The global sulfuric acid market size is expected to reach USD 17.94 billion by 2030 and is anticipated to grow at a CAGR of 3.7% from 2023 to 2030,. The industry growth is majorly driven by the increasing global demand for the application of H2SO4 in end-use industries, such as textile, chemical, agriculture, petroleum refining, and automotive. The increasing developments in agricultural biotechnology to produce food crops, as well as feed crops for livestock & poultry, are expected to boost the demand for nutrient-rich crop yield. The nutrient-rich crops contain iron, vitamins, and other related protein that are useful for the human body in keeping it healthy and disease-free. Through the addition of appropriate mineral or inorganic compounds to fertilizers, the biofortification of crops is improved.
The micronutrients in soil play a vital role in producing nutrient-rich food crops. The growing product usage for enhanced food crop yield is projected to drive market growth. Moreover, the increasing product application scope in the automotive industry will drive its demand over the forecast period. As per the International Organization of Motor Vehicle Manufacturers (OICA), the global production of cars was 55.83 million in 2020, which further grew to 57.05 million in 2021 and 61.6 million in 2022. The production of automobiles is rising owing to the increasing population and growing disposable incomes. This has increased the purchasing power of consumers, thereby boosting luxury car sales in rapidly growing countries like India, China, and Japan along with some European countries. Thus, the rising product demand from the automobile industry is expected to contribute to market growth over the forecast period.
The micronutrients in soil play a vital role in producing nutrient-rich food crops. The growing product usage for enhanced food crop yield is projected to drive market growth. Moreover, the increasing product application scope in the automotive industry will drive its demand over the forecast period. As per the International Organization of Motor Vehicle Manufacturers (OICA), the global production of cars was 55.83 million in 2020, which further grew to 57.05 million in 2021 and 61.6 million in 2022. The production of automobiles is rising owing to the increasing population and growing disposable incomes. This has increased the purchasing power of consumers, thereby boosting luxury car sales in rapidly growing countries like India, China, and Japan along with some European countries. Thus, the rising product demand from the automobile industry is expected to contribute to market growth over the forecast period.
Sulfuric Acid Market Report Highlights
- The global market is estimated to advance with a CAGR of 3.7% from 2023 to 2030 due to the high demand for the production of nutrient-rich food crops resulting in increased usage of H2SO4-infused fertilizers necessary for providing required nutrients to the crops
- Base metal smelters will emerge as the fastest-growing raw material segment with a CAGR of 4.9% from 2023 to 2030. Adoption of strict processes by the companies for treating emitted SO2 while producing H2SO4 is expected to influence the market growth negatively
- However, the rising recovery of sulfuric acid as a by-product of smelters will enhance the trade of H2SO4, which is projected to influence the market over the forecast period positively
- The metal processing application segment is estimated to register the fastest CAGR of 4.9% from 2023 to 2030. In the metal processing industry, it is primarily used to remove rust and other contaminants from metal surfaces, including iron, steel, copper, and aluminum. This cleaning process is known as picklin
- Middle East & Africa emerged as the second-largest region, in terms of revenue, in 2022 and is anticipated to have a CAGR of 3.4% from 2023 to 2030. The growing supply of H2SO4 products from Saudi Arabia and Morocco due to the presence of a large number of acid manufacturing facilities is expected to spur market growth over the forecast period
- The market is highly fragmented with numerous small and large participants, both international and regional, offering a wide range of products and services. These players are involved in M&A and expansions to establish their position in the market
- For instance, in December 2022, Chemtrade Logistics from Cairo, Ohio announced the expansion of its UltraPure Sulphuric Acid production unit for USD 50 million
Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Sulfuric Acid: Market Variables, Trends & Scope
Chapter 4 Sulfuric Acid Market: Raw Material Estimates & Trend Analysis
Chapter 5 Sulfuric Acid Market: Application Estimates & Trend Analysis
Chapter 6 Sulfuric Acid Market: Regional Estimates & Trend Analysis
Chapter 7 Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- The Mosaic Company
- AkzoNobel N.V.
- BASF SE
- PVS Chemical Solution
- Solvay
- Agrium Inc.
- INEOS
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 130 |
| Published | August 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 13.39 Billion |
| Forecasted Market Value ( USD | $ 17.94 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
