Sulfuric acid is a vital industrial chemical and plays a key role in numerous industrial processes around the world. Sulfuric acid can act as a dehydrating agent and has the ability to dissolve many metals and oxides. It is extensively used in the production of phosphate fertilizers, titanium dioxide and other inorganic chemicals.
The global sulfuric acid market size was valued at US$ 29.6 million in 2024 and is expected to grow at a CAGR of 6.3% during the forecast period of 2024 to 2030.
The rising consumption of phosphate fertilizers in the agriculture industry is one of the major drivers of the Sulfuric Acid Market Share. According to recent estimates, over 80-85% of global sulfuric acid consumption is associated with phosphate fertilizer production. Sulfuric acid acts as a catalyst in the manufacturing of phosphate fertilizers by reacting with phosphate rock. It helps enhance agricultural productivity and reduce reliance on food imports. The growing world population and rising demand for food have increased the consumption of phosphate fertilizers globally. This growing demand for phosphate fertilizers from agricultural sector is expected to significantly contribute to the revenue growth of sulfuric acid market over the coming years.
Key takeaways:
Key players: 3M Littmann, Eko Devices, Thinklabs Medical, HD Medical Inc., and Welch Allyn (a subsidiary of Hillrom) are the major players in the global sulfuric acid market. 3M Littmann is a leading manufacturer of stethoscopes and diagnostic devices. Eko Devices is specialized in developing digital stethoscopes and cardiovascular diagnostics solutions.
Growing demand: The global demand for phosphate fertilizers has been consistently rising over the past few years owing to increasing population and food requirements. As sulfuric acid is extensively used as a catalyst in phosphate fertilizer production, its consumption is directly correlated to the growth in phosphate fertilizer industry.
Global expansion: Leading sulfuric acid manufacturers are strategizing production capacity expansions and new plant constructions across major markets to ensure adequate supply and cater to the rising global demand. For instance, in 2023, Canadian company Nutrien announced plans to develop a new sulfuric acid plant in Egypt.
Market key trends: Resource recovery from spent acid is a rising trend in the sulfuric acid industry. Many producers are focusing on developing innovative processes to recover sulfate values and convert by-products like gypsum into commercially useful materials. This helps reduce waste, lower manufacturing costs and promote circular economy practices.
Porter’s Analysis
Threat of new entrants: Low capital requirements and simplicity in operations leads to high threat.
Bargaining power of buyers: Large number of buyers and suppliers leads to moderate bargaining power.
Bargaining power of suppliers: Large number of suppliers and differentiated products reduces their bargaining power.
Threat of new substitutes: Availability of substitutes like phosphoric acids poses moderate threat.
Competitive rivalry: Intense competition due to large number of players with similar offerings.
Geographical Regions
The sulfuric acid market in terms of value is concentrated in Asia Pacific region primarily due to large chemical industry in countries like China, India etc. Rapid industrialization and growth in fertilizer industry drives the consumption in the region.
North America region accounts for the fastest growing sulfuric acid market due to increasing demand from pharmaceutical industry for drug manufacturing in countries like United States. Shift towards bio-based fertilizers also propels the use of sulfuric acid in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
