Sulphuric Acid Market

The article discusses the global sulphuric acid and oleum market, forecasting an upward consumption trend over the next eight years. Market performance is expected to grow with a CAGR of +1.9% in volume and +3.7% in value from 2022 to 2030. In 2022, consumption and production decreased slightly, ending a two-year rising trend. The highest consumption and production volumes were observed in the United States, China, and Russia. Import and export trends show growth, with notable rates in certain countries. Overall, the market is projected to see gradual growth in the near future.

Market Forecast

Driven by increasing demand for sulphuric acid and oleum worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 125M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $15.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sulphuric Acid And Oleum

In 2022, consumption of sulphuric acid and oleum decreased by -4.2% to 108M tons for the first time since 2019, thus ending a two-year rising trend. The total consumption volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 112M tons in 2021, and then dropped slightly in the following year.

The global sulphuric acid market size declined slightly to $11.9B in 2022, leveling off at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at $12B in 2021, and then fell slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (25M tons), China (24M tons) and Russia (13M tons), with a combined 58% share of global consumption. India, Chile, Mexico, Japan, Turkey and the Philippines lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the Philippines (with a CAGR of +9.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest sulphuric acid markets worldwide were the United States ($2.7B), China ($2.4B) and India ($1.1B), together comprising 53% of the global market. Chile, Russia, the Philippines, Mexico, Turkey and Japan lagged somewhat behind, together comprising a further 17%.

The Philippines, with a CAGR of +7.7%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of sulphuric acid per capita consumption was registered in Chile (192 kg per person), followed by Russia (88 kg per person), the United States (76 kg per person) and Mexico (24 kg per person), while the world average per capita consumption of sulphuric acid was estimated at 14 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the sulphuric acid per capita consumption in Chile was relatively modest. In the other countries, the average annual rates were as follows: Russia (+1.9% per year) and the United States (+8.2% per year).

Production

World Production of Sulphuric Acid And Oleum

In 2022, production of sulphuric acid and oleum decreased by -4.3% to 104M tons for the first time since 2019, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when the production volume increased by 12%. Global production peaked at 109M tons in 2021, and then declined modestly in the following year.

In value terms, sulphuric acid production stood at $10.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 13%. Global production peaked in 2022 and is expected to retain growth in the near future.

Production By Country

The countries with the highest volumes of production in 2022 were China (28M tons), the United States (23M tons) and Russia (13M tons), with a combined 61% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by the United States (with a CAGR of +10.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Sulphuric Acid And Oleum

For the third consecutive year, the global market recorded growth in supplies from abroad of sulphuric acid and oleum, which increased by 3.8% to 22M tons in 2022. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 17% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, sulphuric acid imports soared to $3.8B in 2022. Over the period under review, imports enjoyed a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, Chile (3.7M tons) and the United States (3.2M tons) were the main importers of sulphuric acid and oleumin the world, together creating 31% of total imports. India (2.1M tons) ranks next in terms of the total imports with a 9.3% share, followed by the Philippines (7.8%) and Morocco (5.9%). Democratic Republic of the Congo (918K tons), Turkey (865K tons), Indonesia (804K tons), Brazil (789K tons), Thailand (710K tons), Germany (401K tons), Serbia (383K tons) and Malaysia (372K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Serbia (with a CAGR of +64.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest sulphuric acid importing markets worldwide were Chile ($871M), the United States ($452M) and India ($303M), together accounting for 43% of global imports. The Philippines, Morocco, Brazil, Democratic Republic of the Congo, Turkey, Thailand, Germany, Serbia, Malaysia and Indonesia lagged somewhat behind, together accounting for a further 36%.

Serbia, with a CAGR of +62.6%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average sulphuric acid import price amounted to $171 per ton, growing by 69% against the previous year. In general, the import price saw a resilient increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($274 per ton), while Indonesia ($32 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+17.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sulphuric Acid And Oleum

In 2022, global exports of sulphuric acid and oleum expanded rapidly to 19M tons, with an increase of 5% on 2021. The total export volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 24%. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, sulphuric acid exports soared to $2.6B in 2022. Overall, exports posted a resilient expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 74%. The global exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports By Country

China (3.6M tons) and Japan (3.1M tons) were the key exporters of sulphuric acid and oleum in 2022, recording near 20% and 16% of total exports, respectively. Canada (1.8M tons) took a 9.8% share (based on physical terms) of total exports, which put it in second place, followed by Bulgaria (6.1%). The following exporters - Germany (825K tons), Zambia (753K tons), Spain (685K tons), Belgium (646K tons), the United States (611K tons), South Korea (562K tons), Mexico (543K tons), Peru (512K tons) and the Philippines (449K tons) - together made up 30% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by China (with a CAGR of +46.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest sulphuric acid supplying countries worldwide were China ($425M), Japan ($241M) and Peru ($217M), together accounting for 34% of global exports.

China, with a CAGR of +54.1%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average sulphuric acid export price amounted to $139 per ton, jumping by 59% against the previous year. Overall, the export price posted measured growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Peru ($423 per ton), while the United States ($60 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+8.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform