July 15, 2024
Sulfuric Acid Market

Emerging Automobile Industry To Boost Growth Of The Sulfuric Acid Market

The global Sulfuric Acid Market is estimated to be valued at US$ 25.69 Bn in 2023 and is expected to exhibit a CAGR of 4.67% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Sulfuric acid is a colorless, oily liquid that is soluble in water and is highly corrosive in nature. It is widely used in the manufacturing of fertilizers such as ammonium sulfate and superphosphate. It is also used in automobile batteries, metal processing, chemical synthesis, petroleum refining and wastewater processing. Sulfuric acid has excellent solvent properties and acts as a catalyst during many industrial processes like nitration, oxidation, and esterification reactions. The growing automobile industry has increased the demand for lead-acid batteries which require sulfuric acid as an electrolyte. This is expected to propel the growth of the sulfuric acid market over the forecast period.

Market key trends:

One of the key trends in the sulfuric acid market is the increasing production of fertilizers. According to FAO, global fertilizer demand is expected to increase by 1% per year until 2027 to support the growing demand for food. This growing demand for fertilizers from the agriculture industry will boost the consumption of sulfuric acid which is a major raw material in the production of phosphate and nitrogen fertilizers. Another trend is the rising metal processing industry. Sulfuric acid is used as a leaching and pickling agent and in the production of metal sulfates and metal processing chemicals. The growing construction and automotive industry is fueling the metal processing industry growth thereby propelling the sulfuric acid market. Stringent environmental regulations regarding sulfur dioxide emissions may hamper the market growth. However, increasing R&D for green production methods is expected to provide growth opportunities.

Porter’s Analysis

Threat of new entrants: The sulfuric acid market requires large capital investments and strict environmental regulations act as a deterrent for new players to enter the market.
Bargaining power of buyers: The presence of numerous buyers and ease of switching over to alternative products increases the bargaining power of buyers in the sulfuric acid market.
Bargaining power of suppliers: The availability of raw materials and established suppliers reduces the bargaining power of suppliers in the sulfuric acid market.
Threat of new substitutes: The presence of mature sulphur recovery technologies and limited options for substitutes reduces the threat of new substitutes in the sulfuric acid market.
Competitive rivalry: The sulfuric acid market has large and international competitors with their strong global presence and brand reputation.

Key Takeaways

The global sulfuric acid market is expected to witness high growth, exhibiting CAGR of 4.67% over the forecast period, due to increasing demand from chemical processing industries.

Regional analysis

North America dominates the global sulfuric acid market owing to the demand from ore processing industries in the region. Asia Pacific is expected to gain the fastest traction in the market over the forecast period with increasing demand from fertilizer manufacturing industries, especially in China and India.

Key players

Key players operating in the sulfuric acid market are PVS Chemicals, BASF SE, Akzo Nobel N.V., DowDuPont Inc., Unigel Group, Boliden Group, Ineos Enterprises Limited, Trident Chemicals, Aurubis AG, Climax Molybdenum B.V., and Amal Ltd.

*Note:
1.            Source: Coherent Market Insights, Public sources, Desk research
2.            We have leveraged AI tools to mine information and compile it