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