The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global Sulfuric Acid Market. COVID-19 impacted various industries as it led to the closure of workplaces, disruption of supply chains, and transit limitations. In Europe demand for sulphuric acid has significantly decreased as a result of the halt of manufacturing production in various industries globally. Additionally, with the continuously dropping requirements of automotive petroleum refining and other industries, the manufacturer’s margins are declining which was earned by supplying sulphuric acid. However, government of Europe are taking steps to relax tax, fiscal deficit, and others to minimize the impact.

MARKET OVERVIEW- EUROPE SULFURIC ACID MARKET

Sulfuric acid or H2SO4 is a strong mineral acid that is totally miscible with water and dissociates readily in water to sulphate ions and hydrated protons. Sulfuric acid is synthesized from hydrolysis of sulphur oxides produced by combustion processes, wet deposition, mostly as mixture with nitrogen oxides and nitric acid. The emissions of sulphuric acid in the aquatic environment usually occur from manufacturing industrial locations, after neutralisation and are primarily in the form of sulphate ions. Alternatively, following manufacturing and use, it can enter the terrestrial environment as stable gypsum (calcium sulphate). Moreover, sulfuric acid having a concentration of 93% to 98% is extensively used in the manufacture of fertilizers, dyes, explosives and petroleum products. The global sulfuric acid market is witnessing remarkable growth owing to increasing demand for sulphur-based fertilizers. Furthermore, the overall market is also being propelled by rising demand for sulphuric acid in the oil gas industry and waste water treatment. The market is further boosted by technological advancements in the production of sulfuric Acid by various vendors across the globe. One of the prominent trend witnessed by the market include increasing use of oleum, also called as or fuming sulfuric acid, across various applications. However, the global sulfuric acid market is hampered by strict environmental regulations due to toxicological effects of sulfuric acid coupled with volatility in raw material prices. The global market is estimated and forecasted in terms of revenue (USD million) generated by the sulfuric acid market

MARKET DRIVERS 

The Europe Sulfuric Acid Market is driven by the increasing demand for fertilizers in agriculture industry. For instance, Farmers utilise sulphuric acid to strengthen soil, which aids in boosting agricultural yield as it contains vital elements for plant growth, including potassium, nitrogen, and phosphorus. In the agriculture sector, there is a growing need for high-quality fertilisers. Automobiles, fertiliser agriculture, oil gas refining, among other industries, require sulfuric acid. Pickling, a method of cleaning the surface of steel sheets used in the metal processing sector, is more frequently employed to get rid of rust from iron goods. Superphosphate is a compound made of lime and ammonium sulphate that is used in fertilisers. The demand for nutrient-rich food crops is increasing, which raises the requirement for the use of sulphuric acid in fertilisers. Availability of sulphur as a raw material in abundance is also a driving factor for the targeted market. Moreover, growing demand for batteries in the automotive industry is expected to provide lucrative opportunities for the North America sulphuric acid market growth. 

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MARKET OPPORTUNITIES

The market is expected to have a new opportunity with the significant growth in the chemical industry. The chemical industries produces petrochemicals, polymers, and industrial chemicals. A crucial industrial chemical, sulphuric acid is primarily used to produce phosphoric acid. It is used in the production of number of chemicals that are in great demand in the chemical industry. Higher demands for nitric acid, hydrochloric acid, sulphate salts, synthetic detergents, dyes and pigments, explosive, and other pharmaceuticals are contributing to the market’s growth.

MARKET RESTRAINTS

The market has major restraining factors like a health hazards associated with sulphuric acid and decline in sales resulting from oversupply of sulphuric acid. The undersupply of sulphuric acid is the biggest problem in Europe being faced by key manufacturers operating in the market, which is directly impacting their sales and profit margins as oversupplied with other producers has led to a decrease in the prices. This is the major restraint in the Europe sulphuric acid market growth.

MARKET GROWTH CHALLENGES

The main challenge in Europe is that sulphuric acid are very maintenance-intensive. Moreover, as the price of raw materials is fluctuating all the time. Hence, the fixed price of sulphuric acid is difficult to estimate the worth in the coming years. Sulfuric Acid has high side effects and pollution of the environment, chemical industries are regulated with stringent rules because they are harmful substance so it is regulated strictly.

CUMULATIVE GROWTH ANALYSIS

The report provides in-depth analysis of Europe Sulfuric Acid Market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Increasing demand for fertilizers and rising use of oleum are attributed to the market growth.

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