Sulfuric Acid Market
accounts for a considerable GDP in several countries. With increasing government support in these countries to increase agricultural output, the demand for sulfuric acid will increase indirectly.
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On the flip side, volatile prices of feedstock such as sulfur, crude oil, and natural gas are challenging the market’ s growth. As sulfur is also obtained during the refining of crude oil and processing of natural gas, any changes in the prices of these commodities directly impact the price of sulfur. Furthermore, regulatory stipulations dissuade the usage of sulfuric acid and sulfur dioxide as they are harmful to human health, which is further negatively impacting the market’ s growth.
However, development of alternate methods for obtaining sulfur is expected to be exceptionally beneficial for the market. This will eliminate dependency on crude oil and their volatile prices that impact prices of sulfur products. Leading companies such as ExxonMobil Corporation, Bahrain Petroleum Company B. S. C, and Bechtel Corporation are investing heavily in developing these newer methodologies to reduce undesired emissions while recovering sulfur.
Chemical Synthesis to Supersede Fertilizers in Future Fertilizers are the largest application segment of the global sulfuric acid market. In 2014, the segment held a whopping 60 % share in the overall market. However, the chemical synthesis segment is expected to supersede in the near future. Sulfuric acid is used in more than 20 chemical processes, which will favor the growth of the sulfuric acid market. Sulfuric acid is used in the manufacture of nitric acid, hydrochloric acid, sulfate salts, and drugs amongst others.
Asia Pacific held 50 % of the market in 2014 due to which it stands as the clear leader in the market. The region is expected to remain the leading one due to a high concentration of chemicals industries in China.
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