Transparency Market Research has published a new report titled “Sulfuric Acid Market for Fertilizers, Chemical Synthesis, Wastewater Treatment, Metal & Mining, and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023.” According to the report, the global market for sulfuric acid was valued at US$67.99 bn in 2014 and is projected to reach US$85.40 bn by 2023, expanding at a CAGR of 2.6% between 2015 and 2023.
Asia Pacific accounted for the largest volume share of more than 50% of the global sulfuric acid market in 2014. The sulfuric acid market in this region is primarily driven by high consumption of sulfuric acid in fertilizers, chemical synthesis, wastewater treatment, metal & mining, and other industrial applications. Furthermore, the market in Asia Pacific is anticipated to expand at the fastest CAGR during the forecast period. China, Japan, India, and countries in ASEAN are expected to drive the sulfuric acid market by 2023. In terms of demand, Europe held the second-largest share of the sulfuric acid market in 2014. However, volatility in prices of crude oil and natural gas coupled with rising governmental regulations regarding airborne emissions are estimated to hamper demand for sulfuric acid in the region. The market in North America and Europe is likely to exhibit diminishing growth during the forecast period, while the market in Latin America and Middle East & Africa is expected to witness steady growth by the end of 2023.
China, India, Vietnam, Singapore, Malaysia, and Japan are some of the key countries in Asia Pacific that are anticipated to be the major consumers of sulfuric acid during the forecast period. China constituted the largest share of the sulfuric acid market in Asia Pacific in 2014. Increasing foreign investments, broad production base, and growing population are some of the key factors anticipated to drive sulfuric acid market demand in China between 2015 and 2023. In terms of demand, China is estimated to witness the fastest volume growth among other countries in Asia Pacific by the end of 2023.
Germany, Spain, and France dominated the demand for sulfuric acid in Europe in 2014. Fertilizers and chemical synthesis were the major applications of sulfuric acid in the region. The market share of Europe is estimated to decline in the next few years owing to stringent regulations on emissions from sulfur as well as its derivatives. However, countries in Eastern Europe, especially Russia and Bulgaria, are likely to experience stable growth owing to the current improvement in economy and rising trade relations with countries in Asia Pacific.
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The U.S. dominated the market for sulfuric acid in North America in 2014. However, the sulfuric acid market in the country is projected to witness stagnant growth in the near future, as key end-user markets of sulfuric acid have reached saturation. Brazil constituted the largest share of the sulfuric acid market in Latin America in 2014. Substantial increase in the production of fertilizers is the major driver of the sulfuric acid market in the region. The sulfuric acid market in Middle East & Africa is anticipated to expand akin to that in Latin America in the near future. Rising metal mining operations coupled with development of fertilizers industry in GCC is estimated to boost the demand for sulfuric acid in Middle East & Africa by the end of 2023.
The Report segments the Global Sulfuric Acid Market as follows:
Sulfuric Acid Market – Application Analysis
- Chemical synthesis
- Wastewater treatment
- Metal & mining
- Others (Including paper & pulp, pharmaceutical, etc.)
Sulfuric Acid Market – Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
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