COVID-19 IMPACT ANALYSIS ON THE GLOBAL SULFURIC ACID MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global Sulfuric Acid Market. COVID-19 impacted various industries as it led to the closure of workplaces, disruption of supply chains, and transit limitations. In NA demand for sulphuric acid has significantly decreased as a result of the halt of manufacturing production in various industries globally. Additionally, with the continuously dropping requirements of automotive petroleum refining and other industries, the manufacturer’s margins are declining which was earned by supplying sulphuric acid. However, the government of North America is taking steps to relax tax, fiscal deficit, and others to minimize the impact.
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MARKET OVERVIEW- NORTH AMERICA SULFURIC ACID MARKET
Sulfuric acid or H2SO4 is a strong mineral acid that is totally miscible with water and dissociates readily in water to sulfate ions and hydrated protons. Sulfuric acid is synthesized from hydrolysis of sulfur oxides produced by combustion processes, and wet deposition, mostly as a mixture with nitrogen oxides and nitric acid. The emissions of sulphuric acid in the aquatic environment usually occur from manufacturing industrial locations, after neutralization and are primarily in the form of sulfate ions. Alternatively, following manufacturing and use, it can enter the terrestrial environment as stable gypsum (calcium sulfate). Moreover, sulfuric acid having a concentration of 93% to 98% is extensively used in the manufacture of fertilizers, dyes, explosives, and petroleum products. The global sulfuric acid market is witnessing remarkable growth owing to the increasing demand for sulphur-based fertilizers. Furthermore, the overall market is also being propelled by rising demand for sulphuric acid in the oil & gas industry and wastewater treatment. The market is further boosted by technological advancements in the production of sulfuric acid by various vendors across the globe. One of the prominent trends witnessed by the market includes the increasing use of oleum, also called fuming sulfuric acid, across various applications. However, the global sulfuric acid market is hampered by strict environmental regulations due to the toxicological effects of sulfuric acid coupled with volatility in raw material prices. The global market is estimated and forecasted in terms of revenue (USD million) generated by the sulfuric acid market
MARKET DRIVERS
The NA Sulfuric Acid Market is driven by the increasing demand for fertilizers in the agriculture industry. For instance, Farmers utilize sulphuric acid to strengthen the soil, which aids in boosting agricultural yield as it contains vital elements for plant growth, including potassium, nitrogen, and phosphorus. In the agriculture sector, there is a growing need for high-quality fertilizers. Automobiles, fertilizer & agriculture, and oil & gas refining, among other industries, require sulfuric acid. Pickling, a method of cleaning the surface of steel sheets used in the metal processing sector, is more frequently employed to get rid of rust from iron goods. Superphosphate is a compound made of lime and ammonium sulfate that is used in fertilizers. The demand for nutrient-rich food crops is increasing, which raises the requirement for the use of sulphuric acid in fertilizers. The availability of sulfur as a raw material in abundance is also a driving factor for the targeted market. Moreover, the growing demand for batteries in the automotive industry is expected to provide lucrative opportunities for the North America sulphuric acid market growth.
MARKET OPPORTUNITIES
The market is expected to have a new opportunity with significant growth in the chemical industry. The chemical industry produces petrochemicals, polymers, and industrial chemicals. A crucial industrial chemical, sulphuric acid is primarily used to produce phosphoric acid. It is used in the production of a number of chemicals that are in great demand in the chemical industry. Higher demands for nitric acid, hydrochloric acid, sulfate salts, synthetic detergents, dyes, pigments, explosives, and other pharmaceuticals are contributing to the market’s growth.
MARKET RESTRAINTS
The market has major restraining factors like a health hazards associated with sulphuric acid and difficulties associated with the transportation and handling of sulphuric acid. A powerful diprotic acid is a sulphuric acid with exothermic and hygroscopic characteristics. It is a strong oxidizing agent that reacts at high temperatures with many metals. The addition of water with concentrated acid might result in an explosion. Thus, rising health risks from using sulphuric acid on the skin, eyes, and other organs are likely to hamper the North America Sulfuric Acid Market demand.
