Global Sulfuric Acid Market Overview –
According to a recent report, the global sulfuric acid market is expected to grow at a significant CAGR of xx percent from 2015 to 2020. The growing need for sulfur-based fertilisers is a major driver of the global sulfuric acid market. The sulfuric acid market is expected to grow in the oil and gas industry and waste water treatment over the forecast period. Government regulations restricting the use of sulfuric acid and the high cost of raw material are the main impediments to the global sulfuric acid market growth. Sulfuric acid market growth is also being hampered by its adverse effects on human health, such as skin problems, eye irritation, and others.
The European and North American regions dominate the global sulfuric acid market share. However, the rapid industrialization in Latin America means that the region’s markets are also likely to grow at a significant CAGR. Because of a growing demand for consumer products in China, Japan, and India, the Asia-Pacific region is expected to take over the overall market during the forecast period.
Scope of the Report –
By raw material type, end-user industry and geographic location, the sulfuric acid market can be segmented into submarkets. Raw material types include elemental sulphur, pyrite ore, and other types of sulfuric acid The market is segmented into fertiliser, chemical & pharmaceutical, automotive, petroleum refining, and other end-user industries by end-user industry.
Sulfuric acid market size and forecasts for 15 countries across major regions are also included in the report. The market size and forecasts for each segment have been calculated using volume (kiloton).
COVID-19 Analysis –
The rise of COVID-19 across the globe in recent years has resulted in a wide range of unexpected challenges for every market and industry. Lockdown has a significant negative impact on the economy. As a result of the pandemic, many businesses lost money and became in debt, while others saw a rise in demand for their products and a rise in profits. Pesticides and cleaning products, both of which are critical in the event of a pandemic, are both made with sulphuric acid.
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When there is a pandemic, cleaning is a critical necessity, and the demand for cleaning products goes up. As a result, this pandemic is expected to boost the sulphuric acid market. Even so, the worldwide lockdowns have resulted in a slight slowdown in growth rates. As the number of corona cases declines, the government lifts the emergency lockdown, allowing the market to quickly regain its demand and sales.
Market Dynamics –
The key industries that are driving the market are semiconductor manufacturing, PCB panel manufacturing, and integrated circuit manufacturing. In the semiconductor industry, the electronic grade of sulfuric acid is the most preferred specialty wet chemical for use in a variety of one-of-a-kind and custom electronic applications. As the demand for electronic goods continues to rise around the world, there will likely be an increased requirement for electronic grade sulfuric acid.
Key Players –
By Type –
Base Metal Smelters
By Applications –
Pulp & Paper
By Region –
South Asia Pacific
Middle East and Africa