NEW YORK, Sept. 5, 2023 /PRNewswire/ — The sulfuric acid market size is expected to grow by USD 6.882 billion from 2022 to 2027. In addition, the growth momentum of the market will be progressing at a CAGR of 4.06% during the forecast period, according to Technavio. The rise in demand for sulfuric acid in the electronics industry is notably driving the sulfuric acid market. However, factors such as fluctuations in raw material prices may impede the market growth. The market is segmented by raw material (Raw Material Outlook, Base metal smelters, Elemental sulfur, and Pyrite ore), application (Phosphate fertilizer, Metal processing, Chemical production, and Others), and geography (APAC, Middle East and Africa, North America, Europe, and South America). The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a Sample Report.
Sulfuric Acid Market 2023-2027: Company Analysis
We provide a detailed analysis of 20 companies operating in the sulfuric acid market, including BASF SE, Boliden AB, China National Chemical Corp., Cornerstone Chemical Co., DuPont de Nemours Inc., Ecovyst Inc., Glencore Plc, Gulf Fluor, Hindustan Zinc Ltd., Honeywell International Inc., Korea Zinc Co. Ltd., Lanxess AG, Nouryon Chemicals Holding BV, Sumitomo Chemical Co. Ltd., Thermo Fisher Scientific Inc., Trident Ltd., WeylChem International GmbH, Aurubis AG, Chemtrade Logistics Income Fund, and Jubilant Industries Ltd..
Company Offerings
- BASF SE – The company offers sulfuric acid such as Aurubis sulfuric acid.
Market Dynamics
Key Sulfuric Acid Market Driver
The rise in demand for sulfuric acid in the electronics industry is notably driving market growth. Electronic-grade sulfuric acid, also referred to as ultra-pure or high-purity sulfuric acid, plays a vital role in microelectronics by effectively cleansing and etching semiconductor wafers, eliminating impurities, inorganic residues, and carbon deposits. This specialized sulfuric acid grade is specifically designed for silicon wafer manufacturing, meeting the stringent quality demands of the semiconductor sector. It also finds application in producing Printed Circuit Boards (PCBs). With the global surge in appliance usage and rapid economic development in emerging economies like India, semiconductor demand is predicted to maintain a steady growth trajectory. This robust expansion of the semiconductor industry, driven by its increasing adoption in data processing, communications, consumer electronics, automotive, and industrial sectors, is poised to drive the growth of the market during the forecast period.
Major Sulfuric Acid Market Challenge
The adoption of organic farming is a major challenge hindering the market growth. Growing concerns regarding the adverse impacts of chemical products are driving a gradual upsurge in the demand for organic fertilizers. This trend is expected to exert a detrimental influence on the global sulfuric acid market, as organic farming relies on green manure-based fertilizers rather than conventional inorganic options like phosphates. The widespread use of synthetic chemical pesticides and fertilizers in non-organic products has been linked to health issues such as cancer, obesity, and birth defects, resulting in global health and mortality implications. Consequently, the global sale of organic goods is on the rise, and significant growth is projected for the organic food sector in major countries like the US, Germany, China, and France during the forecast period. The escalating awareness of the hazardous effects of inorganic chemicals has prompted a surge in demand for organically produced items and sustainable agricultural practices, leading to a decline in the need for phosphate fertilizers. As a consequence, the widespread adoption of organic farming is diminishing the reliance on chemical fertilizers for crop cultivation, thereby restraining the expansion of the global sulfuric acid market growth during the forecast period.
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Sulfuric Acid Market 2023-2027: Segmentation
- Application
The phosphate fertilizer application led the global sulfuric acid market in 2022, and it is expected to retain its dominance during the forecast period. Sulfuric acid is extensively used in the production of phosphoric acid through a wet process, which is further used to manufacture phosphate fertilizers. Phosphate fertilizers such as diammonium phosphate (DAP), monoammonium phosphate (MAP), and triple superphosphate (TSP) are commercial fertilizers produced from sulfuric acid. These fertilizers are extensively used in modern-day agricultural practices.
- Geography
APAC is estimated to account for 44% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The escalated demand for sulfuric acid in the region is driven by its heightened utilization within the agricultural and chemical sectors. The thriving agricultural landscape in APAC, particularly in countries like China, India, and Japan, propels the demand for sulfuric acid. Furthermore, the sustained expansion of the chemical industry, coupled with the ready availability of raw materials, a substantial consumer base, and the implementation of progressive development strategies like establishing production facilities to cater to the sulfuric acid demand, stands as the pivotal growth catalysts for sulfuric acid within this region.
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Sulfuric Acid Market 2023-2027: Key Highlights
- Historic Market Size 2017-2021
- CAGR of the market during 2023-2027
- Detailed information on factors that will assist sulfuric acid market growth during the next five years
- Estimation of the sulfuric acid market size and its contribution to the parent market
- Forecasts on upcoming trends and changes in consumer behavior
- The growth of the sulfuric acid market
- Analysis of the competitive landscape and detailed information on companies
- Comprehensive details of factors that will impede the growth of sulfuric acid market companies
Related Reports:
The sulfuric acid (H2SO4) market in US is estimated to grow at a CAGR of 6.68% between 2022 and 2027. The size of the market is forecast to increase by USD 1,038.11 million.
The ultra-pure sulfuric acid market is estimated to grow at a CAGR of 3.59% between 2022 and 2027. The size of the market is forecast to increase by USD 63.25 million.
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Sulfuric Acid Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.06% |
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Market growth 2023-2027 |
USD 6.882 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
3.1 |
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Regional analysis |
APAC, Middle East and Africa, North America, Europe, and South America |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, Morocco, China, India, and Russia |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BASF SE, Boliden AB, China National Chemical Corp., Cornerstone Chemical Co., DuPont de Nemours Inc., Ecovyst Inc., Glencore Plc, Gulf Fluor, Hindustan Zinc Ltd., Honeywell International Inc., Korea Zinc Co. Ltd., Lanxess AG, Nouryon Chemicals Holding BV, Sumitomo Chemical Co. Ltd., Thermo Fisher Scientific Inc., Trident Ltd., WeylChem International GmbH, Aurubis AG, Chemtrade Logistics Income Fund, and Jubilant Industries Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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SOURCE Technavio