Sulfuric Acid Market Manufacturers, Size Analysis To Reach USD 13.88 Billion By 2027
The global Sulfuric Acid Market is expected to reach USD 13.88 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.
Sulfuric acid finds extensive application in automotive industries in the production of automobile batteries. This battery provides the requisite electricity needed to put electrical components to function, as well as converts chemical energy into the electrical energy that powers automobiles and gives energy to its starter. Also, it stabilizes the energy supply that keeps the engine running. According to the statistics released by the World Economic Forum, the number of passenger cars on the roads across is expected to increase two-fold by the year 2040, resulting in an increased demand for car batteries, and in turn, the demand for sulfuric acid
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Prominent players analyzed in the report are :
BASF SE, DuPont, AkzoNobel NV, Solvay, Chemtrade Refinery, Valero Energy, Agrium Inc., PVS Chemical Solution, The Mosaic Company, and Potash Corp., among others.
Further key findings from the report suggest:
By raw materials, Pyrite ore held the second-largest market share in 2019. It is roasted in several kinds of furnaces, such as a rotary kiln, multiple-hearth furnace, and fluid bed roaster, producing gas with a rather lower sulfur dioxide content as compared to the combustion gases from burning elemental sulfur.
By distribution channel, the online distribution channel is projected to grow at a faster rate of 3.6% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
By application, chemical production contributed to the second-largest market share in 2019 and is expected to grow at a rate of 3.1% in the forecast period. It is extensively used in the production of chemicals, including nitric acid, hydrochloric acid, dyes and pigments, sulfate salts, synthetic detergents, and explosives, among others.
The market in the Asia Pacific region contributed to the largest market share in 2019 and is likely to grow at a rate of 3.2% in the forecast period. The market dominance of the APAC region may be attributed to the presence of key producers in the region. Moreover, high demand for food, owing to the presence of a growing population in developing economies, such as India and China, and the easy availability of raw materials.
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Chemical and manufacturing industry largely caters to a broad range of commodity-related manufacturing and include a wide variety of materials such as sand, gravel, stone, and chemicals. Increasing focus on development of sustainable chemicals and materials, advancements in the development of smart materials such as nanocomposites and other advanced composites, and growing popularity of 3D printing have significantly contributed to revenue growth of the market. In addition, rising emphasis on green building and construction have increased use of renewable resources and this is also a key factor driving market growth.
Key companies are engaged in developing advanced materials having robust characteristics and forming strategic alliances such as mergers and acquisitions, joint ventures, collaborations, and product launches among others to gain a robust footing in the market. The competitive landscape section offers a comprehensive analysis of the competitive landscape along with profiles of the companies, their product portfolios, and lucrative business strategies undertaken by them.
The report further segments the Sulfuric Acid market based on product types, applications, technology, end-use, and region, among others. The report also offers insights into key factors influencing the revenue growth of each segment and sub-segment along with market revenue share and CAGR.
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Raw Materials Outlook
Base Metal Smelters
Distribution Channel Outlook
Regional analysis covers the following key regions:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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