China Remains at Forefront of Sulfuric Acid Market
The upswing in the chemicals market in China has been the primary growth driver for the sulfuric acid market. As other countries continue investing in this market, China will steer the overall sulfuric acid market towards a remarkable growth. Currently, the country is producing 45,000 chemicals and is positioned to lead the global market all the way through to 2023. According to the research report, the opportunity in the global sulfuric acid market will be worth US$85.4 bn by the end of 2023 as against US$67.9 bn in 2014, rising at a 2.6% CAGR between 2015 and 2023.
Sulfuric acid will continue to be in demand, especially in the developing countries as they majorly depend on agriculture that requires phosphate fertilizers. These fertilizers are biggest users of sulfuric acid as they accounted for about 50% of the sulfuric acid consumption in the world in 2014. The demand for phosphate fertilizers is anticipated to grow in the coming years as countries try to increase their yield of cotton, wheat, rice, and soya bean to cater to the demands of the ever-increasing population. Government policies will also support this demand in countries such as South Africa, India, and China.
Chemical Synthesis to Take Over the Baton from Fertilizers Segment
Needless to say, the fertilizer segment is the biggest application segment in the overall market. The report indicates that this segment held a whopping share of 60% in the overall market in 2014. However, this segment is expected to be stymied by the chemical synthesis segment in the near future. Usage of sulfuric acid in over 20 chemical processes will boost this application segment over others. Sulfuric acid is used in making chemicals such as for manufacturing nitric acid, sulfate salts, hydrochloric acid, explosives, and drugs amongst others.
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Asia Pacific will Remain Dominant Region
Asia held a 50% share in the global sulfuric acid market in 2014, clearly, a claiming a dominant position for itself. Analysts predict that this region will continue to remain the leading one due to the concentration of chemicals industry in China and other developing countries. Thus, the increasing adoption of sulfuric acid in the processing of chemicals, fertilizers, availability of cheap labor, increasing foreign investment, and flexible regulatory framework are all going to contribute towards the rising share of Asia in the global sulfuric acid market. On the other hand, North America and Europe will witness a plunge in the sulfuric acid consumption as the governments in these region has taken a strict stance towards this carcinogenic substance.
Among the players leading the vendor landscape in the global sulfuric acid market are The Mosaic Company, Eco Services Operations, LLC, The Chemours Company, Chemtrade Logistics Inc., Vale Fertilizantes S/A, Akzo Nobel N.V., PotashCorp, and BASF SE. Due to the slow but steady growth in the market, these players are focusing on developing alternative sulfur recovery technologies that will be less hazardous to the environment in the near future. Furthermore, several companies are also engaging in entering strategic mergers and acquisitions in order to gain technological advantage and an impressive market presence.
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