Sulfuric Acid Market Set to Garner Staggering Revenues by 2027| BASF SE, Ineos Group Ltd, KANTO Corporation, Aurubis AG, Avantor Performance Materials, LLC, PVS Chemicals Inc., and others

The global sulfuric acid market is projected to grow from USD 13.2 billion in 2020 to USD 28.5 billion by 2027, at a CAGR of 11.7% during the forecast period. Sulfuric acid is primarily used in metal ore leaching, fertilizer manufacturing, oil refining, wastewater processing, and chemical synthesis. 

Based on raw material, the sulfuric acid market is segmented into elemental sulfur, pyrite ores, base metal smelters, and others. Sulfur is the major raw material used in the production of sulfuric acid. Elemental sulfur is expected to account for largest share in 2022, in terms of volume. Around 90% of sulfur produced goes into the manufacturing of sulfuric acid. Thus, the use of elemental sulfur as a major feedstock for the production of sulfuric acid, fuels the growth of this segment. 

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Based on application, the sulfuric acid market is segmented into fertilizers, metal processing, pulp & paper, petroleum refining, textile industry, automotive, chemical manufacturing, and others. Fertilizer application is expected to account for largest share in 2022, in terms of volume. The growth can be attributed to the use of about 50%-60% of sulfuric acid in the manufacturing of phosphate fertilizers such as superphosphate of lime and ammonium sulfate.

Based on raw material, the sulfuric acid market is segmented into elemental sulfur, pyrite ores, base metal smelters, and others. Sulfur is the major raw material used in the production of sulfuric acid. Elemental sulfur is expected to account for largest share in 2022, in terms of volume. Around 90% of sulfur produced goes into the manufacturing of sulfuric acid. Thus, the use of elemental sulfur as a major feedstock for the production of sulfuric acid, fuels the growth of this segment.

Based on region, the sulfuric acid market is segmented into North America, Western Europe, Central & Eastern Europe, Asia Pacific, the Middle East & Africa, and South America. Asia Pacific is expected to be the largest market for sulfuric acid, in terms of value and volume, in 2022. The increasing demand for sulfuric acid for fertilizers, chemical manufacturing, metal processing, and automotive industries in China, Japan, and Indonesia is driving the market in Asia Pacific.

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The Mosaic Company (US), OCP Group (Morocco), Chemtrade Logistics Income Fund (Canada), and Nouryon (Netherlands), BASF SE, Ineos Group Ltd, KANTO Corporation, Aurubis AG, Avantor Performance Materials, LLC, PVS Chemicals Inc., Seastar Chemicals, KMG Chemicals, Qingdao Hisea Chem Co.Ltd, Linde Group, Nouryon, Cornerstone Chemical Company, Ma’aden - Saudi Arabian Mining Company, Canada Colors and Chemicals Limited, Hubei Xingfa Chemicals Group Co., Ltd, Asia Union Electronic Chemical Corporation (AUECC), Tata Chemicals, Trident Group, Boliden Group, UBE INDUSTRIES, LTD., and Others

are some of the key players operating in the sulfuric acid market. These players have adopted strategies such as joint ventures, and expansions to enhance their business revenue and market share. Expansion of production units globally is the key strategy adopted by these players to cater to the increasing demand for sulfuric acid. 

The Mosaic Company is one of the major players in the global sulfuric acid market. It is involved in the production and selling of concentrated phosphate and potash crop nutrients. The company serves approximately 40 countries across the Americas, Asia Pacific, and other regions of the world. The company has the availability of nitrogen assets with access to lower-cost natural gas. The company has a considerable focus on its phosphates segment as it generates 40% of revenue for the company. This indicates a good platform for the growth of its sulfuric acid business. 

Another important player in the global sulfuric acid market is BASF SE. In July 2021, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd., and Zhejiang Jiafu New Material Technology Co. Ltd. signed an agreement to expand the production capacity of electronic-grade sulfuric acid in China. The site expansion is expected to be completed by 2023. With this investment, BASF will be more capable of meeting the rising demand for electronic materials in the Chinese market and ensure steady customer supply. Moreover, the development will establish firm presence of BASF in China by building a third sulfuric acid production facility in Jiaxing.

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Publicado en Default Category en septiembre 23 at 02:34
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