The global sulfuric acid market is likely to gain impetus from the growing demand from the agriculture industry. This information is published in an upcoming report by Fortune Business Insights™, titled, “Sulfuric Acid Market Size, Share & Industry Analysis, By Application (Fertilizers, Chemical Manufacturing, Metal Processing, Textile, Paper & Pulp, Automotive, Others) and Regional Forecast, 2022-2029.” The report further states that the increasing usage of sulfuric acid in chemical manufacturing is expected to affect the market positively in the coming years. Apart from that, the rising production of fertilizers to increase the productivity of crops and to satisfy the urgent needs of the ever-increasing population would also contribute to the sulfuric acid market growth.
What Does the Report Contain?
In-depth information regarding the sulfuric acid market trends, growth drivers, obstacles, opportunities, and challenges.
Comprehensive analysis of the key market players and their core competencies.
Extensive data about the competitive landscape, consisting of new mergers, acquisitions, product launches, agreements, strategic partnerships, and contracts.
List of all the possible segments present in the market.
Fertilizers Segment to Dominate Backed by High Demand for Chemical Manufacturing
In terms of application, the market is fragmented into automotive, fertilizers, paper, chemical manufacturing, textile, metal processing, and others. Out of these, the fertilizers segment is the largest segment in the market. It is set to grow rapidly in the coming years by gaining the largest sulfuric acid market share owing to the increasing demand from the agriculture industry. Also, the rising rate of chemical manufacturing would augment the growth of this segment.
Asia Pacific to Lead: Rising Production of Fertilizers Will Favor Growth
The market is geographically segregated into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Amongst these, Asia Pacific is projected to lead the market owing to the rising population pool. It is further upsurging the demand for food. Also, fertilizer production is high in this region. It would contribute to growth.
In North America and Europe, the market is set to exhibit a steady growth owing to the increasing application of sulfuric acid in textile, chemical manufacturing, and other similar industries. Besides, the ongoing technological advancements would propel the application of sulfuric acid in both regions. The Middle East and Africa and Latin America would acquire high sulfuric acid market revenue during the forthcoming years. This growth is attributable to the growing industrialization and urbanization. Also, increasing applications, such as metal processing, chemical, and textile manufacturing, is anticipated to drive growth.
Key Players Sign New Contracts & Implement Expansion Plans to Strengthen Position
Prominent players present in the market are focusing on signing new contracts with other organizations to gain a competitive edge. Moreover, they are introducing expansion plans to increase production capacity. It would also help them in increasing the sulfuric acid market size during the forecast period. Below are two of the latest industry developments:
June 2019: Veolia Environnement S.A., a transnational company, based in France, announced that it is planning to expand its regeneration plant by making an investment worth USD 40 million. The plant is called the Burnside facility and it helps in converting the spent sulfuric acid into commercial-quality sulfuric acid. It also supports the refining industry by producing sulfur-based products. The plant will be equipped with the latest equipment and its pre-existing equipment will be upgraded. This expansion would yield almost 15% upsurge in the regeneration capacity of sulfur.
February 2017: Aurubis AG, A German-based copper recycler, declared that it has signed a contract with enercity Contracting Nord GmbH, in the presence of Hamburg’s Environmental Senator Jens Kerstan. As per the contract, both companies will be able to provide energy-efficient district heating to Hafencity East by utilizing industrial waste hear from the Hamburg Aurubis plant. Utilizing the industrial waste heat will cut off the carbon dioxide emission by more than 20,000 t per year as it is nearly free of harmful gases.
Fortune Business Insights™ lists out all the renowned companies present in the sulfuric acid market. They are as follows:
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