Global Sulphuric acid market was valued at USD 11.4 billion in 2020 and is projected to reach at USD 14.6 billion by 2027 with CAGR of 4.2% during forecast period.
According to the 2020 annual report published by the International Fertilizer Association (IFA), the fertilizer industry is poised to observe an impressive investment of close to $110 billion with more than 65 new production units between 2020 and 2021. Sulphuric acid is widely used to make fertilizers, and so, the expansion of the fertilizer industry will lead to an amplified demand influx in the sulphuric acid market that was valued to be around $8.54 billion in 2020. Furthermore, the demand for sulphuric acid is estimated to grow with a modest compound annual growth rate (CAGR) of 2.5% during the forecast period of 2020 to 2027.
Due to the superfluous population density in APAC, the agricultural sector is making strides in the region to fulfill the catapulting demand for food. Subsequently, sulphuric acid which finds application in the agricultural sector is observing an augmented demand. Additionally, there is a gamut of chemical industries in APAC, and sulphuric acid is the most important industrial chemical used in the manufacturing process of various chemicals such as hydrochloric acid and nitric acid. Owing to the fact that APAC is also witnessing a massive growth in the pharmaceutical sector which is also a sulphuric acid marketplace, the region bore a majority share of 36% in 2020.
Sulphuric acid is a mineral acid with a strong acidic nature that is composed of hydrogen, sulphur, and oxygen and has dehydrating and hygroscopic properties. It is also called “king of chemicals” as it has a myriad of applications in the industrial, agricultural, pharmaceutical, and automotive sector (for batteries).
Sulphuric acid is specifically utilized in the manufacturing of phosphate fertilizers. According to the Food and Agricultural Organization (FAO), the demand for phosphate fertilizer nutrient will increase from 43.19 million tons in 2020 to 45.86 million tons in 2020. Owing to this propitious progress in the phosphate fertilizer manufacturing industry across the globe, the sulphuric acid market will be booming during the forecast period. Resultantly, the application CAGR of sulphuric acid in the fertilizers manufacturing is gauged to be 5.4% through to 2027.
The key players striving to capitalize on the demand influx in the sulphuric acid market are The Mosaic Company, PotashCorp, Groupe Chimique Tunisien, Maaden - Saudi Arabian Mining Company and OCP Group, PVS Chemicals, Aurubis, Chemtrade Logistics Income Fund, BASF SE, Akzonoble NV, DowDupont, and INEOS Enterprises and Agrium Inc.