Global Sulfuric Acid Market Is Estimated To Witness High Growth...

Global Sulfuric Acid Market Is Estimated To Witness High Growth Owing To Increasing Demand from Pharmaceuticals & Fertilizers Industries

Posted 2023-09-18 12:04:46

The Sulfuric Acid Market is estimated to be valued at US$ 23.45 Bn in 2021 and is expected to exhibit a CAGR of 4.67% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Sulfuric acid, also known as oil of vitriol, is a highly corrosive and strong mineral acid with various industrial applications. It is widely used in the production of fertilizers, detergents, pigments, and chemicals, among others. The pharmaceutical industry also utilizes sulfuric acid as an important ingredient in the production of drugs and medicines. The increasing demand for sulfuric acid from the pharmaceuticals and fertilizers industries is expected to drive market growth during the forecast period.

Market Dynamics:
The growth of the sulfuric acid market can be attributed to two main drivers. Firstly, the increasing demand for fertilizers due to the growing population and need for higher agricultural productivity is boosting the market growth. Sulfuric acid is a key component in the manufacturing of phosphate fertilizers, which are extensively used in the agricultural sector. Secondly, the expanding pharmaceutical industry, coupled with the rising awareness regarding healthcare, is propelling the demand for sulfuric acid. It is used in the production of drugs, medicines, and various pharmaceutical products. Additionally, the rising infrastructure development and construction activities in emerging economies are further fueling the demand for sulfuric acid in cement production and other applications.

SWOT Analysis:

Strength: The sulfuric acid market is expected to witness high growth due to increasing demand from various industries such as fertilizers, chemical manufacturing, and metal processing. Sulfuric acid is widely used in these industries for its strong acidic properties and versatile applications. Additionally, the market is supported by the presence of key players that offer a wide range of sulfuric acid products.

Weakness: One weakness in the sulfuric acid market is the environmental concerns associated with its production and use. Sulfuric acid is known to release harmful gases and pollutants during its manufacturing process, causing air and water pollution. Another weakness is the volatility of sulfuric acid prices, which can be affected by factors such as raw material costs and supply-demand dynamics.

Opportunity: Two opportunities in the sulfuric acid market include increasing adoption of clean technology for sulfuric acid production and the expansion of production capacities in emerging economies. Clean technology solutions can help minimize the environmental impact of sulfuric acid production by reducing emissions and improving energy efficiency. In addition, emerging economies such as India and China are witnessing a rise in industrial activities, creating a favorable environment for market growth.

Threats: Two threats in the sulfuric acid market include the availability of substitutes and fluctuations in raw material prices. Substitutes such as hydrochloric acid and phosphoric acid can be used in certain applications, posing a threat to the market. Moreover, fluctuations in raw material prices, particularly sulfur, can impact the profitability and cost competitiveness of sulfuric acid manufacturers.

Key Takeaways:

The global Sulfuric Acid Market Growth is expected to witness high growth, exhibiting a CAGR of 4.67% over the forecast period (2022-2030), due to increasing demand from industries such as fertilizers, chemical manufacturing, and metal processing. The Asia-Pacific region is projected to be the fastest-growing and dominating region in the market, driven by the rising industrial activities in countries like India and China. Key players operating in the sulfuric acid market include 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.