The global sulfuric acid market is projected to reach USD 11.10 Billion by 2021, at a CAGR of 2.87%. It is projected to reach 278.33 Million tons, at a CAGR of 2.20% from 2016 to 2021 by volume. Increase in the production of nutrient rich food crops and sustainable and steady demands for sulfuric acid due to its diversified applications, are the key factors driving the global sulfuric acid market.
Seattle, WA -- (SBWIRE) -- 03/29/2017 -- The report "Sulfuric Acid Market by Raw Meterial (Elemental Sulfur, Base Metal Smelters, Pyrite Ore and Others) Application (Fertilizers, Chemical Manufacturing, Metal Processing, Petroleum Refining, Textile Industry, Automotive, Pulp & Paper and Others) and Region - Global Forecast to 2021", The global sulfuric acid market was valued at USD 9.35 Billion in 2015 and is projected to reach USD 11.10 Billion by 2021, at a CAGR of 2.87% from 2016 to 2021.
Browse 91 market data tables and 55 figures spread through 156 pages and in-depth TOC on "Sulfuric Acid Market - Global Forecast to 2021"
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It is projected to reach 278.33 Million tons, by 2021, at a CAGR of 2.20% by volume. This growth is attributed to the increase in the production of nutrient rich food crops which extensively use fertilizers, the largest application of sulfuric acid and sustainable and steady demands for sulfuric acid due to its diversified applications.
Elemental Sulfur: The largest market of sulfuric acid, by raw material
Elemental sulfur is the largest market in the global sulfuric acid market, by raw material followed by base metal smelters. The demand for elemental sulfur is driven due to its effective and substantial usage in production of sulfuric acid which is key chemical used in variety of applications. Elemental sulfur is quite oversupplied in the market which rules out the possibility of its deficiency as a key raw material for the production of sulfuric acid. Therefore, the demand for elemental sulfur is estimated to be high in the near future.
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Fertilizers: The largest application market for sulfuric acid
Fertilizers are currently the largest application of sulfuric acid. Sulfuric acid is largely used in manufacturing of phosphate fertilizers which are extensively used in modern day agricultural practices. Steady gains in agricultural spending and growing chemical industries in countries like India and China is expected to drive the sulfuric acid market.
Asia Pacific: The largest market for sulfuric acid
The Asia Pacific region was the largest market for sulfuric acid, in terms of value and volume, in 2015. The large market size of Asia-Pacific is due to shifting of manufacturing facilities by big market player from mature market like Europe and North America to Asia pacific and Middle East & African region. The big players prefer investing in these regions because they offer wide range of market penetration opportunities due to the presence of natural resources reserves like mineral deposits and crude oil and abundant availability of workforce and consumers.
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The Mosaic Company (U.S.), PotashCorp (Canada), Groupe Chimique Tunisien (Tunisia), Maaden - Saudi Arabian Mining Company (Saudi Arabia) and OCP group (Morocco) led the global sulfuric acid market. Since the market is witnessing moderate growth rate some of the companies are unable to perform well and are increasingly becoming incompetent to generate enough sales volume in sulfuric acid business. Thus, the aforementioned major players are taking advantage of this scenario by consolidating the market by strategies of mergers & acquisition which will help them strengthen their market positions in the global sulfuric acid market.
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