Transparency Market Research has published a new research report titled “Sulfuric Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” to their report store.
Albany, NY -- (SBWIRE) -- 04/04/2016 -- Sulfuric acid is widely used across numerous applications and has a part to play in the production of nearly all manufactured goods across the globe. The major use of sulfuric acid is found in the manufacture of fertilizers such as superphosphate of ammonium sulfate and lime. It is also widely used in the production of several chemicals such as nitric acid, hydrochloric acid, synthetic detergents, sulfate salts, explosives, drugs, and a variety of dyes and pigments.
Additionally, sulfuric acid is used in the process of petroleum refining for washing out impurities of gasoline and other refinery products. It also finds use in several operations in processing of metals such as in cleaning steel and iron before plating them with zinc or tin. Sulfuric acid plays a significant role as an electrolyte in lead acid batteries commonly used in vehicles. Being one of the most important industrial chemicals, the production of sulfuric acid is increasing every year than any other manufactured chemical.
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A recent market research report published by Transparency Market Research projects a moderate rise in the global market for sulfuric acid over the next few years. The report states that the market will exhibit growth at a 2.6% CAGR between 2015 and 2023, rising from a valuation of US$67.99 bn in 2014 to US$85.40 bn by 2023.
Thriving Chemicals Industry in China Anticipated to Boost Sulfuric Acid Market Demand
The rapid pace of industrialization in China in the past few years has significantly benefitted several allied industries as well, point in case is global sulfuric acid market. China is currently the largest chemicals producer in the world, having facilities for the production of over 45,000 chemicals. The thriving chemicals industry in China is likely to give a significant impetus to the global sulfuric market. Much of the sulfuric acid consumed in the country (an estimated 70%) is currently used for the production of phosphate fertilizers. The remainder of sulfuric acid is consumed by sectors such as rare earth metals, manganese, and dyes and pigments.
As China has limited resources of sulfur, the country imports a large quantity of sulfur to meet the ever rising demand from several industries. However, the rising concerns regarding effects of sulfur dioxide emissions on the quality of air, soil, and water in the country are pressing government bodies to control the total output of sulfuric acid.
Expansion of Global Phosphate Fertilizers Market Likely to Increase Consumption of Sulfuric Acid
The blooming market for phosphate fertilizers is expected to be the biggest driver for the global sulfuric acid market in the near future. The mounting global population and the resultant rise in demand for increased production of crop yield are expected to drive the market for phosphate fertilizers. The segment of phosphate fertilizers accounts for a massive share of 60% in the global sulfuric acid market. As such, growth of this major end-use segment is expected to give a significant push to the global sulfuric acid market in the near future.
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