Sulfuric Acid Market Size:

The Sulfuric Acid Market size was valued at USD 15.7 Billion in 2023. It is expected to grow to USD 50.7 Billion by 2032 and grow at a CAGR of 13.8% over the forecast period of 2024-2032.

The key growth factor driving the growth of the sulfuric acid market is the increased demand for sulfuric acid in the production of fertilizer. Sulfuric acid is an important ingredient in producing phosphate fertilizers, crucial for bolstering crop yield and soil quality. With the continuous increase in global populations, there is an increasing demand for food which in turn leads to higher requirements of fertilizers. Given the increased demand for food, especially in developing regions, governments have taken measures to increase agricultural output. To illustrate, the growing agricultural sector in India and Brazil has translated into increased sulfuric acid consumption for fertilizer. Moreover, sustainable agriculture and precision farming both necessitate the use of fertilizers, and its growing demand also provides further scope for sulfuric acid. Therefore, the increasing agricultural demand coupled with government support for the agricultural sector is anticipated to further fuel the growth of the sulfuric acid market in fertilizer applications over the forecast period.

The Government of India’s Ministry of Chemicals and Fertilizers reported that India’s consumption of fertilizers has been steadily rising. In 2021-2022, the country consumed over 33 million metric tons of fertilizers, with sulfuric acid being a crucial component for manufacturing phosphate fertilizers. The Indian government has been increasing fertilizer subsidies to support farmers and ensure food security, further fueling sulfuric acid demand.

The expanding use of sulfuric acid in chemical manufacturing is an ingredient boosting market development. It is used to manufacture various chemicals such as detergent, plastic, synthetic fibers, and even explosives, sulfuric acid is a vital raw material for the production of chemicals. This substance is a key component in a range of chemical reactions, including some important processes such as petroleum refining, wastewater treatment, and the production of industrial chemicals, like hydrochloric acid, sulfuric esters, and titanium dioxide. Demand for sulfuric acid is also fueled by the rapid expansion of the chemical industry, particularly in developing markets like China and India. Driven by rapid industrialization and rising demand for sulfuric acid for a number of chemical processes, these areas are likely to see high rates of economic growth and infrastructure development.

According to the United Nations Industrial Development Organization (UNIDO), the global chemicals production index has been steadily rising, with production growing by 3.2% annually in 2021. The chemical industry is one of the largest consumers of sulfuric acid, with its applications spanning across sectors such as plastics, detergents, and synthetic fibers. is this true

Sulfuric Acid Market Dynamics

Drivers

• Increasing mining and metal processing drives the market growth.

The growth in the mining and metal processing sector has emerged as an essential factor contributing to revenue generation for the sulphuric acid market. Sulfuric acid is also used for metal extraction; for example, heap leaching, a process in which acid is poured over a pile of crushed copper, gold, and zinc ores to extract valuable metals from raw ores. This step is especially important for copper production where copper sulfide ores are converted to copper in the presence of sulfuric acid, an important metal employed in electronics, construction, and renewable energy industries. Mining and metal processing are growing to meet this increasing demand, driven especially by the need for metals for emerging electric vehicles (EVs) and renewable energy technologies. In South America, Africa, and Asia Pacific, an exploration boom is leading to more mining and higher sulfuric acid consumption. Also, the demand for sustainable mining and metal recovery technologies is also increasing the demand for sulfuric acid in metal processing. The expansion of markets in industrialization and the development of infrastructure in the world are likely to allow for the continuing growth of sulfuric acid demand in mining and metal processing.

Restraint

• Supply chain disruptions may hamper the market growth.

The sulfuric acid market will face significant hurdles in its growth due to a negative impact from the supply chain alterations. The production and distribution of sulfuric acid are dependent on a complex international supply chain that includes the raw materials sourcing of sulfur, transportation of the acid, and shipment to industries like fertilizer, chemical, and metal processing. If natural disasters, geopolitical tensions, trade restrictions, or external events like the COVID-19 pandemic disrupt any part of this supply chain, it causes delays in supply, supply shortages, and rising transportation costs in sulfuric acid production. Such supply bottlenecks could lift the price of sulphuric acid, denting production for some industries that rely on it. Moreover, with supply shocks in major areas like the Sulphur-generating nations and transportation centers, the availability could further tighten and the global markets would be at a higher risk of volatility. Consequently, it may be difficult for sulfuric acid producers to meet demand, which would eventually slow the overall market growth and hamper the downstream industries.

