The global sulfuric acid market is characterized as a highly competitive and fragmented in nature, thanks to the presence of a large number of players operating in it, states a research study by Transparency Market Research (TMR). In 2014, the leading players in the global sulfuric acid market, namely PotashCrop, The Mosaic Company, and Vale Fertilizers collectively accounted for a share of 10.5% of the overall market. In order to earn higher revenues and to change the pace of the market, key players are focusing on strategic collaborations and mergers and acquisitions. In addition, the development of effective and high-performance products are some of the other factors anticipated to encourage the growth of the market in the near future. However, the sluggish growth owing to the capital intensive nature is likely to restrict the growth of the market in the coming years.
According to the Transparency Market Research, in 2015, the global market for sulfuric acid was worth US$69.3 bn and is anticipated to reach a value of US$85.4 bn by the end of 2023. The market is likely to register a 2.60% CAGR between 2015 and 2023.
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Asia Pacific to Remain Dominant in Global Sulfuric Acid Market
Among the key geographical segments, in 2015, Asia Pacific accounted for around half of the global sulfuric acid market and is expected to remain in the topmost position throughout the forecast period. The presence of a large number of players in the chemical industry across China is one of the vital factors anticipated to fuel the growth of the sulfuric acid market in Asia Pacific. On the other hand, Europe and North America are expected to witness steady growth throughout the forecast period, owing to the expansion of the application base across diverse industries.
On the basis of application, the global market for sulfuric acid has been classified into chemical synthesis, metal and mining, wastewater treatment, fertilizers, pharmaceuticals, and paper and pulp. Among these, the fertilizers segment is expected to lead the global sulfuric acid market and is likely to account for a key share throughout the forecast period. The growing focus of key players on research and development activities is estimated to expand the application base of sulfuric acid, thus fuelling the growth of the overall market in the forecast period. The chemicals segment is anticipated to witness robust growth in the next few years, owing to the rising demand for sulfuric acid in making chemicals, including sulfate salts, nitric acid, hydrochloric acid, drugs, and explosives.
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Rising Demand for Fertilizers to Encourage Market Growth
The global market for sulfuric acids is projected to witness progressive growth throughout the forecast period, states a TMR analyst. The expansion of the phosphate fertilizers market across the globe is expected to boost the consumption of sulfuric acid, thus encouraging the growth of the overall market. In addition, the rising pace of industrialization in China is expected to encourage the growth of the overall market in the next few years.
Furthermore, the growing demand for sulfuric acid from the oil and gas industry is another factor likely to accelerate the growth of the global market in the near future. With the rising emphasis on new product development and innovations is estimated to generate promising opportunities for the key players operating in the sulfuric acid market across the globe.
Fluctuating Raw Material Prices to Hamper Market Growth
The global sulfuric acid market is expected to face several limitations, which are likely to restrict the market’s growth in the next few years. The volatility in the cost of raw materials and strict regulations imposed by governments regarding the use of sulfuric acid are some of the important factors anticipated to curb the growth of the market in the near future. Nevertheless, the recovery of sulfur is anticipated to offer promising opportunities throughout the forecast period.