The global sulfuric acid market is projected to grow from USD 13.2 billion in 2020 to USD 28.5 billion by 2027, at a CAGR of 11.7% during the forecast period. Sulfuric acid is primarily used in metal ore leaching, fertilizer manufacturing, oil refining, wastewater processing, and chemical synthesis.
The Mosaic Company (US), BASF SE (Germany), OCP Group (Morocco), Chemtrade Logistics Income Fund (Canada), and Nouryon (Netherlands) are some of the key players operating in the sulfuric acid market. These players have adopted strategies such as joint ventures, and expansions to enhance their business revenue and market share. Expansion of production units globally is the key strategy adopted by these players to cater to the increasing demand for sulfuric acid.
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The Mosaic Company is one of the major players in the global sulfuric acid market. It is involved in the production and selling of concentrated phosphate and potash crop nutrients. The company serves approximately 40 countries across the Americas, Asia Pacific, and other regions of the world. The company has the availability of nitrogen assets with access to lower-cost natural gas. The company has a considerable focus on its phosphates segment as it generates 40% of revenue for the company. This indicates a good platform for the growth of its sulfuric acid business.
Another important player in the global sulfuric acid market is BASF SE. In July 2021, BASF, Zhejiang Jiahua Energy Chemical Industry Co. Ltd., and Zhejiang Jiafu New Material Technology Co. Ltd. signed an agreement to expand the production capacity of electronic-grade sulfuric acid in China. The site expansion is expected to be completed by 2023. With this investment, BASF will be more capable of meeting the rising demand for electronic materials in the Chinese market and ensure steady customer supply. Moreover, the development will establish firm presence of BASF in China by building a third sulfuric acid production facility in Jiaxing.
Sulfuric Acid Market by Raw Material (Elemental Sulfur, Base Metal Smelters, Pyrite Ore), Application (Fertilizers, Chemical Manufacturing, Metal Processing, Petroleum Refining, Textile Industry, and Automotive) and Region - Global Forecast to 2027
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