Ultra Pure Sulfuric Acid Market Is Estimated To Witness High Growth Owing To Battery Industry Upswing

Ultra Pure Sulfuric Acid Market

The 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, oily liquid with a dense and pungent, irritating odor. It is one of the strongest and most frequently used acids due to its wide industrial applications. It is used as an electrolyte in lead-acid batteries, which find applications in automotive and stationary battery storage industries.

Market key trends:
One of the major trends driving the growth of the ultra pure sulfuric acid market is increasing demand from the battery industry. Lead-acid batteries are mainly used in automotive vehicles such as passenger cars, buses, trucks, motorcycles, motive power, and others. With growing concerns of environmental pollution from fossil fuels, demand for electric vehicles (EVs) is increasing rapidly. EVs run on lithium-ion batteries which require ultra pure sulfuric acid in their manufacture. This is expected to significantly drive the growth of ultra pure acid market over the forecast period. Furthermore, increasing deployment of battery energy storage systems to support renewable energy integration into the grid is another major factor fueling the demand.

Porter’s Analysis

Threat of new entrants: The ultra-pure sulfuric acid market requires large capital investments and its production process involves complex technologies. This poses significant entry barriers for new players.

Bargaining power of buyers: The presence of numerous established manufacturers limits the bargaining power of buyers in this market.

Bargaining power of suppliers: Key raw material suppliers such as phosphoric acid and alumina producers have moderate bargaining power due to the availability of substitute materials.

Threat of new substitutes: There are limited substitute products for ultra-pure sulfuric acid in applications such as semiconductor manufacturing.

Competitive rivalry: The market is highly competitive due to presence of large global players.

SWOT Analysis

Strengths: Growing demand from semiconductors industry. Wide applications in metal processing and chemical synthesis.

Weaknesses: Vulnerable to fluctuations in raw material prices. High costs associated with R&D, production and compliance.

Opportunities: Growth in electronics and automotive sectors in emerging economies. Potential for application in new industries.

Threats: Stringent environmental regulations regarding emissions and waste disposal. Threat from substitute chemicals.

Key Takeaways

The Global Ultra Pure Sulfuric Acid Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing demand for electronic products. The market size for 2023 is US$ 16.65 Bn.

Regional analysis: Asia Pacific dominates the global market and is expected to grow at the fastest rate due to large production capacities and growth of semiconductor industry in China, Taiwan, South Korea and other countries.

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.


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