Industrial Sulfuric Acid Market Expected to Reach $9.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Industrial Sulfuric Acid Market," The industrial sulfuric acid market size was valued at $4.7 billion in 2021, and is estimated to reach $9.6 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

Sulfuric acid is frequently used as a raw material or as a processing agent in a wide range of applications. Sulfuric acid is utilised in practically every industry, including steel production, water treatment, fertilisers, cellulose fibres, medicines, and chemical processing. It is commonly utilised in the production of zinc, copper, hydrofluoric acid, nitric acid, hydrochloric acid, and caprolactam, which is then converted to polyamide and titanium dioxide and used as a pigment. It is widely used in petroleum industry to remove impurities from petrol and other refinery products.

The industrial sulphuric acid market analysis suggests that increase in demand for sulphuric acid in all connected industrial chemicals is driving the market due to its extensive range of applications in industrial and manufacturing sectors. Because of the relevance of sulphuric acid in numerous industrial applications, industrial expansion in several emerging nations is further assisting industrial sulfuric acid market development.

Industrial sulfuric acid production and usage create significant safety concerns that must be managed in order to safeguard workers and the surrounding community. Because of the dangerous adverse reactions and pollution that sulfuric acid creates, chemical companies are subject to stringent restrictions. Sulfuric acid is strictly regulated due to its risk. All of these factors are expected to restrict demand for industrial sulfuric acid during the forecast period. Continuously increasing prices of sulfuric acid may also hamper the industrial sulfuric acid market growth during the forecast period.

Sulfuric acid is important in wastewater treatment. It is the process developed with increased concern of environmental issues. Sulfuric acid balances the pH level of wastewater. It helps in the destruction of bacteria in water. Sulfuric acid is used to separate water and waste solid material, which is sludge. These factors are anticipated to show excellent opportunity for the industrial sulfuric acid market growth in the upcoming years.

The global industrial sulfuric acid market share is segmented based on raw materials, manufacturing process, and region. By raw material, it is classified into elemental sulfur, base metal smelters, and pyrite ores. By manufacturing process, it is classified into contact process, lead chamber process, wet sulfuric acid process, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the industrial sulfuric acid market forecast report include The Mosaic Company, BASF SE, OCP Group, Nouryon, DuPont, AkzoNobel N.V., Agrium Inc., PVS Chemical Solution, Khaitan Chemicals & Fertilizers Ltd., and INEOS.

The report offers a comprehensive analysis of the global industrial sulfuric acid market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Industrial Sulfuric Acid Industry

• Sales of sulfuric acid are directly proportional to the demand from chemicals, pharmaceutical, appliances, chemicals industry. However, various sectors such as chemicals, pharmaceutical, were negatively impacted by the COVID-19 pandemic that has affected the production and demand for industrial sulfuric acid due to disrupted supply chain.
• COVID-19 impacted almost all industries and the industrial sulfuric acid-producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries led to a shortage of labor; the fear of contracting the novel coronavirus led to sluggish demand in the market.
• The COVID-19 pandemic hampered the supply of chemicals and raw materials required to manufacture sulfuric acid, raising prices and delaying production of sulfuric acid.
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.

Key Findings of the Study

• Based on raw materials, the elemental sulfur sub-segment emerged as the global leader in 2021 and base metal smelters sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on manufacturing process, the contact process sub-segment emerged as the global leader in 2021, and it is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.