Sulfuric Acid Market Estimated to Touch a Valuation of US$ 28.5 Billion by 2027| The Mosaic Compay, BASF SE, OCP Group, Chemtrade Logistics Income Fund, Nouryon among others
Verfasser: ashwani_kailiya on Monday, 5 September 2022The global sulfuric acid market is projected to grow from USD 13.2 billion in 2020 to USD 28.5 billion by 2027, at a CAGR of 11.7% during the forecast period. Sulfuric acid is primarily used in metal ore leaching, fertilizer manufacturing, oil refining, wastewater processing, and chemical synthesis.
Based on raw material, the sulfuric acid market is segmented into elemental sulfur, pyrite ores, base metal smelters, and others. Sulfur is the major raw material used in the production of sulfuric acid. Elemental sulfur is expected to account for largest share in 2022, in terms of volume. Around 90% of sulfur produced goes into the manufacturing of sulfuric acid. Thus, the use of elemental sulfur as a major feedstock for the production of sulfuric acid, fuels the growth of this segment.
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Based on application, the sulfuric acid market is segmented into fertilizers, metal processing, pulp & paper, petroleum refining, textile industry, automotive, chemical manufacturing, and others. Fertilizer application is expected to account for largest share in 2022, in terms of volume. The growth can be attributed to the use of about 50%-60% of sulfuric acid in manufacturing of phosphate fertilizers such as superphosphate of lime and ammonium sulfate.