The Asia Pacific Sulfuric Acid Market would witness market growth of 3.6% CAGR during the forecast period (2023-2030).In the year 2021, the Asia Pacific market's volume surged to 29,546.8 kilo tonnes, showcasing a growth of 3.4% (2019-2022).
Consumer demand for automobiles is a fundamental driver of industry expansion. Factors such as rising income levels, urbanization, and changing consumer preferences can lead to increased demand for cars and other vehicles. Increasing use of sulfuric acid for vehicle batteries in the automotive industry is anticipated to stimulate market expansion. Up to 28-32% of automobile batteries are composed of sulfuric acid, which develops an electrical current suitable for reacting with lead. Lead-acid batteries, which contain sulfuric acid electrolyte, are commonly used in vehicles, uninterruptible power supplies (UPS), and various industrial applications. They provide a reliable and affordable energy storage solution.
The rising demand for sulfuric acid from the metal processing sector for removing corrosion and other contaminants from various metal surfaces, including iron, steel, copper, and aluminum, is anticipated to impact market expansion over the forecast period. In addition, it is essential in wastewater treatment, producing lead acid batteries, producing rayon, and harvesting potatoes as a desiccant. During the forecast period, the growing demand for sulfuric acid in the textile sector, the phosphate fertilizer industry, steel pickling, and petroleum refinery applications is anticipated to drive market growth in the region. Growing populations, especially in emerging markets, increase the demand for clothing and other textile products.
The Asia Pacific region has a highly dynamic and diverse market, driven by a wide range of factors, including robust industrial growth, vast natural resources, and an increasing focus on sustainability. The region is home to some of the world's fastest-growing economies, including China, India, and several Southeast Asian nations. With 2020 chemical sales estimated to be worth €92 billion, India is ranked fourth in Asia and sixth overall. India invested €3.9 billion in world chemicals in 2020, up from €2.4 billion in 2010. Hence, in the coming years, with the expansion of regional chemical, manufacturing, and agriculture sectors, the demand for sulfuric acid will rise.
The China market dominated the Asia Pacific Sulfuric Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.6 billion by 2030. The India market is anticipated to grow at a CAGR of 3.9% during (2023 - 2030). Additionally, The Thailand market would witness a CAGR of 3% during (2023 - 2030).
Based on Raw Material, the market is segmented into Elemental Sulfur, Base Metal Smelters, Pyrite Ore and Others. Based on Application, the market is segmented into Fertilizers, Chemical Manufacturing, Metal Processing, Textile Industry, Petroleum Refining, Automotive, Pulp & Paper and Others. Based on countries, the market is segmented into China, India, Thailand, Australia, South Korea, Japan, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Sulfuric Acid Market is Projected to reach USD 17.9 Billion by 2030, at a CAGR of 3.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Mosaic Company, Akzo Nobel N.V., BASF SE, Solvay SA, PVS Chemical Solution, INEOS Group Holdings S.A. (Bilcare Research), and Nutrien Limited
By Raw Material (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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