The 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.

The sulfuric acid is primarily used in the production of phosphate fertilizers, making it an essential part of the global agricultural sector. It is also used as a precursor in the production of numerous industrial chemicals such as explosives, dyes, drugs, detergents, and others.

Market Overview:
Sulfuric acid is a highly corrosive and toxic intermediate chemical that is used in various manufacturing processes. It is mainly used in the production of phosphate fertilizers such as diammonium phosphate (DAP) and monoammonium phosphate (MAP). It is also used as an industrial reagent in processes such as mineral processing, production of chemicals including alkylation of benzene with ethylene to produce gasoline. Sulfuric acid offers advantages such as effective solubility, inexpensive production, and highly reactive nature.

Market key trends:
One of the key trends driving the growth of the sulfuric acid market is the increasing demand from the agriculture sector. Phosphate fertilizers produced using sulfuric acid are essential for improved crop yields and meeting the rising global food demand. According to the UN Food and Agriculture Organization (FAO), global food production must be increased by 70% from 2012 levels to feed the increasing population projected to reach around 9.7 billion by 2050. This rising demand for food is augmenting the consumption of phosphate fertilizers and their primary production chemical, sulfuric acid. Additionally, growing infrastructure development activities around the world are also boosting the market growth by driving demand from industries such as mining, mineral processing, and construction.

Porter's Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements and technical barriers to achieve economies of scale in production. Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of product substitutes and undifferentiated nature of products. However, buyers have less influence over price in the fragmented supply market. Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials and lack of product differentiation. Suppliers have limited influence over prices. Threat of new substitutes: The threat of new substitutes is low as sulfuric acid has few substitutes and has well established applications. Competitive rivalry: Intense due to large number of competitors.

SWOT Analysis
Strength: Wide applications in chemical processing, metal processing and automotive industries leading to increasing demand. Easy availability of raw materials reduces production costs. Weakness: Highly corrosive and toxic in nature requiring special safety measures in production and transportation. Volatile raw material prices increase input costs. Opportunity: Growing demand for fertilizers and chemicals from emerging economies offers new growth avenues. shift toward green energies increases prospects in battery manufacturing. Threats: Stringent environmental regulations on sulfur dioxide emissions during production pose compliance challenges. Substitute products eat into market share.

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 the chemical processing industry. The Asia Pacific region currently dominates the sulfuric acid market, with China being the largest producer as well as consumer. Growth in the region is driven by large fertilizer industry and economic development.

Europe is the second largest consumer of sulfuric acid owing to developed chemical manufacturing sector in countries like Germany. However, stringent environmental norms regarding SO2 emissions may impact market growth. North America is projected to exhibit steady growth due to demand from automotive industry for battery manufacturing.

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. The market is fragmented in nature with top five players accounting for over one-third of global production. Companies are expanding production facilities in developing nations to tap growing demand.

Read More: https://www.rapidwebwire.com/sulfuric-acid-market-demand-growth-and-regional-outlook-2/