Allied Market Research published a report, titled, “Industrial Sulfuric Acid Market by Raw Materials (Elemental Sulfur, Base Metal Smelters, and Pyrite Ores), Manufacturing Process (Contact Process, Lead Chamber Process, Wet Sulfuric Acid Process, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global industrial sulfuric acid market generated $4,662.0 million in 2021, and is anticipated to generate $9,576.5 million by 2031, witnessing a CAGR of 7.7% from 2022 to 2031.
Prime Determinants of Growth
Rising development initiatives, such as expanding businesses’ production capacities to increase the production of sulfuric acid products from elemental sulfur, and the rising application of sulfuric acid in the industrial sector are the major factors predicted to boost the growth of the industrial sulfuric acid market during the forecast period. However, the safety concerns related with the use of sulfuric acid may hamper the growth of the industrial sulfuric acid market during the forecast period. On the contrary, the increasing demand for sulfuric acid in industrial applications, such as paper & pulp, petroleum refinery, metal processing, chemical manufacturing, and automotive industries for use as a catalyst, dehydrating agent, and a reactant are expected to provide numerous growth opportunities for the global industrial sulfuric acid market by 2031.
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Key Growth Drivers:
The growth of the industrial sulfuric acid market is primarily driven by increasing development initiatives aimed at expanding production capacities and the rising application of sulfuric acid across various industries. However, concerns regarding safety related to sulfuric acid usage may pose challenges to market growth. Nevertheless, the expanding demand for sulfuric acid in industrial applications, including paper and pulp, petroleum refining, metal processing, chemical manufacturing, and automotive industries, is expected to create lucrative growth opportunities.
Elemental Sulfur Sub-segment to Maintain its Leadership Status Throughout the Forecast Period
Based on raw materials, the elemental sulfur sub-segment held the highest share in 2021 and is estimated to maintain its leadership status throughout the forecast period in the global industrial sulfuric acid market. There are numerous industrial uses for elemental sulphur, a chemically inert and water-insoluble substance. This substance is employed in a variety of processes, including the vulcanization of rubber, the production of black gunpowder, and many others. The agricultural sector makes extensive use of elemental sulphur. Hence, the global agricultural industry growth is anticipated to spur market expansion over the course of the forecast period.
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Contact Process Sub-segment to Maintain its Lead Position During the Forecast Period
Based on manufacturing process, the contact process sub-segment accounted for the largest share in 2021. Sulfuric acid is produced using the contact process. This module examines the effects of ratios, temperature, pressure, and catalyst on the composition of the equilibrium mixture, the rate of the reaction, and the economics of the process to explain why the conditions used in the process are what they are. Sulphur dioxide must be changed into sulphur trioxide, which is the process’s key reversible reaction. Sulphur trioxide can be transformed into concentrated sulfuric acid.
Dominance of Elemental Sulfur:
The elemental sulfur sub-segment led the market in 2021 and is anticipated to maintain its dominance throughout the forecast period. Elemental sulfur finds extensive industrial usage, including vulcanization of rubber and agricultural applications, driving market expansion.
Key Players:
Prominent players in the industrial sulfuric acid market include The Mosaic Company, BASF SE, OCP Group, Nouryon, DuPont, AkzoNobel N.V., Agrium Inc., PVS Chemical Solution, Khaitan Chemicals & Fertilizers Ltd., and INEOS. These players adopt various strategies such as new product launches and collaborations to enhance their market presence.
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