Vancouver, Aug. 16, 2023 (GLOBE NEWSWIRE) -- In 2022, the worldwide sulfuric acid market reached a value of USD 13.52 Billion, and it is projected to maintain a consistent growth trajectory with a revenue CAGR of 11.9% throughout the forecast period, as per the most recent study by Emergen Research. The primary driver of this market's revenue expansion is the increasing demand for sulfuric acid within the fertilizer and downstream chemicals sectors. Sulfuric acid, a potent mineral acid composed of sulfur, oxygen, and hydrogen, finds widespread application in numerous industries for the production of other chemicals, explosives, and adhesive materials used in metal treatment and petroleum refining.
Furthermore, the augmented utilization of sulfuric acid within the agricultural sector for the processing of phosphate fertilizers stands as a prominent catalyst propelling the market's revenue expansion. Sulfuric acid, a pivotal chemical in the industrial landscape, finds application in the synthesis of diverse raw materials tailored to various industrial contexts. In the realm of the pulp and paper industry, this acid assumes a vital role in chlorine dioxide generation and pH modulation.
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The global agricultural community extensively employs fertilizers encompassing nitrogen, phosphorus, and potassium to enhance the quality and yield of their horticultural produce. Notably, the incorporation of nitrogen and phosphorus into the soil, essential for robust plant growth, is efficiently facilitated by fertilizers such as Monoammonium Phosphate (MAP) and Diammonium Phosphate (DAP). These fertilizer types rely on sulfuric acid during their production, where the acid is amalgamated with phosphate rock to yield phosphate-based formulations. As highlighted by the International Fertilizer Association (IFA), the global fertilizer consumption during 2020-21 stood at an estimated 198.2 Million Metric Tons (mmt), depicting a substantial rise of nearly 10 mmt or 5.2% compared to the previous year, marking the most substantial surge since 2010-11. This trend underscores the escalating demand for sulfuric acid, owing to the escalating adoption of fertilizers in recent years.
Nevertheless, the swift escalation in the global crude oil prices has consequently elevated the expenses associated with procuring upstream raw materials essential for sulfuric acid production, thereby presenting a significant obstacle that could potentially impede the trajectory of market revenue growth. Compounding this challenge, the ongoing conflict between Russia and Ukraine exerts a substantial influence on the pricing dynamics within the sulfuric acid market.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 13.52 Billion |
| CAGR (2023–2032) | 11.9% |
| Revenue Forecast to 2032 | USD 41.11 Billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | BASF SE, DuPont, Akzo Nobel N.V., PVS Chemical Solution, Aurubis AG, Nutrien Ltd., Olin Corporation, Westlake Corporation, Chemtrade Logistics, and OCP Group |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global sulfuric acid market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective sulfuric acid. Some of the major companies included in the global sulfuric acid market report are:
- BASF SE
- DuPont
- Akzo Nobel N.V.
- PVS Chemical Solution
- Aurubis AG
- Nutrien Ltd.
- Olin Corporation
- Westlake Corporation
- Chemtrade Logistics
- OCP group
Strategic Development
- On 27 October 2021, PVS Chemicals recently announced that it had effectively started up a new MECS converter and steaming equipment licensed by DuPont Clean Technologies at the company's sulfuric acid plant in Gent, Belgium. This new converter has a four-pass system, increasing plant's capacity to around 100 kilotons of sulfuric acid per year and replacing two parallel converter trains.
- On 28 July 2021, I BASF, Zhejiang Jiahua Energy Chemical Industry Co., Ltd, and its wholly owned subsidiary Zhejiang Jiafu New Material Technology Co., Ltd inked a contract. The company will be able to better serve China's quickly developing semiconductor industry owing to this investment, which will increase more than twice its current capacity for sulfuric acid manufacturing. The site expansion should be complete by 2023.
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Some Key Highlights from the Report
- The pyrite ore segment is expected to register steadily fast revenue growth rate in the global sulfuric acid market over the forecast period. This projection is underpinned by a robust demand for pyrite ore, substantiating its pivotal role as a fundamental material in the chemical sector's sulfuric acid production processes. The genesis of sulfuric acid stems from the combustion of pyrite ores, a method closely intertwined with its production; however, elemental sulfur combustion remains the primary source of sulfuric acid synthesis. It is noteworthy that the roasting technique serves as a viable alternative for sulfuric acid generation, particularly when pyrite concentrate is accessible for utilization.
- The chemical manufacturing segment is expected to register considerably fast revenue growth rate in the global sulfuric acid market over the forecast period. Sulfuric acid stands as the cornerstone of the chemical industry, holding paramount significance. This profoundly essential chemical compound plays a pivotal role in the synthesis of an array of chemicals, including but not limited to nitric acid, hydrochloric acid, phosphoric acid, and a diverse spectrum of industrial chemical compounds.
- The Asia Pacific accounted for largest revenue share in the global sulfuric acid market in 2022. This trend can be attributed to the escalating utilization of sulfuric acid for fertilizer production, particularly pronounced in countries such as China, Japan, and India. A notable instance occurred in July 2021 when the Indian Farmers Fertiliser Cooperative (IFFCO), a prominent figure in India's fertilizer manufacturing landscape, unveiled plans to augment its sulfuric acid production capabilities. This expansion entails the establishment of a third facility, poised to accommodate a daily production capacity of 2,000 Metric Tonnes (MT).
- Some major companies in the global market report include BASF SE, DuPont, Akzo Nobel N.V., PVS Chemical Solution, Aurubis AG, Nutrien Ltd., Olin Corporation, Westlake Corporation, Chemtrade Logistics, and OCP Group.
- On 07 September 2021, Ioneer, was awarded DuPont Clean Technologies a contract for sulfuric acid plant at its Rhyolite Ridge lithium-boron project in Nevada. Pursuant to this agreement, DuPont assumes the responsibility of furnishing its exclusive equipment, which will subsequently undergo licensing, engineering, and provisioning for the designated plant. In collaboration with esteemed engineering partner SNC-Lavalin, DuPont will orchestrate the intricate design of the facility. Leveraging its cutting-edge MECS sulfuric acid production technology, the envisioned plant is envisaged to boast a robust capacity of 3,500 metric tonnes per day (t/d). Moreover, meticulous attention will be directed towards emissions management, with controls meticulously integrated to maintain emissions at levels that rank among the most environmentally conscientious globally for facilities of this nature.
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Emergen Research has segmented the global sulfuric acid market on the basis of type, application, and region:
- Type (Revenue, USD Billion; 2019-2032)
-
- Base Metal Smelters
- Elemental Sulfur
- Pyrite Ore
- Others
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- Fertilizers
- Metal Processing
- Chemical Manufacturing
- Textile Industry
- Automotive
- Paper & Pulp
- Petroleum Refining
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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