Sulfuric Acid Market Size, Share, Growth Analysis, By Raw Material(Elemental Sulfur, Base Metal Smelters, Pyrite Ore, Others), By Application(Fertilizers, Chemical manufacturing, Metal processing, Petroleum refining), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

Sulfuric Acid Market size was valued at USD 11.82 billion in 2019 and is poised to grow from USD 13.2 billion in 2023 to USD 35.74 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

The top players are concentrated on expansion tactics such as teaming up with successful individuals and national initiatives or programmes that advertise their goods. Key development strategies, market share analysis, and market ranking analysis of the players globally are also included in the competitive landscape section. 'The Mosaic Company', 'BASF SE', 'Akzo Nobel N.V.', 'Chemtrade Logistics Income Fund', 'Solvay SA', 'DuPont de Nemours, Inc.', 'Vale Fertilizantes S.A.', 'PVS Chemicals, Inc.', 'Veolia Environnement S.A.', 'PotashCorp', 'Ineos Enterprises', 'Agrium Inc.', 'The Chemours Company', 'KMG Chemicals, Inc.', 'EuroChem Group AG', 'Hydrite Chemical Co.', 'Chemtex Speciality Limited', 'China Petrochemical Corporation (Sinopec)', 'Koppers Inc.', 'Nouryon'

The agriculture industry must produce more with less waste due to the expanding population, shrinking agricultural land, and rising demand for nutrient-rich food crops. The agricultural industry has demanded the best fertilizers in order to get the best yield, which is driving the growth of the sulfuric acid market. Due to its high demand in the metal processing and automotive industries, sulfuric acid has a wide range of uses.

Pesticides and cleaning supplies made with sulfuric acid are extremely important in a pandemic situation. In a pandemic situation, cleaning is crucial, and demand for cleaning supplies is on the rise. Thus, this pandemic is causing additional growth in the sulphuric acid market. However, a slight slowdown in growth rate can be seen as a result of the worldwide national lockdowns. The government lifts the lockdown following the decline in corona cases, and sales and demand quickly resume.

With about 46% of the total revenue, Asia Pacific was the largest regional segment. The region's sulfuric acid product offerings are expected to grow as a result of rising sulfur production in China and Japan. Over the forecast period, an increase in H2SO4 demand from the Philippines and Indonesia is predicted to boost the Asia Pacific region market. Sulfuric acid prices are rising as a result of the region's expanding demand for the substance. Over the next few years, the sulfuric acid market is expected to grow as a result of increased demand for phosphate fertilizer due to the expanding fertilizer industry and strict environmental regulations governing the production of environmentally friendly products.