Forecasting Market Growth and Trends: Insights into the Sulfuric Acid Industry for 2027Posted by Jack Martin on April 3rd, 2024 Sulfuric acid is a highly corrosive and strong mineral acid used in various industrial processes, including fertilizers, batteries, and chemical manufacturing. It's essential in numerous applications due to its acidic properties and ability to react with many substances. The global sulfuric acid market is projected to grow from USD 13.2 billion in 2020 to USD 28.5 billion by 2027, at a CAGR of 11.7% during the forecast period. Sulfuric acid is primarily used in metal ore leaching, fertilizer manufacturing, oil refining, wastewater processing, and chemical synthesis. Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1065 Based on raw material, the sulfuric acid market is segmented into elemental sulfur, pyrite ores, base metal smelters, and others. Sulfur is the major raw material used in the production of sulfuric acid. Elemental sulfur is expected to account for largest share in 2022, in terms of volume. Around 90% of sulfur produced goes into the manufacturing of sulfuric acid. Thus, the use of elemental sulfur as a major feedstock for the production of sulfuric acid, fuels the growth of this segment. Sulfuric Acid Market- Segments -The sulfuric acid market can be segmented based on various factors including: End-Use Industry:
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The Mosaic Company (US), OCP Group (Morocco), Chemtrade Logistics Income Fund (Canada), Nouryon (Netherlands), BASF SE, Ineos Group Ltd, KANTO Corporation, Aurubis AG, Avantor Performance Materials, LLC, PVS Chemicals Inc., Seastar Chemicals, KMG Chemicals, Qingdao Hisea Chem Co.Ltd, Linde Group, Nouryon, Cornerstone Chemical Company, Ma’aden - Saudi Arabian Mining Company, Canada Colors and Chemicals Limited, Hubei Xingfa Chemicals Group Co., Ltd, Asia Union Electronic Chemical Corporation (AUECC), Tata Chemicals, Trident Group, Boliden Group, UBE INDUSTRIES, LTD., and Others The Mosaic Company is one of the major players in the global sulfuric acid market. It is involved in the production and selling of concentrated phosphate and potash crop nutrients. The company serves approximately 40 countries across the Americas, Asia Pacific, and other regions of the world. The company has the availability of nitrogen assets with access to lower-cost natural gas. The company has a considerable focus on its phosphates segment as it generates 40% of revenue for the company. This indicates a good platform for the growth of its sulfuric acid business. Request Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1065 Another important player in the global sulfuric acid market is BASF SE. In July 2021, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd., and Zhejiang Jiafu New Material Technology Co. Ltd. signed an agreement to expand the production capacity of electronic-grade sulfuric acid in China. The site expansion is expected to be completed by 2023. With this investment, BASF will be more capable of meeting the rising demand for electronic materials in the Chinese market and ensure steady customer supply. Moreover, the development will establish firm presence of BASF in China by building a third sulfuric acid production facility in Jiaxing. Read Our Trending Press Release Below: Like it? Share it! More by this author |