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Industrial Sulfuric Acid Market Size Worth $9.6 Billion by 2031 | CAGR: 7.7%: AMR
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Prime Determinants of Growth
Rising development initiatives, such as expanding businesses' production capacities to increase the production of sulfuric acid products from elemental sulfur, and the rising application of sulfuric acid in the industrial sector are the major factors predicted to boost the growth of the industrial sulfuric acid market during the forecast period. However, the safety concerns related with the use of sulfuric acid may hamper the growth of the industrial sulfuric acid market during the forecast period. On the contrary, the increasing demand for sulfuric acid in industrial applications, 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 provide numerous growth opportunities for the global industrial sulfuric acid market by 2031.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global industrial sulfuric acid market, owing to temporary closure of chemical manufacturing firms during the lockdown.
Due to the halt in production operations in various industries throughout the globe, the demand for sulfuric acid has gone down tremendously. Also, with the continuously dropping requirements of automotive petroleum refining and many other industries, the manufacturers' margins declined, which affected the industrial sulfuric acid market growth.
Elemental Sulfur Sub-segment to Maintain its Leadership Status Throughout the Forecast Period
Based on raw materials, the elemental sulfur sub-segment held the highest share in 2021 and is estimated to maintain its leadership status throughout the forecast period in the global industrial sulfuric acid market. There are numerous industrial uses for elemental sulphur, a chemically inert and water-insoluble substance. This substance is employed in a variety of processes, including the vulcanization of rubber, the production of black gunpowder, and many others. The agricultural sector makes extensive use of elemental sulphur. Hence, the global agricultural industry growth is anticipated to spur market expansion over the course of the forecast period.
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Contact Process Sub-segment to Maintain its Lead Position During the Forecast Period
Based on manufacturing process, the contact process sub-segment accounted for the largest share in 2021. Sulfuric acid is produced using the contact process. This module examines the effects of ratios, temperature, pressure, and catalyst on the composition of the equilibrium mixture, the rate of the reaction, and the economics of the process to explain why the conditions used in the process are what they are. Sulphur dioxide must be changed into sulphur trioxide, which is the process's key reversible reaction. Sulphur trioxide can be transformed into concentrated sulfuric acid.
Asia-Pacific Region to Maintain its Dominance by 2031
Based on region, Asia-Pacific industrial sulfuric acid market held the highest market share in 2021 and is likely to dominate the market during the forecast period. The region's growing agriculture industry is to blame for the high Sulfuric acid demand. The agriculture industry in the area makes extensive use of Sulfuric acid. On root crops, field crops, nuts, tree fruits, and many other agricultural products, it is used as an active ingredient in pesticide, insecticide, and fertiliser products. With increased food production and processing in the area, the agriculture sector is expanding, and during the forecast period, this is anticipated to further increase sulfuric acid demand.
Leading Industrial Sulfuric Acid Market Players: -
The Mosaic Company
BASF SE
OCP Group
Nouryon
DuPont
AkzoNobel N.V.
Agrium Inc.
PVS Chemical Solution
Khaitan Chemicals & Fertilizers Ltd.
INEOS
The report provides a detailed analysis of these key players in the global industrial sulfuric acid market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of industrial sulfuric acid market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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