The Latin America, Middle East and Africa Sulfuric Acid Market would witness market growth of 3.5% CAGR during the forecast period (2023-2030).In the year 2026, the LAMEA market's volume is expected to surge to 18,031.1 kilo tonnes, showcasing a growth of 3.9% (2023-2030).
Sulfuric acid is a versatile and essential chemical in various chemical processes, and its demand is closely linked to the growth and activities of the chemical manufacturing sector. As the chemical manufacturing industry expands, the production of a wide range of chemicals also increases. Sulfuric acid is a key reagent or catalyst in the synthesis of many chemicals, including fertilizers, detergents, dyes, pigments, and pharmaceuticals. Consequently, a growing chemical manufacturing sector often leads to higher demand for sulfuric acid as a raw material or reactant.
Chemical manufacturing facilities often require strong acids like sulfuric acid for cleaning, maintenance, and equipment descaling. Expansion in the industry can lead to higher usage of sulfuric acid for such purposes. As chemical manufacturers invest in research and development to develop new products, processes, and technologies, they may rely on sulfuric acid for various experimentation and synthesis purposes. It is utilized in households as a liquid drain cleaner to unclog drains. It is present in low concentrations in glass-cleaning etching compounds, rust and corrosion dissolvers, and a few fabric cleaners. These daily uses of sulfuric acid are anticipated to stimulate the market.
Latin American region is a diverse market with various industrial applications. Several countries in the region have robust mining, agricultural, and chemical sectors that demand this chemical. FAO and OECD stated that the region of Latin America accounted for 17% of the net export value and 13% of the worldwide production value of agricultural and seafood products in 2021. According to BP's Statistical Review of World Energy - 2021, the Middle East produces 31% of the world's oil and 18% of the world's gas. Additionally, the region has 48% of the world's proven oil reserves and 40% of the world's proven gas reserves. Thus, the expansion of these sectors will directly lead to the expansion of the regional market.
The Brazil market dominated the LAMEA Sulfuric Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.1 billion by 2030. The Argentina market is estimated to witness a CAGR of 3.2% during (2023 - 2030). Additionally, The South Africa market would showcase a CAGR of 4.1% 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 Brazil, Argentina, South Africa, Nigeria, Morocco, Chile, and Rest of LAMEA.
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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