As per the future outlook foreseen by a recent Industry ARC business intelligence report, titled “Sulphuric Acid Market: By Applications (Phosphate Fertilizers, Chemical Manufacturing, Agricultural Chemistry, Electrolyte in Lead-Acid Storage Battery); By Manufacturing (Lead Chamber, Contact) & By region – Forecast (2018 - 2023),” the market is poised for exponential growth due to the ample amount of application-opportunities prevailing across several flourishing and untapped industries.
Sulphuric acid is highly corrosive in nature and is hygroscopic. It also has dehydrating and oxidizing properties. Due to such characteristics, it has found an enormous scope of applications in various industries such as chemicals, agricultural chemistry, oil and gas, automotive, and others. The rapidly growly automotive sector, which had a massive production of 73.4 million cars and 23.84 million trucks in 2017, is likely to affect the market. Some of the prominent end-users industries are domestic acidic drain cleaners, lead-acid batteries and cleaning agents. As per the International Tin Association, lead-acid batteries market are to grow in a range of 4% in the coming years.
Browse 51 Market Tables, 176 Figures spread through 155 slides and an in-depth TOC on “Sulphuric Acid Market (2018 - 2023)”
Automotive Sector Driving Sulphuric Acid Market:
- Automotive batteries contain 30-50% sulphuric acid, and the market for the same is incrementing at a CAGR of 8.5% through to 2023, according to another IndustryARC report. Automotive end-use segment of the sulphuric acid market is flourishing globally with incremented growth percentages of vehicle production in some countries: India (5.83%), China (3.19%), and Japan (5.31%) as of 2017. Thus the application of sulphuric acid in automotive batteries and emerging battery operated vehicles are forecast to stroke the market with abundant demand.
- Fertilizers market is gaining traction due to increase in agricultural spending and growing demand for high quality cultivated crops. Several regions like Asia and Africa currently spend 20-30% of their total GDP in agricultural domain, which is forecast to increase even further with government interventions. Sulphuric acid application in manufacturing of significant phosphate fertilizers in this flourishing segment is driving the market growth.
- Petrochemical industry utilizes sulphuric acid in its refining operations. It is used to eradicate impurities out of gasoline, as a catalyst and dehydrating agent in various petrochemical processes and to clean rust from steel rolls and pipes. As per International Energy Agency petrochemicals are set to account for one-third of global oil demand growth by 2030, and almost half of the growth by 2050. Owing to such robust growth, sulphuric acid application in this sector will stroke the market with abundant demand.
- Sulphuric acid is referred as commodity chemical for its numerous industrial applications. As per BASF, a chemical manufacturing giant, global chemical production is anticipated to grow by 4%. Countless number of applications in chemical industry for production of detergents, synthetic resins, petroleum catalysts, insecticides, and in various procedures such as oil well acidizing, aluminum reduction, water treatment is going to positively affect the market share.
Lack of Regulations Fueling the Asia-Pacific Sulphuric Acid Market:
As per the regional market analysis provide by IndustryARC’s research report, Asia Pacific region is the leading demand generator for sulfuric acid in terms of value and volume. Emerging markets of Asia are forecast to grow at 4% in their chemical production. Consequently, market giants are shifting their manufacturing operational facilities from mature markets of Europe and North America to this region. This relocation is due to the presence of abundant natural reserves such as minerals deposits and crude oil and lenient government regulations in the region. Asia-Pacific also offers a big chunk of demand as well as the availability of low-cost workforce.
Sulphuric Acid is termed as a commodity chemical because of its employment in the production of many chemicals. More than half of the global production is utilized by the flourishing agricultural chemistry domain. Its industrial importance can be justified with the fact that its production is often considered as a parameter to judge a region’s industrial strength. Apart from the growing demand for fertilizers, the automotive industry is expected to remain key end-user of sulphuric acid, which is a key component in vehicle batteries.
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Inorganic Acid Market: By Type (Hydrochloric Acid, Sulphuric Acid, Nitric Acid, Phosphoric Acid, Boric Acid, Hydrogen Fluoride), By Application (Agrochemicals & Fertilizers, Pigments & Dyes, Pharmaceutical, Explosives) Geography - Forecast(2018 - 2023)
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