Sulfuric Acid Global Market Report 2024

The global sulfuric acid market has grown strongly in recent years. It will grow from $14.74 billion in 2023 to $16.12 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth observed during the historical period can be attributed to several factors, including the impact of the industrial revolution, the expansion of fertilizer manufacturing processes, the broader industrialization trends, advancements in infrastructure development, and the increasing production of batteries.

The global sulfuric acid market is expected to see strong growth in the next few years. It will grow to $22.73 billion in 2028 at a compound annual growth rate (CAGR) of 9%. Anticipated growth in the forecast period can be linked to several factors, including a focus on supply chain optimization, the burgeoning growth of emerging markets, shifts within the energy sector, global economic conditions, and the continued expansion of fertilizer production. Key trends expected in the forecast period encompass innovative applications in industrial sectors, advancements in chemical manufacturing practices, improvements in metallurgical processes, a heightened emphasis on wastewater treatment solutions, and an increasing focus on green initiatives within the industry.

The rapid adoption of electric vehicles (EVs) is anticipated to drive the growth of the sulfuric acid market. Sulfuric acid plays a crucial role in the production of lead-acid batteries, which are commonly used in automobiles and electric vehicles. The increasing demand for electric vehicles globally contributes to a rising need for sulfuric acid. For example, in June 2022, the International Council on Clean Transportation reported a significant increase in global EV sales, reaching 6.9 million in 2021, marking a 107% growth from the previous year. The Global EV Outlook 2022 report also indicated that EV sales doubled in 2021, reaching 6.6 million. This surge in electric vehicle adoption is a key driver for the sulfuric acid market.

The growth of the agriculture sector is expected to be another driving factor for the sulfuric acid market. Sulfuric acid is widely used in the agriculture sector for fertilizer production and soil management. Its role in enhancing crop productivity and ensuring food security makes sulfuric acid a crucial component in agriculture. In 2021, the agriculture, food, and related industries contributed approximately $1.264 trillion to the U.S. gross domestic product (GDP), with U.S. farms accounting for $164.7 billion. The agriculture sector's reliance on sulfuric acid underscores its importance for supporting crop growth and overall food production.

A notable trend in the sulfuric acid market is the expansion of production plants with advanced technology. Key players in the market are investing in new sulfuric acid plants that incorporate innovative technologies. For instance, in October 2022, Andritz AG, an Austria-based technology group, introduced the world's first sulfuric acid plant for Klabin's Ortigueira mill in Brazil. This plant, based on Andritz's A-Recovery+ concept, can produce 150 metric tons of commercial-grade (>98%) sulfuric acid daily from concentrated odorous vapors and elemental sulfur. The CircleToZero product line, to which this plant belongs, aims to eliminate waste byproducts, create value-added products, and establish a framework for zero-emissions, zero-waste production. This technological advancement is expected to contribute to the sustainable growth of the sulfuric acid market.

Major companies in the sulfuric acid market are strategically adopting partnerships to reduce reliance on imported sulfuric acid in their downstream chemical operations. This strategic partnership approach involves collaborating with other companies to leverage each other's strengths and resources for mutual benefits. For example, in January 2023, Unigel, a chemical company based in Brazil, entered into a partnership with Elessent Clean Technologies, a U.S.-based provider of process technologies. The focus of this collaboration is to establish a new sulfuric acid plant that would replace the need for imported sulfuric acid in Unigel's downstream chemical processes. The planned facility is set to be located in the coastal state of Bahia. Additionally, Unigel's new facility is designed with sustainability in mind, as it aims to produce utility steam to ensure reliable and environmentally friendly power within their industrial complex.

In an instance, in May 2022, the WeylChem Group of Companies, a Germany-based fine and specialty chemicals platform within the International Chemicals Investors Group, acquired INEOS Sulphur Chemicals Spain S.L.U. from INEOS Enterprises. This strategic acquisition is part of WeylChem's commitment to strengthening its position as a strategic partner in advanced intermediates and reagents, leveraging its manufacturing expertise, technical reliability, and on-time production. INEOS Enterprises, the seller, is a UK-based company operating in sulfuric acid.

Major companies operating in the sulfuric acid market report are Aurubis AG, BASF SE, Boliden AB, Canada Colors and Chemicals Limited, Cornerstone Chemical Company, Hubei Xingfa Chemicals Group Co. Ltd., Kanto Corporation., KMG Chemicals Inc., Linde PLC, Ma’aden - Saudi Arabian Mining Company, Nouryon B.V., PVS Chemicals Inc., Seastar Chemicals Inc., Tata Chemicals Limited, Trident Group, UBE Corporation, Akzo Nobel N.V., Chemstar Products Company, Chemtrade Logistics Income Fund, A Freeport-McMoRan Company, Covestro AG, EuroChem Group AG, Global Energy Commodity Resources, Grillo-Werke AG, Ineos Group Limited, J.M. Huber Corporation, McCain Foods Limited, Mosaic Company, Peabody Energy Corp., Potash Corporation, Praxair Inc., Solvay SA, Southern Copper Corporation

Asia-Pacific was the largest region in the sulfuric acid market in 2023. The regions covered in the sulfuric acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the sulfuric acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary raw materials for producing sulfuric acid include elemental sulfur, pyrite ore, base metal smelters, among others. Elemental sulfur is a crystalline yellow substance insoluble in water and is commonly found as a deposit in volcanic regions, formed by the emission of hydrogen sulfide and subsequent oxidation of the element. Various forms of sulfuric acid exist, including concentrated, tower or Glover acid, chamber or fertilizer acid, battery acid, 66-degree Baume sulfuric acid, and dilute sulfuric acid. These forms vary in purity, with types ranging from standard to ultra-pure sulfuric acid. Sulfuric acid serves diverse end-user industries such as fertilizer production, metal processing, pulp and paper manufacturing, petroleum refining, textile production, automotive manufacturing, chemical production, and others.

This report provides sulfuric acid market statistics, including sulfuric acid industry global market size, regional shares, competitors with a sulfuric acid market share, detailed sulfuric acid market segments, market trends and opportunities, and any further data you may need to thrive in the sulfuric acid industry. This sulfuric acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The sulfuric acid market consists of sales of sulfur atom, iron sulphide, thiosulphuric acid and hydrogen. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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