The Global Industrial Sulfuric Acid Market Size is predicted to be valued at $9,576.5 million by 2031 surging from $4,662.0 million in 2021, at a noteworthy CAGR of 7.7%.
Impact Analysis of COVID-19 on the Industrial Sulfuric Acid Market
The COVID-19 pandemic's effects on the industrial sulfuric acid market have been conflicting. On one hand, the pandemic has disrupted global supply chains and decreased demand for a variety of goods and services, which has decreased industrial activity and slowed economic development. On the other hand, because of alterations in consumer behaviors and governmental response to the pandemic, several industries that employ sulfuric acid have witnessed an upsurge in demand. Some of the major issues that emerged in the market as a result of the pandemic include disruptions in the supply chain and factory closures. Market participants changed their strategies to cope with the pandemic's severity. The impact of the pandemic caused changes to several companies’ standard operating procedures, according to Lundberg LLC's COVID-19 response report. Businesses adopted measures to maintain business continuity, including effective supply chain communication. Towards the end of 2020, the market showed a respectable increase, with growth being seen across a number of end-use industries. Future market growth is anticipated to be substantial due to the expansion of end-use industries like paper and agriculture.
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Global Industrial Sulfuric Acid Market Analysis
Industrial sulfuric acid is used in a wide range of applications, ranging from paper production to black gunpowder formulation and chemical refining. Agricultural applications make the maximum use of elemental sulfur owing to its vast array of functionalities. Sulfuric acid finds its extensive use in the agriculture sector where it is utilized in the production of insecticides, fertilizers, and pesticide products. These products are later incorporated for the cultivation of several agricultural goods such as nuts, root crops, field crops, tree fruits, etc. The agriculture sector is showing a robust growth rate with increasing production and investments and this is expected to drive the market’s growth during the forecast period.
Sulfuric acid is produced from sulfur dioxide, which is emitted when coal, oil, and gas are burnt. The emitted sulfur dioxide slowly converts to sulfur trioxide, which combines with water vapor in the air to generate sulfuric acid. Sulfuric acid may float in the air for variable amounts of time. Acid rain is caused by sulfuric acid in the rain. Acid rain is extremely hazardous to both the environment and human health. It may be exceedingly destructive to forests and wildlife. It penetrates into the ground and dissolves elements like as magnesium and calcium, which are necessary for the growth and development of trees and natural flora. These issues are limiting the expansion of the industrial sulfuric acid market.
The global industrial sulfuric acid market is expected to witness excellent opportunities during the forecasted period. Factors like increasing demand for industrial sulfuric acid application such as paper & pulp, petroleum refinery, metal processing, chemical manufacturing, and automotive industries for use as a catalyst, dehydrating agent, and a reactant are expected to boost the industry over the forecasted period. Furthermore, the increasing requirement for sustainable H2SO4 products to manufacture phosphate fertilizer, detergents & soaps, dyes, inorganic chemicals, and gasoline is expected to trigger industry growth over the forecast period. Sulfuric acid is being used increasingly frequently in car batteries as a result of the rising demand for electric vehicles, which will lead to the development of a new uses in the automotive sector.
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Global Industrial Sulfuric Acid Market, Segmentation
The global industrial sulfuric acid market is segmented based on raw materials, manufacturing process, and region.
Raw Materials:
The raw materials segment is further classified into elemental sulfur, base metal smelters, and pyrite ores. Among these, the elemental sulfur sub-segment accounted for a dominant market share in 2021. Elemental sulfur sources are extremely acidic. This can benefit crops in alkaline soil, but it can harm them in acidic soil. Sulphate sources can react either acidifying or neutrally. It is well known that elemental sulfur can be used to reduce soil pH and reclaim sodic soils. However, due to the limited production and availability of other sulfur-containing fertilizer materials, its function as an elemental sulfur fertilizer source has greatly increased its use in agriculture.
Manufacturing Process:
The manufacturing process segment is further classified into contact process, lead, chamber process, wet sulfuric acid process, and others. Among these, the contact process sub-segment accounted for a dominant market share in 2021. The contact process is a widely used industrial process for the production of sulfuric acid, and there are several trends shaping its use and development. The contact process is a sophisticated chemical procedure that needs careful management and oversight. The contact process dominates the worldwide sulfuric acid market. To begin with, it is a very versatile process that can be adjusted to varied raw materials and operating conditions. Contact process it is a very efficient process with little environmental impact. The contact procedure is well-established and has been used professionally for more than a century. Moreover, there is a trend towards creating novel catalysts with increased activity and selectivity, which can enhance process efficiency while lowering environmental impact.
Region:
The industrial sulfuric acid market in the Asia-Pacific region is projected to show the fastest growth. China's market is expected to expand as a result of rising demand from the industrial and phosphoric acid sectors brought on by increased agricultural cultivation and improved crop yields. Regional market expansion is anticipated to be fueled by China's growing exports to India and the Philippines. Over the upcoming time frame, the market is anticipated to rise as a result of the expanding supply of H2SO4 items coming from Saudi Arabia and Morocco. The market is expected to be driven by an expansion in the number of acid plants to satisfy rising consumer demand as well as an increase in the Middle Eastern supply of sulfur-burned acids.
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Key Players in the Global Industrial Sulfuric Acid Market
Some of the leading industrial sulfuric acid market players are
- The Mosaic Company
- BASF SE
- OCP Group
- Nouryon, DuPont
- AkzoNobel N.V
- Agrium Inc.
- PVS Chemical Solution
- Khaitan Chemicals & Fertilizers Ltd
- INEOS
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