The shares in the global sulfuric acid market are distributed among a large pool of players, as detected by the analyst of an up to date business research report by Transparency Market Research (TMR). The analyst has observed that the concentration of suppliers is much stronger than buyers and has predicted that the fragmented competitive landscape will sustain in the near future. The players operating in the sulfuric acid market are forced to decrease profit margins to maintain demand inflow while dealing with strict governmental policies regarding this carcinogen chemical.
The TMR report identifies Mosaic Company, Solvay S.A., BASF SE, Vale Fertilizantes S/A, PotashCorp, Chemtrade Logistics, Inc., and The Chemours Company as a few notable companies who are ahead of the curve in the global sulfuric acid market. As for new entrants, this market research report has foreseen that although the technology is not a proprietary, high initial capital investment will continue to bar them from making a foray.
As per the projections of the TMR report, the global sulfuric acid market will be worth US$85.4 billion by the end of 2023, expanding from its evaluated valuation of US$72.4 billion as of 2017 at a CAGR of 2.8% during the forecast period of 2017 to 2023. Among various applications of sulfuric acid that have been analyzed in this research study, viz. wastewater treatment, chemical synthesis, fertilizers, metal and mining, pharmaceutical, and paper and pulp, the fertilizers segment is expected retain its dominance, generating a demand worth of US$54.78 billion by 2023, which will represent 65% of the total revenue in the sulfuric acid market. Geographically, Asia Pacific is estimated to generate 53.25% of the total demand for sulfuric acid by the end of 2023, chiefly driven by rapid industrialization in the emerging economy of China.
Growing Demand for Phosphate Fertilizers Augurs Well for Future
The future of the sulfuric acid market is banking on the sustained demand coming from the fertilizers segment as a result of consistently increasing demand for food across the world. Arable land are limited and that is arising a need to exact the best out of limited opportunities and fertilizers are proven to serve the purpose. Key applications of sulfuric acid include processing of fertilizers, nitric acid, hydrochloric acid, hydrofluoric acid, and titanium dioxide. Demand for fertilizers, especially phosphate fertilizers, is anticipated to increase significantly due to the rising production of cereals and oilseeds such as wheat, rice, cotton, and soya bean as a result of global population growth
Thriving pace with which manufacturing companies have mushroomed in China is another major driver of the sulfuric acid market. Although the developed regions of North America and Europe have dominated the global chemicals market in the past, production and consumption of chemicals as well as demand in downstream markets in these regions has reached the stage of maturity. Exploitation of raw material sources, significant technological breakthrough, and global awareness regarding environmental damage are factors responsible for this scenario.
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Furthermore, wastewater treatment, metal & mining, pharmaceutical, and paper processing are other end-use applications that employ sulfuric acid as a key component. Sulfuric acid is used in domestic applications such as acidic drain cleaning products and grease removal products.
On the other hand, volatility in the prices of raw materials and strict government regulations against this airborne pollutant are the two primary restraints that are obstructing the sulfuric acid market to maintain greater profitability.