According to IMARC Group’s latest research report, titled “Sulphuric Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, presents a comprehensive analysis of the industry, covering sulphuric acid market trends, share, size, demand, and growth prospects. The report also provides competitor and regional analysis and showcases the contemporary advancements in the global market.
The global sulphuric acid market size reached US$ 15.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.1 Billion by 2028, exhibiting a growth rate (CAGR) of 2.9% during 2023-2028.
Sulfuric acid, or oil of vitriol, refers to a highly corrosive and dense liquid with the chemical formula H2SO4. One of the most significant and often used industrial chemicals, it is essential to many industries, including manufacturing, agriculture, and labs. Sulphur is an abundant naturally occurring metal found in the Earth's crust and is the source of it. With a pH of less than 1, it is extremely reactive with a wide range of chemicals and is recognized for its potent acidic qualities. It is a colorless to slightly yellow viscous liquid that, when exposed to air, emits strong, suffocating odors. It has a significant dehydrating effect and is frequently used as a drying agent because of its affinity for water. Additionally, the contact method, which entails the oxidation of sulphur dioxide (SO2) to sulphur trioxide (SO3) and subsequent interaction with water, is used to generate it on a wide scale.
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The escalating food security concerns majorly drive the global market. This can be supported by the growing need for fertilizers to produce nutrient-rich crops and significant growth in the population. Along with this, the widespread adoption of sulphuric acid in the agriculture industry for manufacturing phosphate fertilizers, such as superphosphate of lime and ammonium sulfate, to yield high crop production is significantly supporting the market. In addition, the rising sales of passenger and commercial vehicles across the globe positively influence the sulphuric acid market as it functions as an electrolyte in lead-acid storage batteries used in motor vehicle engines, hospital imaging devices, and farming equipment. Apart from this, the increasing utilization of sulphuric acid in household cleaning products such as soap, dishwasher liquid, and laundry detergent is contributing to the market. Furthermore, the extensive applications of sulphuric acid as a catalyst in petrochemical refining and metallurgical processes for purifying gasoline and refinery products are creating a positive market outlook.
The report has segmented the market into the following categories:
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