Alterative Sulfur Recovery Technologies Could Breathe New Lease of Life into Sluggish Market, says TMR
The
top three players, The Mosaic Company, PotashCrop, and Vale Fertilizers held a
collective share of 10.5% in the global sulfuric acid market in 2014.
However, the competitive landscape of the market is defined by sluggish growth
due to capital-intensive nature of the market and growing concerns about
hazardous effects of sulfuric acid, says Transparency Market Research in a new
report.
To change the pace of the
market and to earn higher revenues, companies will focus on mergers and
acquisitions. Development of high-performance products and establishing valued
customer relationships are also some the key strategies being adopted by
players operating in the overall market. For instance, The Mosaic Company, a
global leader, is focused on achieving output by minimizing its carbon
footprint.
Sulfuric Acid Demand Remains Steady in Developing
Regions
Sulfuric acid is a critical component of various
processes as it is used as both, an intermediate and as a raw material for
chemical manufacturing processes. The rapid industrialization in China is
identified as the major factor accelerating the consumption of sulfuric acid.
This growth will also be supplemented by the rise of the chemicals industry in
China. “Furthermore, the positive trajectory of GDP, increasing foreign
investments, flexible environmental regulations, and availability of cheap
labor are expected to boost the manufacturing sector, which in turn will have a
positive impact on the sulfuric acid market in developing countries,” says a
TMR analyst.
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As several emerging economies such as India, China,
and South Africa boost their cultivation of cotton, wheat, rice, and soya bean,
they will require gigantic amounts of these fertilizers which use sulfuric acid
as an integral component. Demand for phosphate fertilizers, especially in the
agriculture-based economies, is expected to add the burgeoning demand of
sulfuric acid.
The ever-changing pricing of
raw materials such as crude oil, sulfur, and natural gas are the biggest hindrances
in the overall market. As sulfur is also extracted during the processing of
natural gas and refining of crude oil, any changes in the prices of these
materials have a direct bearing on the pricing of sulfur. Furthermore,
regulatory framework dissuading usage of sulfuric acid and sulfur dioxide due
to its harmful effects of human life is also overshadowing the market’s
potential to grow.
Alternative Recovery Processes to Offer New
Opportunity for Overall Market
Development of alternative
methods to recover sulfur is anticipated to provide an exceptional boost to the
market. Materialization of these methodologies will also eliminate the
dependency on the pricing of crude oil and natural gas. Leading players such as
Bahrain Petroleum Company B.S.C., ExxonMobil Corporation, and Bechtel
Corporation are making exceptional investments in developing these methods to
reduce fugitive emissions while recovering sulfur.
The report states that the
opportunity in the global sulfuric acid market will be worth US$85.4 bn by the
end of 2023 from US$67.9 bn in 2014. During the given forecast period of 2015
and 2023, this market is anticipated to rise at a CAGR of 2.6%. The fertilizers
end-user segment is will hold the largest share in the overall market,
accounting for nearly 65% by the end of 2023.
Browse The Full Research Report At:
The review of the global
sulfuric acid mentioned above has been based on the information published by
Transparency Market Research titled “Sulfuric Acid Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
About Us
Transparency
Market Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive blend of
quantitative forecasting and trend analysis provides forward-looking insight
for thousands of decision makers. TMR’s experienced team of analysts,
researchers, and consultants use proprietary data sources and various tools and
techniques to gather and analyse information.
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