Global Sulfuric Acid Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Raw Material (Elemental Sulfur, Pyrite Ore, Base Metal Smelters, Others), By End-Use Industry (Oil And Gas, Textile, Automotive, Chemical, Others), And By Geography - Forecasts From 2021 To 2026

The global sulfuric acid market is projected to grow at a CAGR of 1.97% to reach US$16.045 billion by 2026, from US$13.997 billion in 2019. 

Meaning.

Sulfuric acid is one of the most widely used chemicals in industries such as including chemical, automotive, oil and gas, and textile among many others. It is a strong mineral acid with high corrosive capabilities. It is used to manufacture commercial chemicals such as hydrochloric acid, nitric acid, sulfate salts, synthetic detergents, dyes, pigments, explosives, drugs, etc. It is also actively used in the production of fertilizers, which will spur market demand during the forecast period.

Driving Factors.

The demand for this chemical is primarily driven due to its varied applications across industry verticals. In addition, the increasing application of sulfuric acid in fertilizers, chemical & pharmaceutical industries, globally will drive the market growth during the forecast period. According to the Food and Agriculture Organization of the United States, 2019, world fertilizers consumption is anticipated to reach 199 million tons by the end of 2019.

In addition, according to the United States Department of Agriculture, 2019, the net farm income of the United States in 2019 was about $93.6 billion due to the rise in farming, more pesticides will be needed in the next few years, which will proliferate the sulfuric acid market growth. Also, the flourishing pharmaceutical industry nationwide will bolster market growth as the industry actively uses sulfuric acid. Moreover, the surging steel production, worldwide will subsequently contribute to the market growth of the sulfuric acid market. According to World Steel Association, 2020, the United States produced 7.7 Mt of crude steel in January 2020, an increase of 2.5% compared to January 2019. The rise in steel production will accelerate the demand for sulfuric acid in the market.

Market Share Segmentation.

By raw material, the elemental sulfur segment is expected to hold a dominant market share due to the abundance of elemental sulfur in the global market. By end-use industries, the chemicals industry is anticipated to grow at a high CAGR owing to the increasing use of sulfuric acid in the industry. Geographically, Asia Pacific holds the dominant market share owing to the flourishing chemical and fertilizer industry, and easy availability of raw materials, especially in countries like India and China.

Growth Factors.

• Increasing demand in the fertilizers industry.

The major key driver of the global sulfuric acid market is the increasing demand in the fertilizers industry. Due to the increasing population and rapid urbanization, the demand for fertilizers has been witnessing staggering growth in the last few years, which in turn is supplementing the market growth of sulfuric acid globally. The growth of the fertilizers industry, especially the phosphate segment, is expected to boost the demand for sulfuric acid as it is the key raw material used in the manufacturing of commercial phosphate fertilizers in the market. 

Restraints.

• Surplus supply and volatility of the pricing of raw materials.

The surplus in the market on account of overproduction coupled with the volatility of raw material prices may hinder the growing demand for sulfuric acid over the forecast period. The raw material required to prepare sulfuric acid is hard to find due to its pricing of it being extremely volatile, which may restrain the market growth. Also, sulfuric acid is being produced in abundance to meet the increasing demand from end-user industries which has resulted in an oversupply of the acid in the market. The oversupply has thus resulted in a decline in the value of the acid which may hamper the market growth in the long run.

Impact of COVID–19 on the Global Sulfuric Acid Market

The Covid-19 pandemic negatively impacted the Global sulfuric acid market, due to the lockdown and travel and trade restrictions imposed by the governments, worldwide the business operations of many industries such as chemicals, fertilizers, automotive, oil and gas, textiles, etc. were put to a halt which in turn declined the demand for sulfuric acid in 2020 as the industries suffered huge losses. Also, due to the supply chain disruptions, the acid could not reach the industries which further declined the demand in the short run. However, with the ease of restrictions and normalcy restored, the market is expected to rebound during the forecast period. 

Competitive Insights.

The market leaders for the Global sulfuric acid market consist of Spectrum Chemical Manufacturing Corporation, NuGeneration Technologies, LLC, The Mosaic Company, Hibrett Puratex, Southern States Chemical (Subsidiary of Dulany Industries, Inc.), BASF SE, ACP Labchem, Inc., LANXESS, and Nyrstar N.V. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. 

Global Sulfuric Acid Market Scope:

Segmentation:

• By Raw Material
  • Elemental Sulfur
  • Pyrite Ore
  • Base Metal Smelters
  • Others
• By End-Use Industry
  • Oil and Gas
  • Textile
  • Automotive
  • Chemical
  • Others
• By Geography
  • North America
    • USA
    • Canadá
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • Others