Canada's sulfuric acid market is set for 4.2% growth, driven by abundant resources, strong mining infrastructure, and favorable government policies. Its large sulfur reserves from oil sands and natural gas are easily transported. The country's location and free trade agreements with the U.S. and Mexico enhance export opportunities.
NEWARK, DE / ACCESSWIRE / November 21, 2024 / The global sulfuric acid market, valued at USD 15,800.2 million in 2024, is expected to experience significant growth, reaching USD 24,021.7 million by 2034. This growth is driven by strong demand across multiple sectors, including agriculture, automotive, and consumer goods, with an estimated compound annual growth rate (CAGR) of 4.3% from 2024 to 2034.
Sulfuric Acid: A Vital Component in Key Industries
Sulfuric acid plays an indispensable role in modern industrial processes, impacting everyday life more than many realize. It is a crucial component in fertilizers, directly supporting global food production, particularly in the agricultural sector. Additionally, sulfuric acid is essential for manufacturing of electric vehicles batteries (EVs), a sector experiencing rapid growth as the world moves towards greener energy solutions.
The chemical industry, in particular, relies heavily on sulfuric acid for a range of applications, including the production of cleaning agents, detergents, and styrene. Its versatility and importance extend to the mining industry, where it is used extensively in the extraction of copper and uranium, as well as in wastewater treatment processes essential for combating growing water scarcity challenges.
Key Drivers of Market Growth
Agricultural Demand: The increasing global population and the rising need for food production drive the demand for fertilizers, a key application of sulfuric acid.
Electrification of Transportation: The growing production of electric vehicles has fueled the demand for sulfuric acid, used in manufacturing lead-acid batteries and other components of EV technology.
Industrial Expansion: Rapid industrialization in regions such as Asia-Pacific, especially in countries like China and India, is further driving sulfuric acid demand for a variety of manufacturing and infrastructure applications.
Environmental Regulations: Stricter emissions standards and environmental controls are also spurring demand for sulfuric acid in processes like scrubbing and waste treatment.
Regional Insights into the Sulfuric Acid Market
Countries | CAGR 2024 to 2034 |
Canada | 4.2% |
India | 3.2% |
China | 3.7% |
The United States | 3.5% |
Key Takeaways from the Sulfuric Acid Market
The global sulfuric acid market is projected to grow from USD 15,800.2 million in 2024 to USD 24,021.7 million by 2034, at a 4.3% CAGR.
Sulfuric acid is a critical component in fertilizer production, supporting global food production and agricultural needs.
The rise of electric vehicle production is driving increased demand for sulfuric acid in lead-acid batteries and other EV technologies.
Asia-Pacific, led by China and India, is the fastest-growing region due to industrialization and agricultural demand.
The market faces challenges, including fluctuating raw material prices and the reliance on sulfur feedstock, but innovation and sustainability efforts are mitigating these risks.
The shift toward greener production methods is shaping the industry, with major players adopting eco-friendly technologies to reduce carbon emissions.
North America and Europe continue to dominate the high-purity sulfuric acid segment, while the Middle East experiences growth due to increased oil refining demand.
"The sulfuric acid market is set for steady growth, driven by its essential role in sectors like agriculture, electric vehicles, and manufacturing. Sustainability initiatives are reshaping production practices, with a focus on greener technologies." - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Prominent Drivers of the Sulfuric Acid Market
Stricter Environmental Regulations: Increased use of sulfuric acid in pollution control systems.
Water Treatment Needs: Growing water scarcity leads to higher demand for sulfuric acid in wastewater treatment.
Production Efficiency Improvements: New technologies reduce production costs and increase supply.
Petrochemical Industry Growth: Sulfuric acid is used in refining and chemical production.
Specialty Chemicals Demand: Higher demand for high-purity sulfuric acid in electronics and pharmaceuticals.
Government Fertilizer Support: Subsidies and tax benefits for fertilizer production increase sulfuric acid use.
Urbanization: Infrastructure development boosts demand for sulfuric acid in construction.
Sustainable Manufacturing Practices: Adoption of greener sulfuric acid production methods increases market appeal.
Automotive Sector Growth: More sulfuric acid needed for automotive battery production.
