Growing Automotive Industry to Drive Sulfuric Acid Market
The global sulfuric acid market is profiled in great detail in the latest research report from Market Research Future (MRFR), providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects from 2023 to 2030. The historical stats of the Sulfuric Acid Market are detailed in the report, in order to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the sulfuric acid market’s growth trajectory over the forecast period are provided in the report. The leading players in the global sulfuric acid market are also profiled in the report in order to give readers a comprehensive analysis of the leading players in the global sulfuric acid market. The major drivers and restraints affecting the global sulfuric acid market are also profiled in the report to provide readers a comprehensive overview of what’s making the market tick and what is holding the market back. The impact of the COVID-19 pandemic on the sulfuric acid market is also assessed in the report.
Sulfuric acid is used as a battery acid in the automotive industry. This is likely to be a major driver for the global sulfuric acid market over the forecast period due to the growing demand from the automotive industry. The growing demand for commercial, as well as passenger vehicles, is likely to be a major driver for the global sulfuric acid market. Sulfuric acid is also used in industrial cleaning agents, which is likely to be a major driver for the global sulfuric acid market over the forecast period. Industrial cleaning products are likely to increase in demand over the forecast period due to the growth of the industrial sector in emerging economies and the increasing government regulations mandating higher safety standards, leading to widespread demand for strong industrial cleaners.
The sulfuric acid market industry is projected to grow from USD 10.02 billion in 2022 to USD 12.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.76% during the forecast period (2023 - 2030).
Competitive Leaderboard:
Leading players in the global sulfuric acid market include Solvay, Honeywell, Evonik, Dupont, Cytec Industries, Chevron, BP, Bayer, AkzoNobel, and Agrium.
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Segmentation:
The global sulfuric acid market is segmented on the basis of type, application, and region.
By type, the global sulfuric acid market is segmented into dilute sulfuric acid, battery acid, concentrated sulfuric acid, and chamber acid. The battery acid segment is likely to remain important for the global sulfuric acid market over the forecast period due to the growing consumption of automotive batteries.
By application, the global sulfuric acid market is segmented into metal processing, pulp and paper manufacturing, textiles, refinery, chemical manufacturing, and fertilizers. Chemical manufacturing is likely to remain an important application segment of the global sulfuric acid market over the forecast period.
Regional Analysis:
Asia Pacific is likely to remain the leading revenue generator in the global Sulfuric Acid Market Share Analysis over the forecast period. The primary driver for the sulfuric acid market in Asia Pacific is the growing automotive industry in the region. The automotive industry in the Far East has become a major part of the global automotive industry in recent years, with China, Japan, and South Korea emerging as major regional entities in global automotive production. Vehicle manufacturing has grown at a rapid rate in these countries in recent decades, with carmakers such as Toyota, Honda, Mazda, and others staking an important share in the global automotive market. This has led to growing production of passenger as well as commercial vehicles, including cars, trucks, buses, and other types of vehicles. This has led to a growing demand for car batteries and the various components used therein. The growing demand for battery acid is thus likely to be a major driver for the global sulfuric acid market over the forecast period.
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