The Inorganic Acid Market size is estimated to reach US$63.7 billion by 2027, after growing at a CAGR of 7.0% during the forecast period 2022-2027. The use of inorganic acid in agriculture has increased significantly. An inorganic acid, also known as a mineral acid, is a type of acid composed of one or more inorganic compounds, such as sulphuric acid, nitric acid, phosphoric acid and boric acid. Increasing use of inorganic acids applications such as fertilizers and others is the major reason driving the inorganic acid market in the agriculture industry. The agriculture sector is rapidly growing due to growth factors such as a rise in agricultural produce, flourishing trade activities and rising income levels. According to the National Statistics, Department for Environment Food & Rural Affairs, the value of fresh fruits in the UK increased from US$903 million in 2019 to US$1,045 million in 2020.

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Inorganic Acid Market: The Agriculture Segment Leads the Market

On the basis of the end-use industry, the Inorganic Acid market can be segmented into agriculture, food & beverages and others. The agriculture market’s leading segment has been evaluated to be horticulture. During the forecast period 2022-2027, the horticulture crops segment is expected to grow at a CAGR of 6.6%. The agriculture sector is rapidly expanding as a result of growth factors such as increased agricultural produce, thriving trade activities and rising income levels. According to the International Trade Administration (ITA), Thailand’s agriculture sector's total local production increased from US$41,459 million in 2018 to US$43,379 million in 2020. According to the Department of Agriculture and Farmers Welfare, India's total vegetable production in 2019 was 191.8 million metric tons, a 4.7% increase over the previous year.

Inorganic Acid: Asia-Pacific Holds the Largest Market Share

On the basis of geography, the Inorganic Acid market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 41 % share of the total revenue earned by the market globally. Asia-Pacific countries including India and China are ahead comparatively in terms of consuming fruit products. According to the Ministry of Agriculture & Farmers Welfare, Total Horticulture production in 2020-21 reached a record 334.60 million tons, an increase of 14.13 million tons (4.4 percent) over the previous year in India. According to the Ministry of Agriculture & Farmers Welfare, India’s Fruit production reached 102.48 million tons in 2020-21, up from 102.08 million tons in 2019-20. The Inorganic Acid market would also gain demand from the North American region. The USA and Canada are emerging as competitive countries in the Inorganic Acid market.

Inorganic Acid Market: Competitive Landscape

Key companies holding major shares in the Inorganic Acid market are BASF SE, DuPont de Nemours Inc, Evonik Industries, INEOS Enterprises, Dow Chemical, LyondellBasell Industries, PVS Chemicals, Inc., Akzo Nobel N.V., General Chemicals and Basic Chemical Solutions LLC.

R&D Investments

In August 2021, INEOS Enterprises announced the sale of its Sulphur Chemicals business to the International Chemical Investors Group. INEOS Sulphur Chemicals is Spain's largest dedicated manufacturer of sulphuric acid and oleum, serving end-applications ranging from agriculture to chemical intermediates.

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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.