Sulfuric Acid Market Size 2024-2028

The sulfuric acid market size is forecast to increase by USD 5.7 billion at a CAGR of 3.31% between 2023 and 2028.

The growth of the sulfuric acid market is primarily driven by the increasing demand from diverse industries, especially electronics. Sulfuric acid plays a crucial role in the production of batteries and electronic components, thus contributing to the expansion of the market. Additionally, the compound is widely utilized in various sectors such as fertilizers, textile production, pulp and paper, and automobile manufacturing. Alongside this demand, the market is witnessing significant capacity expansions and new plant additions by key players. However, fluctuating raw material prices pose challenges to manufacturers, impacting their profitability. These dynamics are shaping the sulfuric acid market and its growth trajectory in the upcoming years.

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Market Segmentation

By Raw Material:

1. Base Metal Smelters
2. Elemental Sulfur
3. Pyrite Ore

By Application:

1. Phosphate Fertilizer
2. Metal Processing
3. Chemical Production
4. Others

By Geography:

1. APAC
   • China
   • India
2. Middle East and Africa
   • Morocco
3. North America
   • US
4. Europe
5. South America

Market Dynamics

Drivers:

The rising demand for sulfuric acid in the electronics industry is a key driver of the market. Sulfuric acid is essential in various industries such as metal processing, fertilizer production, textile production, pulp and paper, automobile manufacturing, and more. It plays an important role in the production of base metals and is crucial for the production of phosphate fertilizers like DAP, MAP, and APP. With growing industrial needs, especially in electronics, the market is expected to experience steady growth.

Trends:

Capacity expansions and new plant additions are key market trends. Several regions, including China, South America, and the Middle East, are witnessing investments to expand production facilities to meet the increasing demand. Furthermore, technological innovations like membrane technology, biotechnology, and smart sensors are gaining traction to improve the efficiency and productivity of sulfuric acid production processes.

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Challenges:

Fluctuations in raw material prices pose a challenge for the industry. The prices of sulfuric acid and its raw materials such as sulfur, oxygen, and hydrogen have been volatile in recent years. Price increases were observed in 2022 due to refinery shutdowns and disruptions in supply chains. These price fluctuations may affect the profitability of manufacturers in the sulfuric acid market.

Key Players

• Aurubis AG
• BASF SE
• Boliden AB
• Chemtrade Logistics Income Fund
• China National Chemical Corp.
• Cornerstone Chemical Co.
• DuPont de Nemours Inc.
• Ecovyst Inc.
• Glencore Plc
• Gulf Fluor
• Hindustan Zinc Ltd.
• Honeywell International Inc.
• Jubilant Industries Ltd.
• Korea Zinc Co. Ltd
• Lanxess AG
• Nouryon
• Sumitomo Chemical Co. Ltd.
• Thermo Fisher Scientific Inc.
• Trident Ltd.
• WeylChem International GmbH

Future Market Insights

The sulfuric acid market is expected to grow steadily between 2024 and 2028, driven by the increasing demand across a variety of industries, particularly electronics. While challenges such as raw material price volatility persist, the adoption of advanced technologies and capacity expansions will contribute to sustained growth. The market's expansion in APAC and other key regions will further support this trend.