Sulfuric Acid Market, Overview, Growth, Demand and Forecast to 2024-2031

In 2022, the sulfuric acid market attained a valuation of $14,414.40 million, projecting a notable growth trajectory with an anticipated Compound Annual Growth Rate (CAGR) of 5.5% over the forecast period. Sulfuric acid stands as a pivotal component in the production of various chemicals, including fertilizers like phosphoric acid and ammonium sulfate, detergents, dyes, and pigments. The chemical manufacturing industry's expansion directly influences sulfuric acid demand. Moreover, its significant role in mining and metallurgical processes, particularly in extracting metals such as copper, nickel, and uranium, contributes to heightened demand. The automotive industry's utilization of sulfuric acid in lead-acid batteries, prevalent in many vehicles, further bolsters market growth. The surge in electric vehicle demand utilizing lithium-ion batteries is expected to fuel additional growth in the sulfuric acid market. The market's application outlook emphasizes fertilizers as the dominant segment, with sulfuric acid crucial for manufacturing phosphate fertilizers. As global agricultural practices intensify to meet rising food and feed crop demands, the market anticipates sustained growth, aligning with the increasing need for efficient and sustainable agriculture practices worldwide.