MARKET GROWTH CHALLENGES
As sulphuric acid absorbs moisture and water from its surroundings, having a drying effect. It is a poisonous, colorless substance that must be kept in storage at a particular temperature range. It must have a minimum concentration of 90% and can be transported in a stainless steel tank or container with temperatures that don’t exceed 35º C. Concerns regarding transportation and handling of sulphuric acid are projected to challenge the sulphuric acid market in the forecast period.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the Global Sulfuric Acid Market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Increasing demand for fertilizers and rising use of oleum are attributed to the market growth.
NORTH AMERICA SULFURIC ACID MARKET SEGMENTAL OVERVIEW
The Global Sulfuric Acid Market comprises different market segments like Raw Material, Application, Manufacturing Process and geography.
SULFURIC ACID MARKET BY RAW MATERIAL
Based on Raw Materials, this market is segmented into elemental sulfur, base metal smelters, pyrite ore, and others (from oil & petroleum refineries). Among all raw materials, elemental sulfur accounted for the largest market share of the sulfuric acid market due to the abundant availability of elemental sulfur in the market. Also, the production of sulfuric acid through elemental sulfur is less environmentally polluting as compared to pyrite ore roasting and base metal smelter. The base metal smelter and pyrite ore roasting facilities are required to execute strict processes for treating the produced sulfuric acid gases before their discharge into the atmosphere, but sulfuric acid production is less contaminated given the heavy use of sulfur in that process.
SULFURIC ACID MARKET BY APPLICATION
Based on application, the global sulfuric acid market is divided into fertilizers, metal processing, pulp & paper, petroleum refining, textile, automotive, chemical manufacturing, and others. The fertilizer segment accounted for the largest application of the sulfuric acid market. The growing use of sulfuric acid to produce quality fertilizers for agricultural use is projected to propel market growth. Moreover, growing urbanization and industrialization have caused tracts of agricultural land to deteriorate. Fertilizers are frequently employed by farmers throughout the world in this condition to increase crop output, which is projected to stimulate the expansion of the sulfuric acid market over the forecast period.
SULFURIC ACID MARKET BY MANUFACTURING PROCESS
In addition to this, based on the various manufacturing process, this market is categorized into lead chamber process, contact process, wet sulfuric acid process, and others. The contact process accounts for the largest market and is expected to witness high growth due to its lowering the emission of harmful gases during the production of sulfuric acid.
SULFURIC ACID MARKET BY COUNTRY
The NA Sulfuric Acid Market is studied for the following region
- United States
- Canada
- Mexico
The United States is considered to be the dominating market owing to the presence of a large number of manufacturers and increasing demand from various industries such as chemical manufacturing fertilizers. The increased demand for batteries in the region’s automotive industry is predicted to propel U.S. growth throughout the projection period. For instance, according to Argonne National Laboratory, in February 2022, 59,554 plug-in vehicles (including hybrid and electric) were sold, a 68.9% increase over February 2021. In 2022, over 112,000 plug-in electric vehicles (battery and hybrid) were sold to date.
COMPETITIVE LANDSCAPE ANALYSIS
Most companies are primarily involved in mergers, acquisitions, and joint ventures in order to expand their product offerings and establish a significant presence in the market. For instance, in order to improve the company’s offerings in the oil and gas sector for the recycling and treatment of industrial waste in the U.S., Veolia acquired Chemour’s sulfur products division in June 2016. New product launches and endorsements are the key growth strategies adopted by the major players to reinforce their positions in the international market. Furthermore, these companies are mostly involved in the manufacturing of sulfur and their by-products for use in various applications such as fertilizers, chemical manufacturing, petroleum refinery, and other related sectors.
The key players studied in the market are
- E & C Chemicals Inc.
- Noah Chemicals
- SAE Manufacturing Specialties Corp
- Kindle Fischer Specialty Chemicals LLC
- Shrieve
- BASF SE
- Aurubis AG
- Merck KGaA
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