ineos Group Ltd, KANTO Corporation, Aurubis AG, Avantor Performance Materials, LLC, PVS Chemicals Inc., Seastar Chemicals, KMG Chemicals, Qingdao Hisea Chem Co.Ltd., Linde Group, Nouryon, 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), Tata Chemicals, Trident Group, Boliden Group, UBE INDUSTRIES, LTD., Kel-Chemicals Ltd., Young Poong Co., Ltd., Jiangsu Mingsheng Chemical Co., Ltd., Shijiazhuang Xinlongwei Chemical Co., Ltd., Wylton (China) Chemical Co., Ltd., Sumitomo Chemical Co., Ltd., Tayca Corporation among others are the key players identified by Future Market Insights in the market. Key Manufacturers are engaged in market expansion activities through strategic acquisitions, mergers, and collaborations to relish the maximum opportunity created in the market.
Sulphuric Acid Market by Category
By Purity Type:
- Standard
- Ultra-pure
By Application:
- Fertilizers
- Petroleum Refining
- Metal Production & Processing
- Wastewater Treatment
- Semiconductor & Electronics
- Chemical Production
- Textile Processing
- Pulp & Paper Production
- Pharmaceuticals
- Domestic Cleaning Products
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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How are Ongoing Regulations Impacting Sulphuric Acid Sales?
As per the FMI survey, sales of sulphuric acid Market increased by 1.1% during the 2016-2020. Emerging economies such as India, China, Brazil, some GCC Countries, and others are consistently spending on infrastructure development activities owing to which demand for the metal products is growing.
Despite registering steady growth, stringent regulations implemented by various governments against the manufacturing and use of hazardous synthetic chemicals are likely to impact the growth of the sulphuric acid market to a certain extent.
About Future Market Insights (FMI)
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.
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