DUBLIN, Feb. 8, 2024 /PRNewswire/ — The “Sulfuric Acid Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The global sulfuric acid market has exhibited remarkable growth, registering a compound annual growth rate (CAGR) of 9.4% as it surged from $14.74 billion in 2023 to an anticipated $16.12 billion in 2024. This robust expansion is set to continue with the market predicted to reach a significant valuation of $22.73 billion by 2028, backed by a steady CAGR of 9%. Factors propelling this growth include diversification in industrial application, emergent markets, and technological advancements in production and waste management processes.
At the forefront of this growth trajectory is the Asia-Pacific region, which holds the largest market share, demonstrating impressive development in sulfuric acid production and application. This trend aligns with the global push towards electrification and sustainable agriculture, where sulfuric acid finds critical application in the manufacturing of lead-acid batteries for electric vehicles (EVs) and in the production of fertilizers.
Recent analysis reveals a surge in EV adoption, with electric vehicle sales reaching 6.9 million units in 2021, a significant leap from the previous year. This uptick in the electrification of transport has substantially boosted the demand for lead-acid batteries and, consequently, for sulfuric acid. Additionally, the imperative role of fertilizers in agriculture has solidified sulfuric acid’s position as a cornerstone in the industry, instrumental in enhancing crop productivity and addressing global food security.
Amidst growing environmental concerns, advancements in sustainable practices within the sulfuric acid market are becoming increasingly prominent. Leading industry players are investing in the latest technology to create eco-friendly sulfuric acid plants, ensuring efficient production with a reduced environmental footprint. This technological evolution is mirrored in strategic partnerships formed to synergize resources and expertise, augmenting the market’s growth and sustainability.
The market report on sulfuric acid provides insights into:
- Industry trends and the competitive landscape.
- The roles that elemental sulfur, pyrite ore, and base metal smelters play as primary raw materials in sulfuric acid production.
- The diverse applications of sulfuric acid in fertilizer production, metal processing, chemical manufacturing, and more.
- Analyses of the key driving forces propelling market growth and shaping opportunities within the industry.
- Comprehensive statistics on the market’s size, segmentation, and potential direction.
This in-depth market report offers a panoramic view of the current sulfuric acid market, encompassing its size, share across regions such as Asia-Pacific, North America, and Europe, and a thorough examination of the prospects within this dynamic sector.
As sulfuric acid continues to be pivotal in various industrial processes and product developments, this report stands as an invaluable resource for stakeholders seeking to understand the market intricacies and capitalize on the burgeoning opportunities.
For organizations operating within the sulfuric acid market or planning to enter, the data presented in this report will facilitate strategic decision-making, enabling them to navigate through the complexities of the market with confidence and precision.
Explore the Detailed Sulfuric Acid Market Analysis
The report captures the essence of the evolving sulfuric acid market landscape and offers a deep dive into its potential evolution. The information provided aims to empower businesses by highlighting important market trends, growth drivers, and technological advancements that could shape future strategies.
A selection of companies mentioned in this report includes
- Aurubis AG
- BASF SE
- Boliden AB
- Canada Colors and Chemicals Limited
- Cornerstone Chemical Company
- Hubei Xingfa Chemicals Group Co. Ltd.
- Kanto Corporation.
- KMG Chemicals Inc.
- Linde PLC
- Ma’aden – Saudi Arabian Mining Company
- Nouryon B.V.
- PVS Chemicals Inc.
- Seastar Chemicals Inc.
- Tata Chemicals Limited
- Trident Group
- UBE Corporation
- Akzo Nobel N.V.
- Chemstar Products Company
- Chemtrade Logistics Income Fund
- A Freeport-McMoRan Company
- Covestro AG
- EuroChem Group AG
- Global Energy Commodity Resources
- Grillo-Werke AG
- Ineos Group Limited
- J.M. Huber Corporation
- McCain Foods Limited
- Mosaic Company
- Peabody Energy Corp.
- Potash Corporation
- Praxair Inc.
- Solvay SA
- Southern Copper Corporation
For more information about this report visit https://www.researchandmarkets.com/r/yqf9yb
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