Industrial Sulfuric Acid Market Set for Rapid Expansion, Forecasted to Soar by 2031
Allied Market Research recently unveiled a report titled "Industrial Sulfuric Acid Market," forecasting trends from 2022 to 2031. The report projects significant growth, with the market expected to reach $9,576.5 million by 2031, driven by a CAGR of 7.7%. Initiatives aimed at expanding production capacities to increase sulfuric acid production, coupled with its rising applications across various industries, are major growth drivers. However, safety concerns regarding sulfuric acid usage may pose challenges, though increasing demand in industrial applications presents growth opportunities.
Prime Determinants of Growth
Rising development initiatives, such as expanding businesses' production capacities to increase the production of sulfuric acid products from elemental sulfur, and the rising application of sulfuric acid in the industrial sector are the major factors predicted to boost the growth of the industrial sulfuric acid market during the forecast period. However, the safety concerns related with the use of sulfuric acid may hamper the growth of the industrial sulfuric acid market during the forecast period. On the contrary, the increasing demand for sulfuric acid in industrial applications, such as paper & pulp, petroleum refinery, metal processing, chemical manufacturing, and automotive industries for use as a catalyst, dehydrating agent, and a reactant are expected to provide numerous growth opportunities for the global industrial sulfuric acid market by 2031.
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Sulfuric acid serves as a crucial raw material or processing ingredient in various chemical applications, including the production of common chemicals like sulfate salts, hydrochloric acid, and synthetic detergents.
Elemental Sulfur Sub-segment to Maintain its Leadership Status Throughout the Forecast Period
Based on raw materials, the elemental sulfur sub-segment held the highest share in 2021 and is estimated to maintain its leadership status throughout the forecast period in the global industrial sulfuric acid market. There are numerous industrial uses for elemental sulphur, a chemically inert and water-insoluble substance. This substance is employed in a variety of processes, including the vulcanization of rubber, the production of black gunpowder, and many others. The agricultural sector makes extensive use of elemental sulphur. Hence, the global agricultural industry growth is anticipated to spur market expansion over the course of the forecast period.
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Contact Process Sub-segment to Maintain its Lead Position During the Forecast Period
Based on manufacturing process, the contact process sub-segment accounted for the largest share in 2021. Sulfuric acid is produced using the contact process. This module examines the effects of ratios, temperature, pressure, and catalyst on the composition of the equilibrium mixture, the rate of the reaction, and the economics of the process to explain why the conditions used in the process are what they are. Sulphur dioxide must be changed into sulphur trioxide, which is the process's key reversible reaction. Sulphur trioxide can be transformed into concentrated sulfuric acid.
Asia-Pacific Region to Maintain its Dominance by 2031
Based on region, Asia-Pacific industrial sulfuric acid market held the highest market share in 2021 and is likely to dominate the market during the forecast period. The region's growing agriculture industry is to blame for the high Sulfuric acid demand. The agriculture industry in the area makes extensive use of Sulfuric acid. On root crops, field crops, nuts, tree fruits, and many other agricultural products, it is used as an active ingredient in pesticide, insecticide, and fertiliser products. With increased food production and processing in the area, the agriculture sector is expanding, and during the forecast period, this is anticipated to further increase sulfuric acid demand.
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