The sulfuric acid market is estimated to be valued at USD 26.89 Bn, growing at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. Sulfuric acid is a highly corrosive mineral acid that is colorless, viscous, and soluble in water. It is strongly acidic and acts as an oxidizing agent. Sulfuric acid has various industrial applications including in oil refining, petrochemical manufacturing, pickling, fertilizer production, metal processing, and plastics production. It is manufactured commercially by the contact process, which involves the oxidation of sulfur dioxide in the presence of a vanadium catalyst. The production and demand for sulfuric acid is driven by the chemical processing industry as it has a wide array of uses across various end-user sectors. However, stringent environmental regulations regarding its production and disposal act as a restraint. At the same time, growth in industries such as fertilizers provides new opportunities for market expansion in the coming years.
Market Dynamics:
The key drivers propelling the sulfuric acid market growth include rising demand from the fertilizer industry, recovery in oil production and refining activities, and increasing use in metal processing applications. Sulfuric acid is a crucial intermediate in the production of ammonium phosphate fertilizers, which are majorly consumed for crop cultivation worldwide. Growth in global population and rising food demand have augmented fertilizer consumption, thereby boosting the market revenue. Additionally, recovery in crude oil prices and demand have pushed up refining activities that utilize sulfuric acid, which is supporting market expansion. Further, increasing use of sulfuric acid in metallurgical applications such as hydrometallurgy, surface treatment, and metal extraction act as an opportunity. However, stringent environmental regulations pertaining to sulfur dioxide emissions during manufacturing pose a challenge. Also, availability of substitutes poses competition to some extent.
Key Features of the Study:
Market Segmentation
Market Segmentation
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