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Global Sulfuric Acid Market Is Expected To Reach Around USD 12.71 Billion By 2024

iCrowdNewswire   Oct 6, 202010:46 AM ET

Zion Market Research has published a new report titled “Sulfuric Acid Market by Raw Material (Elemental Sulfur, Base Metal Smelters, Pyrite Ore, and Others) and by Application (Fertilizers, Chemical Manufacturing, Metal Processing, Petroleum Refining, Automotive, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global sulfuric acid market was valued at approximately USD 11.40 billion in 2017 and is expected to generate around USD 12.71 billion by 2024, at a CAGR of around 2.9% between 2018 and 2024.

Sulfuric acid exhibits different properties for different materials depending on the level of concentration. It is mostly used in the production of chemicals to make sulfate pigments, salts, dyes, sulfate salts, and nitric acid. The rising demand for sulfuric acid for manufacturing chemicals and fertilizers and metal processing is likely to fuel the market for sulfuric acid in the future. Sulfuric acid is used as a dehydrating agent, catalyst, and reactant by the automotive industry is anticipated to further drive this market’s growth in the forecast time period. The growing concerns of high crop yield and excellent food quality from agricultural sector are projected to propel the fertilizer market, which, in turn, is anticipated to boost the sulfuric acid market in the upcoming years. In addition, the increasing use of sulfuric acid in automotive batteries is further expected to boost the sulfuric acid market in the years ahead. However, stringent environmental regulations due to the toxic effects of sulfuric acid and adverse effects on human health might hamper the sulfuric acid market globally in the forecast time period.

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Global Sulfuric Acid Market

By raw material, the sulfuric acid market is segmented into elemental sulfur, pyrite ore, base metal smelters, and others. Elemental sulfur is likely to hold the largest market share in the upcoming years, owing to high product demand due to its effective and substantial usage in the production of sulfuric acid.

By application, this market is categorized into fertilizers, metal processing, chemical manufacturing, automotive, petroleum refining, and others. Fertilizers held the major market share in 2017 in terms of revenue and are anticipated to continue their dominance in the upcoming years as well. The rise in the population and the increase in the demand for improved quality of food are major factors likely to propel fertilizers over the forecast time period. It is majorly used in the production of phosphate fertilizers that are extensively used in modern-day agricultural practices.

By region, this global market is classified into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region is anticipated to hold the largest sulfuric acid market share, owing to the rising demand for sulfuric acid products.

Some of the major players operating in the sulfuric acid market are AkzoNobel N.V., BASF SE, Praxair, Inc., Bechtel Corporation, Chemtrade Logistics, PVS Chemical Solution, Nalco Ecolabs, Vale Fertilizantes S.A., Solvay S.A., Abu Dhabi Gas Development Company Limited, DuPont, and Agrium Inc., among others.

This report segments the global sulfuric acid market into:

Global Sulfuric Acid Market: Raw Material Analysis

Global Sulfuric Acid Market: Application Analysis

Global Sulfuric Acid Market: Regional Analysis

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Keywords:    Sulfuric Acid Market

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