The global sulfuric acid market is projected to reach US11.10 billion by 2021, at a CAGR of 2.87%.
The market is projected to grow at a CAGR of 2.20% and reach 278.33 million short t by 2021 by volume. Growing use of sulfuric acid in production of fertilizers to produce high agricultural output has led to growing demands for sulfuric acid which in the Asia-Pacific region. Moreover, balanced demands for sulfuric acid in diversified chemical application such as synthesis of nylon via caprolactam and manufacturing of titanium dioxide will further boost the growth of the sulfuric acid market. Weaker sales due to surplus in the market and strict environmental regulations associated with sulfuric acid due to its toxicological effects are major factor restraining the growth of the sulfuric acid market globally.
The elemental sulfur was the fastest growing market by raw material of sulfuric acid in 2015. The rapid growth of elemental sulfur is attributed to the fact that it's the most efficient and less environment polluting raw material used for manufacturing of sulfuric acid. Moreover its overflowing stock in the market makes it a cost effective raw material for manufacturing of sulfuric acid making it the fastest growing market of sulfuric acid by raw material.
Automotive: The fastest-growing application for sulfuric acid
Automotive is the fastest growing application segment in the global sulfuric acid market. Use of sulfuric acid as an electrolyte in automotive batteries is expected to bolster its demand in the automotive application. Moreover growing use of hybrid and electronic cars is also likely to drive the demands for automotive application which use sulfuric acid as a key ingredient to run their batteries.
Asia-Pacific: the fastest-growing market for sulfuric acid
The Asia-Pacific region is the fastest-growing market for sulfuric acid, in terms of value and volume. Escalating population which leads to rise in demands for high quality food grains, rapidly thriving chemical manufacturing industries and growing shift of production facilities to the emerging economies of the region; the strong industrial base in the chemical sector, are the major factors contributing to the growth of the sulfuric acid market in this region.
This study has been validated through primaries conducted with various industry experts globally.
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