Sulfuric Acid Market - Global Industry Analysis, Size 2023
China Remains at Forefront of Sulfuric Acid Market
The
upswing in the chemicals market in China has been the primary growth
driver for the sulfuric acid market. As other countries continue
investing in this market, China will steer the overall sulfuric acid
market towards a remarkable growth. Currently, the country is producing
45,000 chemicals and is positioned to lead the global market all the way
through to 2023. According to the research report, the opportunity in
the global sulfuric acid market will be worth US$85.4 bn by the end of
2023 as against US$67.9 bn in 2014, rising at a 2.6% CAGR between 2015
and 2023.
This
133 page report gives readers a comprehensive overview of the Sulfuric
Acid Market. Browse through to unlock the hidden opportunities in this
market.
Sulfuric
acid will continue to be in demand, especially in the developing
countries as they majorly depend on agriculture that requires phosphate
fertilizers. These fertilizers are biggest users of sulfuric acid as
they accounted for about 50% of the sulfuric acid consumption in the
world in 2014. The demand for phosphate fertilizers is anticipated to
grow in the coming years as countries try to increase their yield of
cotton, wheat, rice, and soya bean to cater to the demands of the
ever-increasing population. Government policies will also support this
demand in countries such as South Africa, India, and China.
Chemical Synthesis to Take Over the Baton from Fertilizers Segment
Needless
to say, the fertilizer segment is the biggest application segment in
the overall market. The report indicates that this segment held a
whopping share of 60% in the overall market in 2014. However, this
segment is expected to be stymied by the chemical synthesis segment in
the near future. Usage of sulfuric acid in over 20 chemical processes
will boost this application segment over others. Sulfuric acid is used
in making chemicals such as for manufacturing nitric acid, sulfate
salts, hydrochloric acid, explosives, and drugs amongst others.
Asia Pacific will Remain Dominant Region
Asia
held a 50% share in the global sulfuric acid market in 2014, clearly, a
claiming a dominant position for itself. Analysts predict that this
region will continue to remain the leading one due to the concentration
of chemicals industry in China and other developing countries. Thus, the
increasing adoption of sulfuric acid in the processing of chemicals,
fertilizers, availability of cheap labor, increasing foreign investment,
and flexible regulatory framework are all going to contribute towards
the rising share of Asia in the global sulfuric acid market. On the
other hand, North America and Europe will witness a plunge in the
sulfuric acid consumption as the governments in these region has taken a
strict stance towards this carcinogenic substance.
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Among
the players leading the vendor landscape in the global sulfuric acid
market are The Mosaic Company, Eco Services Operations, LLC, The
Chemours Company, Chemtrade Logistics Inc., Vale Fertilizantes S/A, Akzo
Nobel N.V., PotashCorp, and BASF SE. Due to the slow but steady growth
in the market, these players are focusing on developing alternative
sulfur recovery technologies that will be less hazardous to the
environment in the near future. Furthermore, several companies are also
engaging in entering strategic mergers and acquisitions in order to gain
technological advantage and an impressive market presence.
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