Published By : 29 Apr 2016 | Published By : QYRESEARCH
Sulfuric acid is a highly reactive acid, which is completely miscible in water. Sulfuric acid is the most extensively used and produced acid, having applications across a large number of applications such as manufacturing of fertilizers, preparing synthetic chemicals, treating waste water, and much more. The global sulfuric acid market is expected to be driven due to these applications of the sulfuric acid.
Rising Demand from Mining and Metal Industry to Drive Sulfuric Acid Market
The use of sulfuric acid as a leaching agent in mining and metal application is driving the market. The continual demand for sulfuric acid from the paper and pulp industry is expected to ensure the growth of the market in the upcoming years. The use of sulfuric acid in pharmaceutical industry is aiding the growth of the market. The rising adoption of sulfuric acid as a cleaning agent is also expected to help drive the global sulfuric acid market.
According to a report published by a market intelligent company called Transparency Market Research (TMR), the global sulfuric acid market is expected to stand at US$85.40 bn by the end of 2023 rising from US$67.99 bn in 2014. It is expected to expand at a CAGR of 2.6% from 2015 to 2023.
Asia Pacific to Hold Largest share of the Global Sulfuric Acid Market in Future
In terms of geography, the global sulfuric acid market is segmented into Europe, Asia Pacific, Middle East and Africa, and North America. Asia Pacific is expected to hold the largest share, followed by Europe, owing to the high consumption of fertilizers and use of sulfuric acid in chemical manufacturing industries. Asia Pacific is also expected to witness the fastest growth in the global sulfuric acid market.