Sulfuric Acid Market size to increase by USD 6.882 billion from 2022 to 2027, The rise in demand for sulfuric acid in the electronics industry drives the market growth, Technavio

NEW YORK, March 7, 2024 /PRNewswire/ -- The sulfuric acid market size is expected to grow by USD 6.882 billion from 2022 to 2027. In addition, the growth momentum of the market will be progressing at a CAGR of  4.06% during the forecast period, according to Technavio. The rise in demand for sulfuric acid in the electronics industry is notably driving the sulfuric acid market. However, factors such as fluctuations in raw material prices may impede the market growth. The market is segmented by raw material (Raw Material Outlook, Base metal smelters, Elemental sulfur, and Pyrite ore), application (Phosphate fertilizer, Metal processing, Chemical production, and Others), and geography (APAC, Middle East and Africa, North America, Europe, and South America). 

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Key Company

We provide a detailed analysis of 20 companies operating in the sulfuric acid market, including BASF SE, Boliden AB, China National Chemical Corp., Cornerstone Chemical Co., DuPont de Nemours Inc., Ecovyst Inc., Glencore Plc, Gulf Fluor, Hindustan Zinc Ltd., Honeywell International Inc., Korea Zinc Co. Ltd., Lanxess AG, Nouryon Chemicals Holding BV, Sumitomo Chemical Co. Ltd., Thermo Fisher Scientific Inc., Trident Ltd., WeylChem International GmbH, Aurubis AG, Chemtrade Logistics Income Fund, and Jubilant Industries Ltd..

• BASF SE - The company offers sulfuric acid such as Aurubis sulfuric acid.

The rise in demand for sulfuric acid in the electronics industry is notably driving market growth. 

Electronic-grade sulfuric acid, also referred to as ultra-pure or high-purity sulfuric acid, plays a vital role in microelectronics by effectively cleansing and etching semiconductor wafers, eliminating impurities, inorganic residues, and carbon deposits. This specialized sulfuric acid grade is specifically designed for silicon wafer manufacturing, meeting the stringent quality demands of the semiconductor sector. It also finds application in producing Printed Circuit Boards (PCBs). With the global surge in appliance usage and rapid economic development in emerging economies like India, semiconductor demand is predicted to maintain a steady growth trajectory. This robust expansion of the semiconductor industry, driven by its increasing adoption in data processing, communications, consumer electronics, automotive, and industrial sectors, is poised to drive the growth of the market during the forecast period.

• The adoption of organic farming is a major challenge hindering the market growth. 

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Market Segmentation

The market is segmented by raw material (Raw Material Outlook, Base metal smelters, Elemental sulfur, and Pyrite ore), application (Phosphate fertilizer, Metal processing, Chemical production, and Others), and geography (APAC, Middle East and Africa, North America, Europe, and South America). 

• Application

The phosphate fertilizer application led the global sulfuric acid market in 2022, and it is expected to retain its dominance during the forecast period. Sulfuric acid is extensively used in the production of phosphoric acid through a wet process, which is further used to manufacture phosphate fertilizers. Phosphate fertilizers such as diammonium phosphate (DAP), monoammonium phosphate (MAP), and triple superphosphate (TSP) are commercial fertilizers produced from sulfuric acid. These fertilizers are extensively used in modern-day agricultural practices.

• Geography 

APAC is estimated to account for 44% of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The escalated demand for sulfuric acid in the region is driven by its heightened utilization within the agricultural and chemical sectors. The thriving agricultural landscape in APAC, particularly in countries like China, India, and Japan, propels the demand for sulfuric acid. Furthermore, the sustained expansion of the chemical industry, coupled with the ready availability of raw materials, a substantial consumer base, and the implementation of progressive development strategies like establishing production facilities to cater to the sulfuric acid demand, stands as the pivotal growth catalysts for sulfuric acid within this region.

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Analyst Review

Sulfuric acid holds a pivotal position in various industries such as agriculture, automotive, chemicals, and fertilizers. It is a highly sought-after compound utilized in the production of numerous essential products. The versatility of sulfuric acid extends from car batteries to wastewater treatment, showcasing its wide-ranging applications.

In the realm of chemical manufacturing, sulfuric acid plays a fundamental role. It is a key component in the production of various substances including H2SO4, phosphoric acid, and ferrous sulfate. These compounds find applications across diverse sectors such as textile, paper & pulp, and petroleum refining.

The significance of sulfuric acid is particularly evident in the automotive industry where it is utilized in the manufacturing process of car batteries. Additionally, sulfuric acid is employed in metal processing facilities such as smelters and base metal smelters for refining purposes.

Moreover, sulfuric acid is indispensable in agriculture as a soil amendment, aiding in enhancing crop yield and quality. It facilitates the breakdown of fertilizers and aids in the assimilation of nutrients by plants, thereby contributing to agricultural productivity.

The contact process is a widely adopted method for the production of sulfuric acid, particularly in Asia Union Electronic Chemical Corporation (AUECC) and other manufacturing facilities worldwide. This process involves the catalytic oxidation of elemental sulfur or pyrite ore to yield sulfur dioxide, which is then converted to sulfur trioxide and subsequently hydrated to form sulfuric acid.

Furthermore, sulfuric acid finds its way into everyday products such as drain cleaner, fabric cleaners, and glass-cleaning etching compounds. Its role as a rust and corrosion dissolver is crucial in various maintenance and industrial applications.

In the medical sector, sulfuric acid is utilized in the production of chemotherapy drugs and skin ointments, underscoring its significance in healthcare.

In conclusion, the sulfuric acid market is diverse and multifaceted, serving as a cornerstone in various industries and applications, ranging from agriculture to automotive and beyond. Its importance in modern society cannot be overstated, as it continues to be a driving force behind technological advancement and industrial development.

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Market Overview

The sulfuric acid market is intricately linked with various industries like agriculture, automotive, and chemicals. As a primary ingredient in fertilizers, sulfuric acid plays a vital role in enhancing crop yields. Moreover, it is indispensable in the production of H2SO4, a cornerstone chemical utilized in numerous applications. The automotive sector relies on sulfuric acid for battery manufacturing, a critical component in electric vehicles. This compound, composed of sulfur, hydrogen, and oxygen, is fundamental in industrial processes worldwide. Its versatility extends to water treatment, where sulfuric acid is employed for pH adjustment and metal precipitation. With its broad spectrum of applications, the sulfuric acid market continues to thrive, meeting diverse industrial needs.

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Related Reports:

The sulfuric acid (H2SO4) market in US is estimated to grow at a CAGR of 6.68% between 2022 and 2027. The size of the market is forecast to increase by USD 1,038.11 million.

The ultra-pure sulfuric acid market is estimated to grow at a CAGR of 3.59% between 2022 and 2027. The size of the market is forecast to increase by USD 63.25 million.

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SOURCE Technavio