According to the latest report by Transparency Market Research, the global sulfuric acid market is expected to witness a robust growth in the forecast period of 2018 to 2026. The growth of the market is attributed to the rising demand for phosphate fertilizers for agricultural purposes in various countries across the globe. The report also states that the global sulfuric acid market is expected to witness this growth as a result of various leveraged opportunities by the players from different region of the world. Moreover, the application of sulfuric acid in numerous cleansing products is also expected to be a major factor to propel the growth of global sulfuric acid market in the forecast of 2018 to 2026.
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Market to Reach at US$12,424.86 mn at the of the Forecast
- According to the report, the global sulfuric acid market is expected to witness a consistent 2.7% CAGR during the forecast period. This growth of the market is attributed to rising demand for sulfuric acid in fertilizer manufacturing.
- The report also predicts that the market is expected to reach a staggering value of US$12,484.86 mn at the end of the forecast period. This revenue generation states that the market has tremendous opportunities for the players to grow substantially over the period time.
With these insights, the players can have a clear idea about the dynamics and opportunities of the global sulfuric acid market. These insights can help the players make better decisions and have better profit quotients during the forecast period.
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- Rising Demand for Sulfuric Acid to Propel the Market
Sulfuric acid is majorly used as a raw material or as a processing agent in various verticals. The compound is extensively used in water treatment, fertilizer manufacturing, pharmaceuticals, steel production, and chemical processing. Due to these extensive applications, the global sulfuric acid market is expecting a major boost in coming years.
Due to its highly corrosive nature, sulfuric acid is used to clean steel surfaces, prior to being coated with Tin layers for manufacturing food canisters. Furthermore, it also used in manufacturing of titanium dioxide which is used as a pigment in various industries. Due to these applications, the global sulfuric acid market is expected to witness a major boost in the forecast of 2018 to 2026.
Application of sulfuric acid in production of phosphate fertilizers is a key factor that is expected to fuel the growth of global sulfuric acid market in coming years. Since, phosphate fertilizers are considered as the best fertilizer for agriculture, hence its demand is supporting the growth of the market. Moreover, various other applications in chemical sector are yet another factor that is expected to influence the growth of global sulfuric acid in coming years.
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- Asia Pacific to Dominate All the Regions of the Market
Geographically, Asia Pacific is expected to exhibit maximum potential for the players of global sulfuric acid market. The dominance of the region is the result of the rising demand of phosphate fertilizers in countries like China and India. Moreover, growing industrialization in various countries is also expected to support the growth of Asia Pacific in global sulfuric acid market from 2018 to 2026.
- Stringent Government Policies to Hamper the Growth of the Market
Sulfur dioxide is one of the key airborne pollutants, and is cancer-causing. It is known to cause different respiratory issues such as bronchoconstriction in people. Moreover, sulfuric acid is a highly reactive and unstable compound. It can cause laryngeal malignant growth, and serious skin burns if exposed on human skin. Various regulatory bodies, for example, the Scientific Committee on Occupational Exposure Limit Values (SCOEL) and the American Conference of Governmental Industrial Hygienists has set up rules for the use of sulfuric acid. These guidelines and implementation of stringent policies for the production and application of sulfuric acid and its raw materials in various regions is anticipated to antagonistically influence the sulfuric acid market during the forecast period of 2018 to 2026.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Sulfuric Acid Market (Application – Fertilizers, Chemical Synthesis, Wastewater Treatment, Metal and Mining, Semiconductors, Others (include Paper & Pulp and Pharmaceutical)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026.”
Companies in the sulfuric acid market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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