Sulfuric Acid Market Summary

The global sulfuric acid market size was valued at USD 13.39 billion in 2022 and is projected to reach USD 17.94 billion by 2030, expanding at a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030. The increasing demand for sulfuric acid (H2SO4) from the metal processing sector, primarily for the removal of rust and other impurities from metal surfaces such as iron, steel, copper, and aluminum, is expected to drive market growth during the forecast period. The acid plays a critical role in metal treatment and surface cleaning, which further enhances its industrial significance.

Sulfuric acid is a strong, highly corrosive mineral acid widely utilized across multiple industrial sectors, including chemical manufacturing, fertilizer production, metal processing, textile manufacturing, pulp and paper, and the automotive industry. Its chemical composition includes sulfur, oxygen, and hydrogen, and it is often recognized by its historical name, oil of vitriol. The compound’s extensive use as a catalyst, dehydrating agent, and raw material for producing various chemicals contributes to its sustained demand across industries.

Key Market Trends & Insights

  • The Asia Pacific region led the market with a revenue share of 46.8% in 2022, primarily driven by the rapid growth of agriculture, industrialization, and chemical manufacturing in countries such as China and India. The increasing production of fertilizers and expansion of metal processing industries in this region have further fueled the demand for sulfuric acid.
  • Europe is also projected to witness notable growth during the forecast period due to the rising demand for sulfuric acid in the production of fertilizers and chemicals, along with advancements in environmentally friendly production technologies that enhance efficiency and reduce emissions.
  • By raw material, the elemental sulfur segment dominated the market with a revenue share of 53.8% in 2022. This dominance is attributed to the growing use of sulfur recovered from petroleum refining and natural gas processing. The availability of elemental sulfur as a by-product from other industries makes it a cost-effective and sustainable raw material for sulfuric acid production.
  • By application, the fertilizers segment accounted for the largest revenue share of 54.8% in 2022. The use of sulfuric acid in the production of phosphate fertilizers, such as superphosphate and ammonium sulfate, continues to be a major growth driver. Increasing agricultural activities and the need to enhance crop yields are further supporting the demand for fertilizers, thereby contributing to the growth of the sulfuric acid market.

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Market Size & Forecast

  • 2022 Market Size: USD 13.39 Billion
  • 2030 Projected Market Size: USD 17.94 Billion
  • CAGR (2023-2030): 3.7%
  • Asia Pacific: Largest market in 2022

Key Companies & Market Share Insights

The global industry is highly competitive due to the presence of numerous manufacturers and suppliers. These companies use various approaches to meet the growing demand and increase their reach globally, all while keeping distribution costs in check. To make the most of the opportunities presented by the global market, enterprises are resorting to strategies, such as mergers, acquisitions, joint ventures, and expansions. For instance, in June 2023 Sumitomo Corporation announced the acquisition of Saconix to expand its sulfuric acid business in North America to cater to the rising demand for the product.

Key Players

  • The Mosaic Company
  • AkzoNobel N.V.
  • BASF SE
  • PVS Chemical Solution
  • Solvay
  • Agrium Inc.
  • INEOS

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Conclusion

The global sulfuric acid market is expected to maintain steady growth over the coming years due to its critical role in diverse industries such as agriculture, metal processing, and chemical manufacturing. Rising demand for fertilizers and the expansion of industrial operations in developing economies are key growth drivers. Technological advancements aimed at improving production efficiency and environmental sustainability are also fostering market expansion. With the Asia Pacific region leading and Europe showing strong potential, the global sulfuric acid market is poised to experience continued development and strategic investments across both established and emerging markets.