Sulphuric Acid Market is gaining traction due to increasing use of the acid as a food additive to prevent the growth of spoilage microbes and bacteria. Diluted sulphuric acid is approved as a food additive and acidifying agent in most of the regions such as APAC and Europe as it contains hydrogen and oxygen. Sulphur is used in the production of various dairy products such as cheese and in the sugar refineries as it is beneficial in muscle development. Rising demand for sulphuric acid in the agriculture sector is due to rise in cultivation of nutrition rich food crops. In March 2019, Outotec Oyj, a Finnish technology company, signed a contract with OCP Group, a Morocco-based company, for the delivery of sulphuric acid plant for the fertilizers production. This new acid facility will include advanced proprietary technologies such as HEROS, convertor, an acid distribution system and absorption tower. Owing to the similar amalgamation globally, the analyst from IndustryARC evaluated the global sulphuric acid market size to be $8.54 Billion as of 2018. Moreover, the demand for sulphuric acid is poised to grow at a CAGR of 2.50% during the forecast period 2019-2025, as per a newly compiled market intelligence report.
According to the Sulphur Institute 2018 report, over 40 million tonnes of sulphuric acid is produced annually in the U.S. Major applications of sulphuric acid include industrial chemicals such as mineral acid and hydrogen, production of fertilizers, additives for the pulp and paper industry, battery acid in the automotive sector, and rubber vulcanizing. Furthermore, IndustryARC’s analyst states that “recently, sulphuric acid has been identified as the new particle formation, which is a key component in the atmosphere coupled with atmospheric bases such as amines and ammonia, and few highly oxidized organic compounds.”
Global Sulphuric Acid Market: Leading Segments
APAC is dominating the sulphuric acid market with a regional share of 36% in 2018. Countries such as China, Japan, and India have highest population in APAC. Therefore, there is a demand influx in the agricultural industry in order to suffice the food requirement of the population. Subsequently, the growing agriculture production is boosting the sulphuric acid demand. According to the World of Steel Organization, China and India are largest steel producing countries in the world with 831.7 million tonnes and 101.4 million tonnes as of 2017. Emerging markets of China and India are expected to become the major net consumer of sulphuric acid in the coming years for the production of steel. Sulphuric acid also known as mineral acid, has strong acidic nature and is dehydrating in nature, due to this it is widely used in the manufacturing of steel. Moreover, the Industry 4.0 has changes the dynamics of the sulphuric acid industry. Smart manufacturing, automation, and real-time data exchange is helping the companies to forecast prices, demand, and supplies by using big data. In terms of cost saving and safety, few of the companies have started using drones to examine storage tank for leakage or cracks and chemical plants. This technological advancement and its use is expected to increase the productivity, efficiency, and margins of the sulphuric acid manufacturers. Hence, the APAC sulphuric acid market will witness substantial growth in the coming years.
Fertilizers is the growing key application of the Global Sulphuric Acid Market. According to the Food and Agriculture Organization, by the end of 2019, the global demand for total fertilizer nutrients is projected to grow by 1.6% and expected to reach 199 million tonnes. Phosphate fertilizers are considered as modern day agricultural practices and are used for manufacturing phosphate fertilizers. Moreover, the demand for sulfuric acid in fertilizer manufacturing will grow at a CAGR of 5.40%, during the forecast period.
Global Sulphuric Acid Market: Market Trends and Growth Driver
· Rising Water Treatment Plants
Rising number of water treatment plants globally have gained traction in every industry, owing to stringent rules and regulations of the government to avoid water wastage. These plants use sulphuric acid to neutralize the pH level of the water that is being wasted. For instance, Wata Chemicals in 2019 opened its second sulphuric acid plant to benefit the water treatment industry in Bangladesh. Hence, usage of sulphuric acid in water treatment is influencing the sulphuric acid market growth.
· Growing Nutritional-Rich Food Crops
The largest amount of sulphuric acid is found in phosphate fertilizers, being the largest application of the sulphuric acid along with constant increase in the demand for sulphuric acid and its diversified applications. The level of sulphuric amino acid in the fruits and vegetables helps the skin to maintain its suppleness. The sulphuric acid market is boosting, owing to consumers inclination towards these fruits and vegetables.
Global Sulphuric Acid Market: Major Frontrunners
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.