The global sulfuric acid market was valued at US$ 67.99 bn in 2014 and is projected to reach US$ 85.40 bn by 2023, expanding at a CAGR of 2.6 per cent between 2015 and 2023, says a report by Transparency Market Research.

Rapid growth of the chemicals market in China is likely to boost the demand for sulfuric acid during the forecast period. China currently has the largest chemicals manufacturing base in the world, which includes production of more than 45,000 chemicals.

Furthermore, investments of other global players in this country is another key aspect that is anticipated to provide favorable scope for global sulfuric acid market by 2023. Sulfuric acid is used in the manufacture of dyes, pigments, commodity chemicals, titanium dioxide, and pharmaceuticals. Hence, broad utility of sulfuric acid coupled with rapid industrialization in China is estimated to create a positive impact on the global market dynamics during the forecast period. Significant growth of the global fertilizers industry is another driving factor of market demand of sulfuric acid.

Sulfuric acid is the major raw material employed in processing of phosphate fertilizers such as calcium dihydrogenphosphate, diammonium phosphate, and triple superphosphate. Processing of phosphate fertilizers mainly require raw materials rich in sulfur content due to which sulfuric acid is most preferably used in this application. Hence rising utilization of fertilizers for agricultural activities in key geographies such as Latin America, Asia Pacific, and North America are expected to boost the consumption of sulfuric acid by 2023.

Recent developments of fertilizers, chemical manufacturing, and wastewater treatment industries in Asia Pacific especially in China and Japan are anticipated to boost the demand for sulfuric acid as well as its end-products during the forecast period. However, fluctuation in prices of crude oil, natural gas, and elemental sulfur is anticipated to restraint the market growth of sulfuric acid over the years ahead. Furthermore, implementation of strict government regulations regarding gaseous emissions in developed countries such as the U.S., the U.K., and Germany is estimated to hamper market growth during the forecast period.

In terms of volume, fertilizers was the largest application segment, accounting for more than 60% share of the global sulfuric acid market in 2014. However, chemical synthesis is projected to be the fastest growing application of the global sulfuric acid market by 2023. This application is estimated to boost sulfuric acid market demand by 2023, owing to the wide utility of sulfuric acid for synthesizing other industrial chemicals.

In terms of demand, Asia Pacific dominated the global sulfuric acid market and accounted for more than 50% share in 2014. It is likely to be the fastest growing region during the forecast period. Rising utilization of sulfuric acid in processing of fertilizers and other industrial chemicals, and government initiatives regarding collaborations with global manufacturing firms are the primary growth factors in the region. Demand for sulfuric acid is expected to decline in Europe and North America due to stringent governmental regulations and maturity of downstream markets in these regions. In contrast, the sulfuric acid market in Latin America and Middle East & Africa is anticipated to witness steady growth during the forecast period. Rise in mining activities in copper ores is one of the growth drivers of sulfuric acid market in Latin America. Recovery of sulfur from oil & gas refineries in Middle East & Africa is a key factor boosting market growth in the region.

The Mosaic Company, The Chemours Company, Eco Services Operations, LLC, Chemtrade Logistics Inc., BASF SE, Vale Fertilizantes S/A, Akzo Nobel N.V., and PotashCorp are the key players operating in the global sulfuric acid market.