Sulfuric Acid Market Poised for Remarkable Growth by 2028, Propelled by Diverse Industrial Applications
Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The "Sulfuric Acid Market on the by Material, Application and Geography-Forecast up to 2028" report has been added to * ResearchAndMarkets.com's* offering.
The global sulfuric acid market is anticipated to witness substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 11.8% leading up to 2028. This robust expansion is predominantly driven by the chemical's critical role in various industrial sectors, including fertilizers, chemicals, metallurgy, and mining. The demand for sulfuric acid is intricately tied to the agriculture sector's growth, paralleling the increasing global population's need for fertilizers. This trend underscores the compound's indispensability in the production of phosphate fertilizers like superphosphate.
Sulfuric acid (H2SO4), a potent mineral acid known for its high corrosive properties, varies in color from yellow to colorless depending on concentration. Its applications extend across a spectrum of industries, making it a key ingredient in the global industrial landscape. The market's expansion is further fueled by its applications in chemical manufacturing, where it stands as a vital product. The chemical's use in producing hydrochloric acid, nitric acid, phosphoric acid, and other industrial chemicals highlights its significance in the chemical sector.
Geographically, the Asia Pacific region dominates the sulfuric acid market, attributed to the rise in sulfur production from countries like China and Japan and the burgeoning chemical industry. The availability of raw materials and strategic developments such as the establishment of production facilities cater to the escalating demand in this region. This regional dominance is a reflection of the rapid urbanization in emerging economies, driving infrastructure development in construction and transportation sectors where sulfuric acid is a key component.
The market segmentation by raw material includes elemental sulfur, base metal smelters, pyrite ore, and others. The pyrite ore segment is experiencing notable growth due to its demand in sulfuric acid production, primarily through the combustion of elemental sulfur and roasting of pyrite concentrates.
In terms of applications, the chemical manufacturing segment witnesses the highest growth due to sulfuric acid's fundamental role in the industry. Its application in fertilizers, metal processing, petroleum refining, textile industry, automotive, pulp & paper, and other sectors underlines its versatile nature.
*Companies Mentioned*
· BASF SE
· Akzo Nobel N.V.
· OCP Group
· Groupe Chimique Tunisien
· PotashCorp
· Maaden-Saudi Arabian Mining Company
· The Mosaic Company
· PVS Chemicals
· DowDuPont Inc.
· Unigel Group
For more information about this report visit https://www.researchandmarkets.com/r/ncauzw
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