by The Global Ultra Pure Sulfuric Acid Market is estimated to be valued at US$ 16.65 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ultra pure sulfuric acid is a colorless, odorless and highly corrosive liquid primarily used as an electrolyte in lead-acid batteries in the automotive industry. It is also used as a catalyst in the production of fertilizers, dyes, drugs and hydrocarbon processing. With over 95% purity, ultra pure sulfuric acid offers advantages like high conductivity, no impurities and stability which makes it ideal for use in industries where high purity levels are required to avoid contamination. Growing automotive industry and demand for batteries is expected to drive the growth of ultra pure sulfuric acid market over the forecast period.
Market key trends:
One of the key trends in the ultra pure sulfuric acid market is growing demand from the lithium-ion battery sector. Lithium-ion batteries are increasingly being used in electric vehicles, consumer electronics and energy storage applications due to their high energy density and no memory effect. Ultra pure sulfuric acid plays a key role in the manufacturing of lithium-ion batteries as an electrolyte. Growing sales of EVs and focus on clean energy is expected to boost the consumption of lithium-ion batteries driving the demand for ultra pure sulfuric acid.
Porter’s Analysis:
Threat of new entrants: The ultra pure sulfuric acid market requires high capital investment for production facilities and distribution networks, acting as a barrier for new players.
Bargaining power of buyers: The global demand for ultra pure sulfuric acid is increasing steadily due to its wide applications in industries such as semiconductors, pharmaceuticals, etc. However, the presence of numerous buyers reduces their bargaining power.
Bargaining power of suppliers: Major suppliers in the market are well-established players with strong supply networks. However, low differentiation between suppliers keeps their bargaining power in check.
Threat of new substitutes: There are limited product substitutes for ultra pure sulfuric acid with similar properties and applications. Substitutes require huge investment for transition, reducing threat from substitutes.
Competitive rivalry: The global ultra pure sulfuric acid market is moderately consolidated with top players accounting for major market share. However, small regional players also compete on the basis of product differentiation and customer service.
Key Takeaways
The Global Ultra Pure Sulfuric Acid Market Size is expected to reach US$ 16.65 Bn by 2023, exhibiting a CAGR of 11% over the forecast period. Growth of the semiconductor industry along with growing demand from pharmaceuticals are major market drivers.
Regional analysis: Asia Pacific dominates the global market and is expected to witness the fastest growth through 2030 owing to large semiconductor manufacturing bases and rapidly expanding pharmaceutical industry in countries such as China, India, South Korea and Taiwan. China holds over 35% share of the global ultra pure sulfuric acid demand.
Key players operating in the ultra pure sulfuric acid market are Tampa Electric, Chemtrade Refinery, The Mosaic, Lucite International, Climax Molybdenum, Valero Energy, Solvay, DuPont, Akzonobel N.V, BASF,US Petrochemical, Shell, Avantor Performance Materials, Indian Oil Corporation Ltd., Ineos Enterprises, PVS Chemicals Inc., Moses Lake Industries, Sigma-Aldrich Co. LLC, KMG Chemicals Inc., Kanto Chemical Co. Inc. Linde Group, Reagent Chemicals, and Ineos Enterprises. Key players are focusing on capacity expansion as well as developing advanced manufacturing technologies to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
