Oleum Market Size, Share, Growth Analysis, By Product(Oleum 23%, Oleum 65%, Others), By Application(Sulfonating Agent, Dye, Explosive, Drug), By Region - Industry Forecast 2024-2031

Oleum Market size was valued at USD 1.69 billion in 2019 and is poised to grow from USD 1.77 billion in 2023 to USD 2.57 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).

The oleum market is highly fragmented with the presence of both established and local/regional players. The top players in markets hold less than 10% of the market demand. 'The Dow Chemical Company', 'Eastman Chemical Company', 'ExxonMobil Corporation', 'Honeywell International Inc.', 'Huntsman Corporation', 'INEOS Group Limited', 'BASF SE; LyondellBasell Industries N.V.', 'Mitsubishi Chemical Corporation', 'PPG Industries, Inc.', 'Royal Dutch Shell plc', 'SABIC', 'Sasol Limited', 'Sinopec Corporation', 'Solvay S.A.', 'Sumitomo Chemical Co., Ltd.', 'Tata Chemicals Limited', 'The Chemours Company', 'The Linde Group', 'Toray Industries, Inc.', 'In May 2022, WeylChem International GmbH completed the acquisition and integration of INEOS Sulfur Chemicals Spain SLU, INEOS enterprises' main Spanish sulfur chemicals arm. The acquired company includes a 350,000 ton annual capacity sulfuric acid production facility in Bilbao. The newly merged sulfur business is currently known as "WeylChem Bilbao."', 'In July 2021, The Boliden group announced a EUR 700 million expansion plan for its Odda zinc smelter in western Norway. The Odda facility, which will have a capacity of 350,000 tons per year after a 75% capacity increase, will feature a new roaster, a new sulfuric acid factory, and a new cell house. The leaching and purifying plant, as well as the foundry and quay infrastructure, will be extended and updated. The expansion is scheduled to be finished in 2024.'

Rise in usage of oleum in different industries

Sulphuric acid and oleum were the 1754th most traded product in the world in 2020, with a total trade value of US$1.16 billion. Sulphuric acid and oleum exports fell by -25.3% between 2019 and 2020, from US$1.55 billion to US$1.16 billion. Sulphuric acid and oleum trade account for 0.0069% of total trade. In 2020 the top importers of Sulphuric acid, oleum were United States (US$256M), Chile (US$113M), Democratic Republic of the Congo (US$103M), Singapore (US$60.5M), and Morocco (US$46.9M).

In 2021, Asia Pacific accounted for the lion's share of the oleum market followed by North America and Europe. The Asia Pacific region of the oleum market is quite profitable. This pattern is predicted to continue in the next years. The Asia Pacific oleum market is being pushed by the rise of the cleaning detergents and cleaning sector, as well as the region's strong economic growth.