The global sulfuric acid market, as one of the major providers of raw materials for various chemical and industrial applications, has seen growth at a steady rate. The market growth is also driven by other related downstream sectors, such as fertilizers, synthetic detergents, dyes and many more. With the global demand for sulfuric acid continues to grow鈥攅specially in emerging markets such as China and India鈥攎ajor sulfuric acid suppliers around the world are expected to increase their already thriving exports in the near future.
Sulfuric acid is one of the most important compounds and outputs in today鈥檚 chemical industries around the world. So far, the largest amount of sulfuric acid is used to make to make different kinds of fertilizers. Other chemical and industrial sectors, such as metal processing, pigment, petroleum, paper, and pulp are also posing huge demand for sulfuric acid. China is currently the world鈥檚 largest sulfuric acid producer, while Canada is the largest sulfuric acid exporter for the global market.
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Global Sulfuric Acid Market Overview
According to the latest market report from Grand View Research, the global sulfuric acid market was valued at $10.1 billion in 2016, and the market size is expected to reach 13.5 billion by 2025, representing a strong CAGR of 3.3%. The market is likely to be mainly influenced by the increasing production capacity of phosphate fertilizer and tightening environmental regulations to control emissions, which is expected to lead to the increased use of smelters to capture sulfur dioxide products.
Increasing demand for the product from fertilizers, chemical manufacturing, paper & pulp, petroleum refinery, metal processing, and automotive industries for use as a catalyst, dehydrating agent, and a reactant is expected to boost the global sulfuric acid market, as reported by Grand View Research. Rising concerns about high crop yield and excellent food quality from agricultural sector are projected to propel fertilizer market growth, which is likely to facilitate the growth of the sulfuric acid market. However, stringent government regulations, high raw material costs, weaker sales due to surplus and health concerns associated with sulfuric acid are some of the factors restraining the market.
In 2016, fertilizer segment is the largest consumer of sulphuric acid, owing to its usage in the production of phosphate fertilizers as raw material. Thus, the market share of chemical synthesis segment is estimated to improve significantly over 2017 to 2025. Asia Pacific is expected to grasp major revenue share in the sulfuric acid market and is expected to grow with a high CAGR over the next few years. This growth is attributed to increasing foreign investments, booming agriculture sector with vast population base, increasing demand for sulfuric acid in various processes of fertilizers and chemical industries in emerging regions such as India and China.
Canada as the World鈥檚 to Sulfuric Acid Exporter
As reported by Merchant Research & Consulting Ltd, Canada has witnessed a gradual and steady growth in its sulfuric acid industry over the last five years. Today, Canada is still one of the major sulfuric acid markets in the world, exporting around 85,000 tonnes of sulfuric acid annually and representing a demand growth of 1.8% year on year. phosphate fertilizers will continue to be the largest application sector in Canada鈥檚 sulfuric acid market and its share is to grow.
Over the recent years, Canada has been dominating the exports of the global sulfuric acid market. In 2016, Canada exported over $104 million worth of sulfuric acids, representing over 19% of the world鈥檚 total sulfuric acid exports in that year, making it the largest supplier of sulfuric acid in the global market. The USA, on the other hand, is the largest importer of sulfuric acid from Canada. It is expected that the success of leading sulfuric acid suppliers in Canada will continue to flourish over the next few years, and so does the business opportunities in Canada鈥檚 sulfuric acid market.
Connect with Top Sulfuric Acid Suppliers in Canada
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