Global Sulfuric Acid Market, 2023-2028
Market Overview
Sulfuric acid, with the chemical formula H2SO4, is a highly corrosive and strong mineral acid. It is commonly referred to as battery acid or oil of vitriol. Due to its powerful acidic properties, sulfuric acid finds extensive use in various industries.
One of its major applications is in the production of fertilizers, detergents, dyes, pigments, and synthetic fibers. Additionally, it plays a crucial role in the petroleum industry, where it is utilized for refining crude oil and manufacturing various chemicals.
Sulfuric acid is a vital component in the production of lead-acid batteries, which are widely used in automobiles and other applications. It is also employed for pickling and cleaning metals, such as steel, to effectively remove rust and scale before further processing. Furthermore, sulfuric acid finds utility in laboratories and water treatment plants for adjusting the pH of solutions and wastewater. Lastly, it is involved in the production of explosives like nitroglycerin and TNT.
Since the second half of 2020, the global sulfuric acid market has been tightening due to continuous interruptions in smelter acid and sulfuric acid production, coupled with tight sulfur supply and stronger-than-expected demand. This has led to a surge in sulfuric acid prices, with the global market size reaching $28.8 billion in 2022. It is expected that the sulfuric acid prices will mainly experience downward fluctuations in 2023.
The purpose of this report is to offer an updated evaluation of the sulfuric acid market, with a particular emphasis on its raw material type and application segments. The report provides comprehensive and precise estimates and forecasts for the global market, followed by in-depth analyses of the regions, countries, and manufacturers involved. The report aims to provide a detailed overview of the sulfuric acid market, along with the competitive landscape of the market.
Research Coverage
The sulfuric acid market can be categorized based on the type of raw materials used, including base metal smelters, elemental sulfur, pyrite ore, and others sourced from oil and petroleum refineries. Furthermore, the market is segmented based on its applications, which encompass batteries, chemicals, fertilizers, metal processing, petroleum refining, textile, paper and pulp, and others.
A significant portion of the global sulfuric acid production, approximately half, is dedicated to the agriculture and farming sector, specifically in the manufacturing of fertilizers. Sulfuric acid plays a vital role as a key component in the production of phosphate fertilizers like ammonium sulfate and superphosphate of lime. Fertilizers are essential for replenishing the nutrients that crops extract from the soil. Without fertilizers, agricultural productivity and crop yields would be significantly diminished.
Fertilizers serve the purpose of supplementing the soil's nutrient reserves with minerals that crops can readily absorb and utilize. Agriculture is a crucial sector worldwide, providing a primary source of livelihood for many. Countries like India and the United States are experiencing positive growth in this sector. Consequently, the demand for fertilizers is expected to drive the sulfuric acid market during the forecast period.
Competitive Landscape
The report provides a comprehensive overview of the leading market players in the global sulfuric acid market. These include prominent companies such as The Mosaic Company, BASF SE, The OCP Group, Chemtrade Logistics Inc., Yunnan Yuntianhua Co., Ltd., Jiangxi Copper Company Limited, Tongling Nonferrous Metals Group Co., Ltd., PVS Chemical Solutions Inc., Aurubis AG, Hindustan Zinc Limited, Boliden Group, Southern States Chemical, Inc., JSC PhosAgro, Indian Farmers Fertiliser Cooperative Ltd (IFFCO), Korea Zinc Company Limited, Kutch Chemical Industries Limited, Nutrien Limited, Ma'aden, Weylchem International GmbH, Glencore plc, Codelco, J. R. Simplot Company, Rio Tinto Group, Asarco LLC, EuroChem Group AG, Ural Mining and Metallurgical Company, Foskor Ltd., Grupo México, Grupo Fertinal, Hindalco Industries Limited, Paradeep Phosphates Limited, Hubei Yihua Chemical Industry Co., Ltd., Zijin Mining Group Co., Ltd., Yunnan Copper Co., Ltd., and Xinyangfeng Agricultural Technology Co., Ltd., among others.
Additionally, there are numerous other players operating in the global sulfuric acid market, including Young Poong Co., Ltd., Aarti Industries Ltd., Bodal Chemicals Ltd., Nouryon Holding B.V., PQ Group Holdings Inc., Vale S.A., Veolia Environnement S.A., Namhae Chemical Corp., Wylton (China) Chemical Co., Ltd., Guizhou Phosphate Chemical Group, and others. These companies contribute to the competitive landscape of the sulfuric acid market, each bringing their expertise and offerings to the industry.
Key Questions Answered
What is the projected global market size of sulfuric acid by 2028
Which raw material type segment exhibits dominant control and influence
Which application segment possesses the largest market share
Which region segment demonstrates the most significant dominance
Who are the key players with the largest market share in the sulfuric acid market
What is the estimated global market size for the sulfuric acid market in 2023
What is the expected incremental growth of the sulfuric acid market during the forecast period
Which region is expected to have a high growth rate during the forecast period
1. Market Overview
2. Global Sulfuric Acid Market - Raw Material Type Analysis
Base Metal Smelters
Elemental Sulfur
Pyrite Ore
Others (from Oil & Petroleum Refineries)
3. Global Sulfuric Acid Market - Application Analysis
Batteries
Chemicals
Fertilizers
Metal Processing
Petroleum Refining
Textile, Paper and Pulp
Others
4. North America Sulfuric Acid Market
5. Europe Sulfuric Acid Market
6. Asia-Pacific Sulfuric Acid Market
7. Rest of World Sulfuric Acid Market
8. Company Profiles
Methodology/Research Approach
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.Research Programs/Design
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Market Size Estimation
Top-down and bottom-up approaches are used to validate the global Voluntary Carbon Offset market size market and estimate the market size for Company, regions segments, product segments and Application (end users).
The market estimations in this report are based on the marketed sale price of Voluntary Carbon Offset (excluding any discounts provided by the player, distributor, wholesaler or traders). The percentage splits, market share, and breakdowns of the product segments are derived on the basis of weights assigned to each of the segments on the basis of their utilization rate and average sale price. The regional splits of the overall Voluntary Carbon Offset market and its sub-segments are based on the percentage adoption or utilization of the given product in the respective region or country.
Major Company in the market is identified through secondary research and their market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top Company; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and marketing executives. The percentage splits, market share, Growth Rate and breakdowns of the product markets are determined through using secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or other factors are not accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Market Intellix and presented in this report
The following figure shows an illustrative representation of the overall market size estimation process used for this study.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report. Extensive qualitative and further quantitative analysis is also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.
Data Source
Secondary Sources
Secondary sources include such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, etc. This research study involves the usage of widespread secondary sources, directories, databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), and TRADING ECONOMICS, and News Network, statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS; company house documents; CAS(American Chemical Society); investor presentations; and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and Hospitals study of the Voluntary Carbon Offset market. It was also used to obtain important information about the top companies, market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives.
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Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product Company (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end use (product buyers), and related key executives from various key companies and organizations operating in the global market.
Primary research was conducted to identify segmentation Type, product price range, product Application, key Company, raw materials supply and the downstream demand, industry status and outlook, and key market dynamics such as risks, influence factors, opportunities, market barriers, industry trends, and key player strategies.
Key Executives Interviewed
Key Data Information from Primary Sources
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