Sulfuric Acid Market, Segments, Growth, Trends, Demand, Outlook by 2023

Posted May 20, 2021 by chitradeo00777

Sulfuric acid is a mineral acid and is one of the largest volume industrial chemical produced across the globe. Fertilizer production,
Market Research Future Published a Half Cooked Research “Global Sulfuric Acid Market Research Report - Forecast to 2022” - Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2022.

Sulfuric Acid Market – Market Overview

Sulfuric acid is a mineral acid and is one of the largest volume industrial chemical produced across the globe. Fertilizer production, especially phosphate fertilizer from wet-process sulphuric acid, is the major end use market fort sulfuric acid. The major application area of sulphuric acid covers fertilizers, chemical manufacturing, refinery, textile, pulp & paper manufacturing, metal processing and others.

Agricultural economies holds the greater importance in this market, as fertilizer production considered as a key focused area for the consumption of sulpfuric acid. Increasing demand for fertilizer to attain the higher agriculture yield had a significant impact on this market over the past few years and set its uplifted usage in the coming years. China, alone acquired almost half of the global market in terms of sulphuric acid production resulting into domination of Asia Pacific over the global market. In addition to this, fertilizer consumption of India represents massive number on account of presence of large agriculture base and is driving the demand for sulphuric acid. Apart from the, automotive industry expected to provide higher gains to key industry players in this market during the forecast period. This is due to use of sulfuric acid in the automotive batteries which has triggered automotive application of sulfuric acid. However, volatility in the raw material prices and growing consumption of phosphate based fertilizer limited the growth scope of this market.

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Sulfuric Acid Market- Competitive Landscape

Global Sulfuric Acid market is highly concentrated as well fairly competitive in nature. The key industry participants operating in this market are Agrium, Akzo Nobel, Bayer, BP, Chevron, Cytec Industries, Dupont, Evonik Industries, Honeywell and Solvay. The major companies in this market are seen adopting collective market strategies to such as mergers, acquisition and joint-ventures in order to consolidate their product portfolio and to strengthen their market presence. Several production capacity expansion has also witnessed across the various developed markets to strengthen market penetration into emerging markets and exploit untapped markets. The overall effect of market competition observed in global sulphuric acid market is observed as high and is expected to get even higher due consistent increase in the production activities.

Industry/ Innovation/ Related News:

May 18, 2017- Yidu Xingfa Chemical and DuPont tied in an agreement for an engineering and technology license for a 3,600 Mtpd MECS MAX3 sulfuric acid plant. The collective effort has taken to build one of the largest sulfuric acid plant in China in order to cater the ongoing demand. Xingfa is expanding its existing site, located in the Hubei province near Yichang city, with the aim of roughly doubling the phosphate fertilizer capacity. The new MECS MAX3 sulfuric acid plant will process 1.2 MMtpy of sulfuric acid, as well as support the production of an additional 400,000 tonnes/yr of phosphoric acid, 400,000 tonnes/yr DAP and 35,000 tonnes/yr of potassium phosphate monobasic. The overall expansion activity expected gain market effectiveness while bridging the demand supply gap of sulfuric acid.

October 10, 2017- Indian Farmers Fertiliser Cooperative Ltd and Jordanian Phosphate Mines Company has formed joint venture to build largest sulfuric acid plant in India. The agreement has undertaken by investing overall amount of USD 860 million. The plant will come as a huge relief to India’s agricultural sector requirements in view of meagre availability of phosphates in India. Phosphoric acid produced at the plant will be exported to the Kandla port in Gujarat from Jordan’s Aqaba port, which is close to the location of the plant.

November, 2017- Leading chemical industry player BASF has launched new sulfuric acid catalyst. BASF has introduced the new sulphuric acid catalyst O4‑115 Quattro into the market. The new, cesium-based catalyst is unique due to its geometrical shape – a combination of four strands – leading to a 30 percent greater catalytic surface area compared to conventional sulphuric acid catalysts. The newly launched catalyst has 30 % greater catalytic surface area and helps to improve performance during the sulfuric acid production.

August 31, 2016- Jacobs Engineering Group Inc, Acquires BAYQIK® Sulfuric Acid Converter Technology from Bayer AG. The company has acquired patented technology from Bayer AG, under the term of agreement the overall technology shift includes transfer of relevant Bayer technical, commercial and market information to Jacobs Engineering Group Inc. BAYQIK technology enables more efficient conversion of process gas with high sulphur dioxide concentrations. Therefore, it altogether expected to provide growth offerings in the Jacobs Engineering Group Inc. growth offering.

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Last Updated May 20, 2021