Global Sulfuric Acid Market: Key Highlights
Global Sulfuric Acid Market: Key Market Dynamics
Global Sulfuric Acid Market: Regional Overview
The Asia-Pacific sulfuric acid market has growing with a remarkable pace in the last few years and is expected to continue the trend in the years to follow owing to increasing demand for the fertilizers. Globally, the demand for fertilizers in grew 17,646 thousand tonnes within 2015-2020 wherein, Asia was the major contributor. Some of the main factors propelling the fertilizers demand in Asia Pacific is growing populace in the China, India leading to higher demand for nutrient rich crops to settle the increasing food demand in the region. In addition to this, ongoing industrialization coupled with booming manufacturing sector in the region is driving the market growth.
The sulfuric acid is widely produced chemical in the Unites States. The production of the sulfuric acid is increasing at a steady pace owing to increasing demand for fertilizers. Higher demand for nutrient rich food owing to rise in the health conscious population in the region with increasing adoption of the precision agricultural techniques and solutions to boost the yield is driving the demand for the fertilizers. In addition to this, the growth of the electric vehicles in North America is projected to step uphill in the Canada in the forecast. As per International Energy Agency (IEA), by 2030, Canada is expected to contribute around 29% in the North America. This, further escalates the market.
Global Sulfuric Acid Market: Key Players Overview
BASF SE is the German company offering products used across the agriculture, automotive, chemicals, construction, electronics and many more industries. The company operates through its seven business segments: agricultural solutions, materials, industrial solutions, surface technologies, nutrition & care, chemicals and others. BASF offers sulfuric acid catalyst and sulfuric acid across the globe through chemical business. The company in 2018 inaugurated new production plant focusing on synthesis of high grade sulfuric acid used in the semiconductor manufacturing sector.
With headquarters in Switzerland, Glencore is the trading and mining company provides sulfuric acid through NorFalco across North America. The company produced sulfuric acid through its four major plants through the metal smelting process for minimizing the overall emissions. In January 2020, the company NorFalco signed a multi-year agreement with the CN, a Canada based company for the transportation of the sulfuric acid.
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