Global Sulfuric Acid Market is expected to reach USD 13.45 billion by 2025. Sulfuric Acid is also termed as oil of vitriol, sulphuric acid, or dihydrogen sulfate is a colorless & odorless, dense, oily corrosive liquid with a molecular formula H2SO4. The molecular weight is 98.072 g/mol and is soluble in water and sulfur trioxide with release of heat. It is exclusively used to manufacture chemicals and fertilizers and in steel and iron production. It is normally supplied based on concentrations of 98, 78, or 93 percent.
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Key Players:
The key players of sulfuric acid
market are Jacobs, Akzo Nobel, Honeywell International, DuPont, Evonik
Industries, PotashCorp, and Aditya Birla Management Corporation.
Growth Drivers:
Sulfuric acid is a very robust
acid and in aqueous solutions, it ionizes entirely to form hydrogen sulfate
ions (HSO4−) and hydronium ions (H3O+). The Sulfuric Acid Market is estimated
to grow at a significant CAGR of 3.3%over the forecast period as the scope and
its applications are rising enormously across the globe.
Rising manufacturing of nutrient
rich food crops, high demand for sulfur based fertilizers, rising use of
sulfuric acid in metal processing, and growing demand from waste water
treatment plant and oil & gas industry are documented as major factors of
Sulfuric Acid Market that are estimated to enhance the growth in the years to
come. However, high cost of raw material and strict government policy
associated with sulfuric acid due to health & environment concern are the
factors that may restrain overall market growth in coming years. Sulfuric acid
industry is segmented based on type, application, and region.
Pyrite ore, elemental sulfur,
base metal smelters, and other types could be explored in Sulfuric Acid in the
forecast period. Another sector comprises of petroleum & oil refineries.
Elemental sulfur accounted for substantial market share. This may be because it
is less atmosphere polluting in comparison with pyrite ore roasting.
The market may be categorized
based on applications like pulp & paper, fertilizers, automotive, chemical
manufacturing, textile industry, metal processing, petroleum refining, and
other that could be explored in the forecast period. The other sector comprises
of applications like electronics industry, wastewater treatment, drugs &
medicines, and industrial cleaning agent. The fertilizers sector accounted for
the substantial market share of Sulfuric Acid and is estimated to remain
dominant in the coming years. This may be because of growing population and
demand for high quality food and fertilizers increase crop yield.
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