Sulfuric Acid Market to Record an Exponential CAGR by 2026
According
to a new report published by Transparency Market Research (TMR)
titled “Sulfuric Acid Market: Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast, 2017–2026”, the global
sulfuric acid market was valued at US$ 12,424.86 Mn in 2017 and is
anticipated to expand at a CAGR of 2.7% from 2018 to 2026. Rise in
demand for phosphate fertilizers is driving the global sulfuric acid
market. Asia Pacific accounts for a major share of the global
sulfuric acid market, due to the increase in usage of phosphate
fertilizers in agricultural activities in the region.
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Report Overview @
Expansion
of Global Phosphate Fertilizers Industry to Increase Consumption of
Sulfuric Acid
The
fertilizers segment accounted for more than 50% share of the global
sulfuric acid market in 2017. Sulfuric acid is extensively employed
in the manufacture of phosphate fertilizers. Sulfuric acid is used to
process ammonium phosphate, calcium phosphate, and sodium phosphate
fertilizers. Sulfuric acid is used as a key first step in the
production of diammonium phosphate (DAP), monoammonium phosphate
(MAP), and trisodium phosphate (TSP). The next step entails mixing of
sulfuric acid with phosphate rock to produce phosphoric acid. These
fertilizers are extensively used to increase the yield of crops to
cater to the rising demand for food. Demand for fertilizers,
especially phosphate fertilizers, is anticipated to increase
significantly due to the surge in production of cereals and oilseeds
such as wheat, rice, cotton, oilseeds, and soya bean. Government
subsidies for fertilizer and agricultural development in developing
countries such as China, India, and South Africa is estimated to
boost the phosphate fertilizers industry. Thus, rise in usage of
phosphate fertilizers across the globe is projected to propel the
demand for sulfuric acid during the forecast period.
High
Demand for Sulfuric Acid Due to Its Diverse Applications
Sulfuric
acid is extensively employed as a raw material or processing agent in
various applications. It is commonly utilized in industries such as
water treatment, steel manufacturing, fertilizers, pharmaceuticals,
cellulose fibers, and chemical processing. Sulfuric acid is a highly
corrosive, colorless viscous liquid. It is one of the most used
chemicals in a variety of processes. Additionally, it is employed to
clean the surface of steel sheet, also known as pickling, prior to it
being coated in a thin layer of tin to make food cans. It is also
used to manufacture titanium dioxide, which is used as a pigment.
Sulfuric acid is utilized to manufacture hydrofluoric acid,
hydrochloric acid, nitric acid, sulfate salts, synthetic detergents,
dyes and pigments, explosives, and drugs. It is employed in the
petroleum cleansing process to wash out impurity from petrol and
other refinery products. Sulfuric acid is also utilized to process
metals such as iron and steel.
Strict
Government Regulations to Restrain Market
Sulfur
dioxide is one of the key airborne pollutants, and is carcinogenic.
It is known to cause various respiratory disorders such
bronchoconstriction in humans. Furthermore, sulfuric acid is a highly
reactive and explosive bulk chemical. It can cause laryngeal cancer,
and severe skin burns on exposure. It can also affects the nervous
system. Regulatory bodies such as the Scientific Committee on
Occupational Exposure Limit Values (SCOEL) and the American
Conference of Governmental Industrial Hygienists have established
guidelines for the usage of sulfuric acid. These regulations have
been adopted in developed countries such as the U.K., the U.S.,
Germany, and the Netherlands. Thus, implementation of strict
regulations on the production and consumption of sulfuric acid and
its raw materials in developed regions is expected to adversely
affect the sulfuric acid market during the forecast period.
Fertilizers
Segment to Dominate the Global Sulfuric Acid Market
The
global sulfuric acid market has been segmented based on application
and region. In terms of application, the market has been divided into
fertilizers, wastewater treatment, metal & mining,
semiconductors, chemical synthesis, and others. Sulfuric acid is a
major raw material employed to manufacture phosphate fertilizers such
as calcium dihydrogenphosphate, diammonium phosphate, and triple
superphosphate. Processing of phosphate fertilizers primarily
requires raw materials rich in sulfur content; hence, sulfuric acid
is extensively used in this application. Rise in utilization of
fertilizers in agricultural activities in regions such as Latin
America, Asia Pacific, and North America is expected to boost the
consumption of the acid during the forecast period.
Asia
Pacific Dominates Global Sulfuric Acid Market
In
terms of demand, Asia Pacific is likely to hold a dominant share of
the sulfuric acid market during the forecast period. The sulfuric
acid market in Asia Pacific is anticipated to expand at a faster pace
than that in other regions during the forecast period owing to the
rise in consumption of sulfuric acid by fertilizer and chemical
manufacturing industries in the region. The sulfuric acid market in
Middle East & Africa is projected to expand due to the increase
in metal mining activities in the region. Latin America is projected
to be an emerging region of the sulfuric acid market, especially in
Brazil, during the forecast period. The market in Europe and North
America is likely to expand at considerable pace during the forecast
period due to presence of well-established fertilizer and chemical
manufacturing industries in these regions.
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High
Degree of Competition among Established Players
Key
players profiled in the report on the global sulfuric acid market
include The Mosaic Company, Chemtrade Logistics Inc., Khaitan
Chemicals & Fertilizers Limited, BASF SE, Nouryon, Southern
States Chemical, PQ Corporation, Ma’aden, INEOS, and PVS Chemicals.
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