Sulfuric Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2023
The
global market for sulfuric acid is characterized by a highly fragmented
competitive landscape, finds Transparency Market Research (TMR). As
small and medium-sized firms account for a major portion of the market
revenue, the degree of rivalry between established market players and
them can intensify over the next few years.
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Mergers,
collaborations, and acquisitions are some of the prominent business
tactics used by several companies. For instance, Chemrade Logistics Inc.
purchased Hydor-Tech Ltd. (HTL)’s operating assets. HTL is a leading
producer of inorganic coagulants such as polyaluminum chloride (PACl),
which is extensively used in municipal and industrial water treatment
plants. Some of the leading manufacturers of sulfuric acid are Vale
Fertilizantes S/A, The Chemours Company, and The Mosaic Company.
According
to the findings of TMR, the global market for sulfuric acid will be
worth US$85.4 bn by 2023, expanding at a satisfactory CAGR of 2.6%. By
end user, the fertilizers segment might surface at the fore, securing a
share of 65% in the global market by the end of 2023. Asia Pacific held
the largest share in the global market for sulfuric acid in 2014 and is
expected to keep expanding at a favorable CAGR, attaining a whopping
48.6% by 2023.
Extensive Industrialization to Fortify Demand for Sulfuric Acid in APAC
Analysts
expect Asia Pacific to retain its dominant position over the forecast
period. The rapid growth in industrialization, massive population base,
and the presence of leading market players in countries such as China
and India are boosting the growth of this region.
The
growth of the fertilizers segment can be attributed to the increasing
deployment of sulfuric acid in wastewater treatment, chemical synthesis,
and pharmaceuticals. As the manufacturing of fertilizers such as
ammonium phosphate, ammonium sulfate, and superphosphates requires
sulfuric acid, this segment might continue to grow, albeit at a gradual
pace.
Demand for Fertilizers in Emerging Markets to Accrue Balanced Growth
The
shift in the regional market dynamics from the prominence of developed
economies such as Europe and North America to the dominance of emerging
markets of Asia Pacific can be attributed to the greater exploitation of
raw materials, growing environmental awareness, and technological
advancement in the region. As the Chinese market flourishes, the global
market for sulfuric acid is likely to receive a substantial impetus.
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Increasing
government encouragement for further advancement of industrialization,
growing GDPs, unrestrictive environmental regulations on particulate
emissions and VOC, increasing disposable incomes of the middle class,
easy availability of manual labor, and expanding consumer base due to
increasing population have been driving the global market for sulfuric
acid. The cultivation of crops such as wheat, soya bean, rice, and
cotton in China, India, and South Africa will necessitate a greater
supply of fertilizers, further bolstering growth.
On
the flip side, the fluctuating costs of raw materials such as natural
gas, crude oil, and sulfur might prove to be the key obstacles in the
growth of the market. Moreover, stringent regulations pertaining to the
production and consumption of sulfuric acid in developed regions might
also hinder growth. However, the development of alternative methods for
obtaining sulfur can ensure that these restraints have minimal impact on
the advancement of the market.
The
information presented in this review is based on a Transparency Market
Research report, titled, “Sulfuric Acid Market (Application –
Fertilizers, Chemical synthesis, Wastewater Treatment, Metal &
Mining, Paper and Pulp, and Pharmaceutical)) - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2015 - 2023”
Key segments of the Global Sulfuric Acid Market
Sulfuric Acid Market, by Application
-Fertilizers
-Chemical synthesis
-Wastewater treatment
-Metal & mining
-Others (Including paper & pulp, pharmaceutical, etc.)
Sulfuric Acid Market, by Regional
-North America
-U.S.
-Rest of North America
-Europe
-Germany
-France
-U.K.
-Italy
-Spain
-Rest of Europe
-Asia Pacific
-China
-Japan
-ASEAN
-Rest of Asia Pacific
-Latin America
-Brazil
-Rest of Latin America
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