Chemical Manufacturing: Growing need for sulfuric acid in chemical industries like detergents and dyes.
Challenges Faced by the Sulfuric Acid Market
Environmental Regulations
Stricter environmental laws increase production costs and require investments in cleaner technologies.Volatility in Raw Material Prices
Fluctuations in the price of sulfur, the primary feedstock for sulfuric acid, can impact profitability.Supply Chain Disruptions
Global supply chain issues, like transportation delays or raw material shortages, can disrupt production and delivery.Safety and Handling Risks
Sulfuric acid is a highly corrosive and hazardous substance, posing safety and handling challenges for manufacturers and users.Economic Downturns
During periods of economic slowdown, industrial activity may decrease, reducing the demand for sulfuric acid.Market Competition
Intense competition, particularly in low-cost sulfuric acid markets, can put pressure on pricing and profit margins.Technological Barriers
While green production methods are in demand, transitioning to these technologies can be capital-intensive and technically challenging.Geopolitical Instability
Political instability in key sulfuric acid-producing regions can disrupt supply chains and affect market stability.Raw Material Dependency
Sulfuric acid production depends heavily on sulfur, making the market vulnerable to supply disruptions and price changes in sulfur production.Waste Management Concerns
Sulfuric acid production and use generate hazardous waste, and managing this waste responsibly is a costly and regulatory burden for manufacturers.
Competitive Landscape of the Sulfuric Acid Market
The competitive landscape of the sulfuric acid market is dynamic and continually changing. Leading companies such as BASF, Linde, and Sumitomo Chemical dominate the market, utilizing advanced technologies and large-scale production capabilities. Intense price competition is fueled by fluctuations in supply and demand.
Recent Developments in the Market
In September 2024, NES Materials began supplying high-purity sulfuric acid to Samsung. This acid is essential for cleaning processes during chip production. NES Materials, a joint venture of Namhae Chemical, ENF, and Samsung C&T, was established in 2021 and operates a factory with a capacity of 54,000 metric tonnes annually.
In April 2024, Coromandel International broke ground on a ₹1,000 crore phosphoric and sulfuric acid plant in Kakinada, Andhra Pradesh. The facility, designed to produce 650 tonnes per day of phosphoric acid using advanced DA-HF technology, aims to enhance self-sufficiency in fertilizer manufacturing.
On May 14, 2024, EuroChem launched Phase III of its Kazakhstan project, partnering with CNCEC for a chemical complex in Janatas. The USD 1 billion investment follows the phosphate mining and sulfuric acid facilities, aiming for over 1 million tonnes of eco-friendly fertilizers annually, enhancing regional production capabilities.
Leading Companies in the Sulfuric Acid Market
BASF SE
Sumitomo Chemical Co., Ltd.
Linde Group
Ma'aden - Saudi Arabian Mining Company
Aurubis
Merck KGaA
Boliden Group
LANXESS AG
Avantor Inc
Grasim Industries Ltd.
Akzo Nobel N.V
Hubei Xingfa Chemicals Group Co., Ltd.
WeylChem International GmbH
UBE INDUSTRIES, LTD
Young Poong Co., Ltd
Tronox Holdings PLC
Chemtrade Logistics
Furukawa Co., Ltd.
Bodal Chemicals Ltd.
Aarti Industries Ltd
IDOM
Access the Full Report Sulfuric Acid Market Trends and Projections Now!https://www.futuremarketinsights.com/reports/sulfuric-acid-market
Key Segments of Market Report
By Purity Type:
The market segmentation by purity type includes two categories: standard and ultra-pure.
By Raw Material:
In terms of raw materials, the key components are elemental sulfur, base metal smelters, pyrite ores, and others.
By Application:
Applications of the products span various industries, starting with fertilizers and petroleum refining. They are also used in metal production and processing, including steel pickling and copper production. These products serve purposes in metal surface cleaning and a variety of other applications.
In the semiconductor and electronics sectors, they are utilized as battery electrolytes and in integrated circuit components fabrication. Other applications include photovoltaic cells, wastewater treatment, chemicals production, and textile processing
By Region:
Information about the leading countries of North America, Latin America, Western Europe, South Asia, and Pacific, East Asia, and the Middle East and Africa is given.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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