Global sulfuric acid market is projected to reach USD 11.10 billion by 2021, at a CAGR of 2.87% during the forecast period. It is projected to reach 278.33 million tons by 2021, at a CAGR of 2.20% during the forecast period. This growth can be attributed to the increase in the production of nutrient rich food crops, which extensively use fertilizers, the largest application of sulfuric acid, and steady demand for sulfuric acid due to its diversified applications.
With the greater expectancy of increase in yield from farmers and decreasing availability of fertile land for agricultural practices owing to growing urbanization, the demand for fertilizers is estimated to increase rapidly. Fertilizers are now an integral part of agriculture and provide the soil with nutrients such potassium, phosphate, and nitrogen. They are responsible for half of the crop yield in the world. The growth of fertilizers, especially in the phosphate segment, will boost the demand for sulfuric acid which is the key raw material used in the manufacturing of commercial phosphate fertilizers.
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Based on raw material, the elemental sulfur segment is expected to lead the sulfuric acid market during the forecast period
Based on raw material, the elemental sulfur segment is expected to lead the sulfuric acid market during the forecast period followed by the base metal smelters segment. The demand for elemental sulfur is driven by its effective and substantial use in the production of sulfuric acid, which is the key chemical used in a variety of applications. Elemental sulfur is oversupplied in the market, which rules out the possibility of its deficiency as a key raw material for the production of sulfuric acid. Therefore, the demand for elemental sulfur is estimated to grow in the future.
Fertilizers application segment is expected to lead the sulfuric acid market during the forecast period
Based on application, the fertilizers segment is expected to lead the sulfuric acid market during the forecast period. Sulfuric acid is largely used in the manufacturing of phosphate fertilizers, which are extensively used in modern day agricultural practices. Steady gains in agricultural spending and growing chemical industries in countries such as India and China are expected to drive the sulfuric acid market during the forecast period.
Asia-Pacific expected to lead the sulfuric acid market during the forecast period
The Asia-Pacific region led the sulfuric acid market, in terms of value and volume, in 2015. The large market size of the Asia-Pacific region can be attributed to the shifting of manufacturing facilities of big market players from mature market of Europe and North America to Asia-Pacific and the Middle East & Africa regions. Major players prefer investing in these regions, as they offer a wide range of market penetration opportunities due to the presence of natural resource reserves such as mineral deposits and crude oil, and easy availability of workforce and consumers.
Industry 4.0 is changing the dynamics of the sulfuric acid industry. Automation, smart manufacturing and real-time data exchange helps companies to use big data to forecast demand, supply and prices. From safety and cost saving point of view, few companies to start using drones to inspect chemical plants and storage tanks for cracks or leakage problems. The use of technology is expected to increase margins, efficiency and productivity of the Sulfuric acid manufacturers.
MnM is closely tracking disruptive technologies & mega trends and has a wide coverage on data analytics, smart manufacturing, blockchain, and IoT which are likely to change the dynamics of the industry.
Sulfuric acid manufacturers such as The Mosaic Company (U.S.), PotashCorp (Canada), Groupe Chimique Tunisien (Tunisia), Maaden – Saudi Arabian Mining Company (Saudi Arabia) and OCP Group (Morocco), PVS Chemicals (U.S.), Aurubis (Germany), Chemtrade Logistics Income Fund (Canada), BASF SE (Germany), Akzonoble NV (Netherlands), DuPont (U.S.), INEOS Enterprises (Switzerland), and Agrium Inc. (Canada) have been covered in the report.
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