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Heading: Sulfuric Acid Market Estimated to Reach US$ 23.45 billion by 2022, with a CAGR of 4.67%

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Poonam
 Heading: Sulfuric Acid Market Estimated to Reach US$ 23.45 billion by 2022, with a CAGR of 4.67%

Market Overview:

The global Sulfuric Acid Market is estimated to be valued at US$ 23.45 billion in 2022 and is expected to exhibit a CAGR of 4.67% over the forecast period 2022-2030, according to a new report published by Coherent Market Insights. Sulfuric acid is widely used in various industries such as fertilizers, chemicals, and mining. It is a highly corrosive and dense liquid that is used for manufacturing phosphoric acid, metal sulfates, dyes, detergents, and fertilizers. The growing demand for sulfuric acid in the production of phosphate fertilizers is a key driver for the market. Additionally, the increasing application of sulfuric acid as a catalyst in various industrial processes further boosts market growth.

Market Key Trends:

The key trend in the sulfuric acid market is the growing demand for sulfuric acid in the mining industry. Sulfuric acid is extensively used in the mining of metals such as copper, nickel, and uranium. It is used in the leaching process to extract valuable metals from ores. The rising demand for metals across various industries, including construction and electronics, has led to increased mining activities, driving the demand for sulfuric acid. Moreover, advancements in mining technologies and the adoption of environmentally-friendly mining practices have also contributed to the growing use of sulfuric acid in the mining industry. This trend is expected to continue over the forecast period, positively impacting market growth.

The sulfuric acid market can be segmented based on application and end-use industry. In terms of application, the dominant segment is the chemical manufacturing segment, which accounted for the largest market share in 2021. This is because sulfuric acid is widely used in the production of various chemicals such as fertilizers, detergents, pigments, and pharmaceuticals. The chemical manufacturing segment is expected to continue dominating the market throughout the forecast period.

Within the chemical manufacturing segment, the fertilizer production sub-segment is expected to witness the highest growth. This can be attributed to the increasing demand for fertilizers globally, driven by the growing population and the need to enhance agricultural productivity. Sulfuric acid is a key component in the production of phosphate fertilizers, which are widely used in crop cultivation. The fertilizer production sub-segment is projected to dominate the sulfuric acid market due to the rising demand for agricultural products and the need for sustainable farming practices.

Key Takeaways:

The global Sulfuric Acid Market Growth is expected to witness high growth, exhibiting a CAGR of 4.67% over the forecast period (2022-2030). This growth can be attributed to several factors. Firstly, the increasing demand for sulfuric acid in the chemical manufacturing industry, particularly for the production of fertilizers, is driving market growth. With the growing population and the need for food security, the demand for fertilizers is expected to rise, thereby boosting the demand for sulfuric acid.

Regarding regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the sulfuric acid market. This can be attributed to the rapid industrialization in countries like China and India, which have a significant demand for sulfuric acid in various industries. Additionally, the agricultural sector in these regions plays a crucial role in driving the demand for fertilizers, further contributing to the growth of the sulfuric acid market.

Key players operating in the sulfuric acid market include PVS Chemicals, BASF SE, Akzo Nobel N.V., DowDuPont Inc., Unigel Group, Boliden Group, Ineos Enterprises Limited, Trident Chemicals, Aurubis AG, Climax Molybdenum B.V., and Amal Ltd. These companies have a strong presence in the market and are actively involved in strategic initiatives such as mergers and acquisitions, partnerships, and product innovations to maintain their market position. Their expertise in sulfuric acid production and distribution allows them to cater to the increasing demand from various end-use industries efficiently.

Read More,

https://www.newsstatix.com/sulfuric-acid-market-is-estimated-to-witness-high-growth-owing-to-increasing-demand-from-chemical-industry/


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