21 April 2020: Sulfuric acid, also termed as oil of vitriol, is a highly strong corrosive mineral acid having molecular formula H2SO4. Sulfuric acid is colorless to slightly yellow viscous liquid, pungent-ethereal, and soluble in water at all concentrations. This acid shows different characteristics with different material depending on the concentration.
In addition, sulfuric acid has the major output of any chemical across the globe. It is mainly used in the manufacturing of chemicals to make pigments, dyes, sulfate salts, nitric acid, etc. It also helps as the electrolyte in the lead acid storage battery. Sulfuric acid is extensively used in the production of phosphate fertilizers. Sulfuric acid has reactive and corrosive properties. It is mainly manufactured directly from primary sulfur, which mainly yields high purity sulfuric acid with almost no impurities, in different strengths and grades such as 98%, 96%, and 93%.
Fertilizers Sector Holds Largest Share in Sulfuric Acid market
On the basis of application, the sulfuric acid market can be classified into metal processing, chemical manufacturing, fertilizers, textile industry, petroleum refining, paper and pulp, automotive, and others. The fertilizers sector holds the largest market share and is anticipated to grow at the second highest CAGR in the forthcoming period. Growing population across the globe and rising demand for better-quality of crop are anticipated to drive the market in the years to come.
Furthermore, sulfuric acid is mostly used in the manufacturing of phosphate fertilizers that are widely used in modern day agricultural practices. Growing chemical industries and stable improvements in agricultural spending in economies such as China and India are anticipated to propel the market in the years to come.
Rapid urbanization and industrialization are resulting in a decrease of farmland, which in turn is leading the farmers to use fertilizers for growing crop yield. Increasing use of H2SO4 for the manufacturing of quality fertilizers for farming use will drive the production capacity, which is anticipated to propel the growth of the market.
Chemical and Petroleum refineries mainly comprise of production of contaminated sulfuric acid, resulting in the regeneration of concentrated and pure H2SO4 products. The regenerated acids release low emissions leading to decreased manufacturing costs, which makes it environment friendly and sustainable.
Rising investments in the developmental activities associated with the chemical synthesis in the chemical manufacturing segment in China are anticipated to drive the growth of the market in the forecast period while increasing production of industrial agents is anticipated to spur the demand.
Market Insights:
The market is highly competitive and concentrated in nature. The key players are mainly involved in the manufacturing of sulfur and their byproducts for the use in numerous applications such as chemical manufacturing, petroleum refinery, fertilizers, and other associated sectors. Many companies are mostly participating in joint ventures, mergers, and acquisitions, to improve their product portfolio and attain a significant presence in the market.
In 2014, BASF declared an association with Zhejiang Jiahua Energy Chemical Industry Co. Ltd., a division of Huafang Textile Co., Ltd. to build a hub in China. For the growing semiconductor industry in the region, this will offer H2SO4 products in abundance. In June 2016, Veolia acquired the sulfur products branch of Chemour to support the company’s facilities in the oil and gas industry. This division focuses on the recovery of sulfuric gases and acid from the refining procedure, which is regenerated into steam and clean acid used in an extensive range of industrial activities.
Numerous key players are following expansion, and investment strategies to support their manufacturing capacities and enter into the developing markets. An increase in the number of H2SO4 suppliers and manufacturers is likely to drive market development throughout the forthcoming period. Leading players operating in the sulfuric acid market include Chemtrade Refinery, Mosaic Company DuPont, BASF, AkzoNobel N.V., Valero Energy, Solvay, and PVS Chemical Solution.
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