As per Future Market Insights, the global sulphuric acid market is anticipated to reach US$ 13.7 Bn in 2021. Sales of sulphuric acid grew year-on-year by 3.1% in 2021.
Growing use of sulphuric acid in the production of nutritional-rich fertilizers is the major factor expected to drive the growth in the market. Demand for sulphuric acid has been consistently growing across diverse end-use industries such as paper & pulp, agriculture, and others.
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Sales of sulphuric acid dampened with the onset of the novel COVID-19 due to the muted demand from petroleum refining, metal manufacturing and other end-use industries. However, resumption of supply-chain activities across diverse end-use verticals will recover the sales of sulphuric acid.
Shrinking agricultural land and lack of nutritional-rich fertilizers is expected to improve the demand for sulphuric acid in the production of fertilizers. Also, initiatives undertaken by government to improve the quality of fuel to power automobiles will increase the demand for sulphuric acid in petroleum refining industry.
Further, surging use of metals in construction, mining, and automotive industries will amplify the growth opportunities for sulphuric acid market in metal extraction industry. Increasing demand for ultra-pure sulphuric acid for the production of pharmaceutical products will spur the sales over the coming years.
As per FMI, the market will register significant increase in the sales of sulphuric acid owing to the increasing adoption within agriculture industry. Sales of sulphuric acid increased by 1.1% during 2016 and 2020 owing to the growing demand across China, India, and South Korea.
“Growing demand for sulphuric acid from metal extraction, automotive, agriculture, and pharmaceutical industries, especially across East & South Asia, is expected to boost the sales. Key players are likely to capitalize on this opportunity to generate revenues” says the FMI analyst.
Key Takeaways from FMI’s Sulphuric Acid Market Survey
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As per the study, with the presence of numerous leading players, the market is expected to be highly competitive. Key manufacturers are adopting market expansion strategies such as collaborations and partnerships to expand their customer base.
Several prominent companies are introducing new product launches to strengthen their product portfolio and generate remunerative revenues during the forecast period.
Some of the key players operating in the sulphuric acid industry market profiled by FMI are:
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More Valuable Insights on Sulphuric acid Market
In its latest report, Future Market Insights offers exhaustive analysis on global sulphuric market for the forecast period of 2021 and 2031. The report delves into compelling insights of the market key growth drivers, trends, and opportunities with detailed segmentation on the basis of:
By Purity Type:
Key Questions Covered in the Report
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