Sulfuric Acid Market is expected to reach USD 13.45 billion by 2025. Sulfuric Acid is also termed as oil of vitriol, sulphuric acid, or dihydrogen sulfate is a colorless & odorless, dense, oily corrosive liquid with a molecular formula H2SO4. The molecular weight is 98.072 g/mol and is soluble in water and sulfur trioxide with release of heat. It is exclusively used to manufacture chemicals and fertilizers and in steel and iron production. It is normally supplied based on concentrations of 98, 78, or 93 percent.
Sulfuric
acid is a very robust acid and in aqueous solutions, it ionizes entirely to
form hydrogen sulfate ions (HSO4−) and hydronium ions (H3O+). The Sulfuric Acid
Market is estimated to grow at a significant CAGR of 3.3%over the forecast period
as the scope and its applications are rising enormously across the globe.
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Rising
manufacturing of nutrient rich food crops, high demand for sulfur based
fertilizers, rising use of sulfuric acid in metal processing, and growing
demand from waste water treatment plant and oil & gas industry are
documented as major factors of Sulfuric Acid Market that are estimated to
enhance the growth in the years to come. However, high cost of raw material and
strict government policy associated with sulfuric acid due to health &
environment concern are the factors that may restrain overall market growth in
coming years. Sulfuric acid industry is segmented based on type, application,
and region.
Pyrite
ore, elemental sulfur, base metal smelters, and other types could be explored
in Sulfuric Acid in the forecast period. Another sector comprises of petroleum
& oil refineries. Elemental sulfur accounted for substantial market share.
This may be because it is less atmosphere polluting in comparison with pyrite
ore roasting.
The market may be categorized based on applications like pulp & paper, fertilizers, automotive, chemical manufacturing, textile industry, metal processing, petroleum refining, and other that could be explored in the forecast period. The other sector comprises of applications like electronics industry, wastewater treatment, drugs & medicines, and industrial cleaning agent. The fertilizers sector accounted for the substantial market share of Sulfuric Acid and is estimated to remain dominant in the coming years. This may be because of growing population and demand for high quality food and fertilizers increase crop yield.
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Globally,
Asia Pacific accounted for the substantial market share of sulfuric acid and is
estimated to lead the overall market in the coming years. The reason behind the
overall market growth could be presence of key manufacturers in the region,
high demand for food as growing population in emerging countries, and easy
availability of customers and raw materials. The developing countries like India
and China are the major consumers of sulfuric acid in the region.
Instead,
Europe and North America are also estimated to have a positive influence on the
future growth. Europe is the second largest region with significant market
share. However, North America is estimated to grow at fastest pace with the
highest CAGR in the foremost period.
The
key players of sulfuric acid market are Jacobs, Akzo Nobel, Honeywell
International, DuPont, Evonik Industries, PotashCorp, and Aditya Birla
Management Corporation. These players are concentrating on inorganic growth to
sustain themselves amongst fierce competition. As companies all over the world
have to believe that alliance with a market would permit them proportional
market existence and authority to declare the leadership position.
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