High- paced growth in consumption of phosphate fertilizers is likely to exceed the demand for sulfuric acid. Owing to expanding needs for crop nutrients and fertilizers, countries are by-far creating great investment opportunities in the market.
DUBAI, UAE / ACCESSWIRE / September 22, 2020 / Sulfuric acid market will witness intense competition between the key players and a steady growth will be seen in the next decade. Leading participants of the market will engage in developing strong partnership with end-users like fertilizer manufacturers. This will help the market witness a gradual easing of bottleneck in the supply chains.
"Due to sustained demand for sulfuric acid in Middle East region and growing adoption in the fertilizer market, intense competition will be seen in the upcoming years. Key companies are working hard and launching unique products to grasp the opportunities that are emerging in major industries like pulp and paper or chemical," states the FMI Analyst.
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Sulfuric Acid Market - Important Highlights
- Sulfuric acid will gain excellent momentum due to increased use in chemical, paper and fertilizer industries.
- On the basis of end-use, fertilizers and crop nutrients is expected to hold the highest market share globally.
- Canada and USA are the third and seventh largest crop nutrient consumer and producer.
- Phosphate fertilizer market is set to raise incremental opportunities in the coming years.
Sulfuric Acid Market - Critical Factors
- Use of sulfuric acid is largely noticed in crop nutrients and phosphate fertilizers.
- Production of copper and zinc metal requires abundant portion of sulfuric acid which thereby drives the market.
- Growing adoption in chemicals, fertilizers and metal industries is helping the market run at a good pace.
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Sulfuric Acid Market - Key Restraints
- Intense competition between key players is going to pose significant challenge to the market.
- Reduced availability of materials might act as a restraint too.
Expected Impact on Market by Coronavirus Outbreak
The pandemic has surely affected production because raw materials are not available and trade was at a halt for a long time. Due to strict lockdown all across the globe there has also been a shortage of work force and manufacturers are planning to revise the strategies to gain proper momentum. The pandemic is likely to affect the fertilizer industry in Canada and USA but as sulfuric acid is a necessity in most of the channels, it will gain momentum in near future.
Competition Landscape
APEJ region excluding Japan is going to offer lucrative opportunities and investment scenes. China has dominated the zinc and metal market and will continue to do so.
Companies are relying on ideas of product expansion of end-use and applications to help the market grow. Canada and USA ranks the highest in production and consumption of fertilizers in the market. Due to intense competition in Middle East region, key players are experiencing significant challenges.
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More on the Report
The report presents segmentation on the basis of end-use (chemical fertilizers, phosphates, metal processing, fibres, hydrofluoric acid and paint) and region wise analysis (North America, Latin America, Western Europe, India, Japan and Middle East).
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SOURCE: Future Market Insights