Sulfuric Acid Market Segmentation  

By Product

Elemental sulfur held the highest share of 52% in 2023. It is abundant, inexpensive, and a basic component in the manufacture of sulfuric acid. The main feedstock, elemental sulfur is predominantly obtained from petroleum refining and natural gas processing. Sulfur, being a byproduct of these processes, is cheap and therefore is the most widely used feedstock for sulfuric acid production. Due to an already commercially well-established and very efficient process to convert elemental sulfur to sulfuric acid, it is the most favorable sulfur feedstock for many sulfuric acid producers. One important reason for the extensive utilization of elemental sulfur in the manufacture of sulfuric acid is its low cost compared to other sulfur species, e.g., sulfur dioxide. This provides an economical means by which producers can supply the world market for sulfuric acid, used in industries such as fertilizer production for phosphatic-based fertilizers. In addition, elemental sulfur also serves as a feedstock in metals such as copper and zinc extraction processes where sulphuric acid is utilized.

By Application

Fertilizers held the largest market share around 52 % in 2023. This owing to their significant dependence on sulfuric acid in the manufacture of phosphate-based fertilizers. Use of sulphuric acid in the utilization of phosphate rock for the production of phosphoric acid, an intermediate product in the production of phosphorus fertilizers such as superphosphate. The growing world population and the demand for food are two factors pushing more farmers to embrace efficient agricultural practices and use high-grade fertilizers. Phosphate fertilizers are an inseparable part of global agriculture, commonly employed for soil fertilization, crop yield, and plant nutrition. As a result of the growing attention on food security and the requirement for maximizing agricultural growth, phosphate fertilizers and hence sulphuric acid demand also increased.

Sulfuric Acid Market Regional Analysis

Asia Pacific held the largest market share around 48% in 2023.  This is owing to the background of a strong agricultural base, rapid industrialization, and major demand from key sectors such as fertilizers, chemical manufacturing, and metal processing. China and India, for example, where the agricultural sector has a prominent effect on the food security of big populations and, therefore, supports on one of the biggest fertilizer producers and consumers all across the globe. Phosphate fertilizers are critical to increasing crop yields and soil fertility in these densely populated areas, and they require sulfuric acid for manufacturing. Moreover, Asia Pacific is growing rapidly at industrial level mainly in China, Japan, South Korea and other nations will increase the prospect of demand for sulfuric acid through chemical, petrochemical and electronics applications. The expanding manufacturing industry in the region, especially the metal extraction and processing segment is also likely to fuel the demand for sulfuric acid for metal recovery processes including copper and zinc extraction. In addition, the high growth of chemical and petrochemical industry in Asia Pacific combined with sulphuric acid market for the production of detergent, plastics, and synthetic fiber also established dominance for this region in the overall sulphuric acid market. Asia Pacific is projected to register its dominance in the sulfuric acid market owing to continued development of infrastructures, and growth in industrial and agriculture sectors.

Key Players

• BASF (Sulfuric Acid, Oleum)

• ExxonMobil (Sulfuric Acid, Alkylation Acid)

• DuPont (Sulfuric Acid, Catalysts)

• Honeywell (Sulfuric Acid, Fluidized Catalytic Cracking (FCC) Catalysts)

• LG Chem (Sulfuric Acid, Oleum)

• Hindustan Zinc Limited (Sulfuric Acid, Zinc Sulfate)

• Saudi Arabian Oil Group (Saudi Aramco) (Sulfuric Acid, Catalysts)

• Reliance Industries (Sulfuric Acid, Phosphoric Acid)

• Southern States Chemical (Sulfuric Acid, Concentrated Sulfuric Acid)

• The Mosaic Company (Sulfuric Acid, Phosphoric Acid)

• Kemira (Sulfuric Acid, Industrial Chemicals)

• Shell Chemicals (Sulfuric Acid, Oleum)

• Yunnan Tin Company (Sulfuric Acid, Zinc Sulfate)

• OCP Group (Sulfuric Acid, Phosphoric Acid)

• Linde Group (Sulfuric Acid, Industrial Gases)

• Tata Chemicals (Sulfuric Acid, Fertilizer Chemicals)

• China National Petroleum Corporation (CNPC) (Sulfuric Acid, Oleum)

• Sumitomo Chemical (Sulfuric Acid, Catalysts)

• Mitsubishi Corporation RtM Japan Ltd. (Sulfuric Acid, Oleum)

• Aarti Industries (Sulfuric Acid, Organic Chemicals)

Recent Development:

• In 2023, LG Chem expanded its sulfuric acid production capabilities, focusing on oleum production, to support the increasing demand in various industries, particularly in fertilizers and chemicals. The expansion is expected to increase its market share in Asia-Pacific.

• In 2023, The Mosaic Company, a leading producer of phosphate-based fertilizers, has ramped up its sulfuric acid production for the manufacturing of phosphoric acid, driven by rising global fertilizer demand.

• In 2022, DuPont, in partnership with several companies, developed an advanced sulfuric acid catalyst technology to improve the efficiency of sulfuric acid production and reduce emissions in the refining and petrochemical industries. This development strengthens DuPont's role as a key player in sulfuric acid-based catalyst technologies.