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The global sulfuric acid market size significantly explores a striking CAGR forecast till 2026. Sulfuric acid is an odorless and colorless chemical that is soluble in water. It has strong acidic nature, dehydrating and oxidising properties. Sulfuric acid has various applications in the agricultural, consumer goods, automotive & transportation, and other end-use industries. Sulfuric acid is majorly obtained from sulphur dioxide and some are made from ferrous sulphate waste solutions. It is produced through two processes namely lean chamber process and contact process. Lead chamber process is older of two and produces less concentrated sulphuric acid, whereas constant process uses pure raw material and expensive catalysts producing a highly concentrated and pure sulfuric acid.
On the basis of application, global sulphuric acid market can be segmented into fertilizers, chemical manufacturing, metal processing, textile, paper, automotive, and others. Used for fertilizers is the laregest application of sulfuric acid and is expected to grow during forecast period. Agricultural industry is experiencing high demand for sulfuric acid due to increasing global population rate. The growing cemical manufacturing is also expected to increase the demand for sulfuric acid in the market.
Key Market Driver -
Key Market Driver – Rise in demand for sulfuric acid majorly from agriculture industry. packaging and automotive & transportation industries
Key Market Restraint -
Key Market Restraint – Volatile prices of raw materials.
The key market driver, for the global sulfuric acid market is rise in demand for sulfuric acid from agriculture industry. Increase in the production of fertilizers for high crop yield to satisfy the growing needs of the population is the key driving factor for the growth of the market globally. In addition, growing use of sulfuric acid in chemical manufacturing also act as driver for sulfuric acid market growth.
Key market restraint, for the global sulfuric market is the volatile prices of raw materials. The raw materials used for production of sulfuric acid are expensive which act as a restraint for the global sulfuric acid market. In addition, highly toxic nature of sulfuric acid makes transportation difficult, governmental regulation on use of sulfuric acid both these are a retraining factor for market growth.
Some of the key players in global sulfuric acid market are BASF SE, PVS Chemicals Inc., Aurubis, Ineos Enterprises Limited, Veolia, Jiangsu Jihua Chemical, Aarti Industries Limited, Oriental Carbon & Chemicals Ltd., Amal Ltd, Dexo Fine Chem Pvt. Ltd, Cornerstore.
On Geographical basis, the global sulfuric acid market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-Pacific has been the dominant region in the global sulfuric acid market. Increasing demand for food due to population growth in Asia-Pacific is expected to lead to the demand for sulfuric acid in production of fertilizers. Sulfuric acid market is expected to grow in Europe and North America due to increasing application of sulfuric acid in chemical manufacturing, textile, and others.
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Technological advancement is enhancing the application of sulfuric acid in these region leading to high market growth. Latin America and Middle East & Africa are expected to witness high market growth for sulfuric acid due to growing urbanisation and industrialisation. The rising application such as textile, chemical manufacturing, metal processing and others will be the driving factor for the growth of the global sulfuric market in these regions.
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