Growing Fertilizer Industry is Fueling the Growth of Global Sulfuric Acid Market

The global Sulfuric Acid Market is estimated to be valued at US$ 25.69 Bn in 2023 and is expected to exhibit a CAGR of 4.67% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Sulfuric acid is largely used in the manufacturing of fertilizers and chemical intermediates. It is an essential raw material used in phosphate fertilizers and nitrogenous fertilizers. Rising demand for food crops from the growing global population has augmented the demand for fertilizers which in turn is driving the sulfuric acid market. Sulfuric acid is synthesized from sulfur, a readily available natural resource, which is inexpensive. This makes sulfuric acid one of the least expensive industrial chemicals to produce.

Market Overview:
Sulfuric acid is a strong acid having various industrial applications. It is used in fertilizer production, oil refining, chemical manufacturing, wastewater processing and metal processing. Key advantages of using sulfuric acid includes its strong acidifying properties, ability to catalyze a wide range of reactions and economic production from sulfur.

Market key trends:
One of the key trends witnessed in the sulfuric acid market is its increasing usage in fertilizer production. Around 90% of total sulfuric acid produced worldwide is consumed in the production of phosphate and nitrogen fertilizers. Growing global population and increasing demand for food has augmented the demand for fertilizers. Phosphate and nitrogen fertilizers are used extensively to enable higher crop yields. With growing fertilizer demand, consumption of sulfuric acid as a raw material is also witnessing significant rise. Geographically, Asia Pacific accounts for over 50% of global sulfuric acid demand primarily due to large scale fertilizer production to meet the demand from agriculture industry in countries such as China and India.

Segment Analysis
The global sulfuric acid market is segmented by application and grade. Based on application, the fertilizer segment dominates the market and is expected to witness high growth during the forecast period owing to wide scale use of sulfuric acid in manufacturing phosphate fertilizers. The phosphate fertilizer segment accounts for over 80% of the total sulfuric acid demand globally. Based on grade, the concentrated sulfuric acid segment holds the largest share in the market due to its wide use in fertilizer production.

Key Takeaways
The global sulfuric acid market is expected to witness high growth, exhibiting CAGR of 4.67% over the forecast period, due to increasing demand from phosphate fertilizer production.

Regional analysis
Asia Pacific dominates the global sulfuric acid market with a share of over 50%, led by China and India. These countries have witnessed rapid growth in fertilizer production to meet the rising food demand from a huge population base. Asia Pacific is expected to continue its dominance during the forecast period owing to expansion of existing fertilizer plants.

Key players
Key players operating in the sulfuric acid market are PVS Chemicals, BASF SE, Akzo Nobel N.V., DowDuPont Inc., Unigel Group, Boliden Group, Ineos Enterprises Limited, Trident Chemicals, Aurubis AG, Climax Molybdenum B.V., and Amal Ltd. PVS Chemicals and BASF SE account for the major share in the global market.

Read More: https://www.ukwebwire.com/sulfuric-acid-market-size-share-and-growth-forecast-2/