Inorganic Acid Market Size Forecast to Grow at a CAGR of 4.7% During the Forecast Period 2021-2026

(EMAILWIRE.COM, February 14, 2022 ) Inorganic Acid market size is forecasted to grow at a CAGR of 4.7% during the forecast period 2021-2026. This can be attributed to its use in fertilizers. An inorganic acid is an acid derived from one or more inorganic compounds. It is also known as mineral acid. Inorganic acids form hydrogen ions and conjugate base ions when dissolved in water. Commonly used inorganic acids are sulphuric acid, hydrochloric acid, nitric acid, and phosphoric acid. Inorganic acids are very soluble in water and insoluble in organic solvents. Inorganic acids are used in many sectors of the chemical industry as feedstocks for the synthesis of other chemicals, both organic and inorganic. Large quantities of these acids particularly sulphuric acid, nitric acid, and hydrochloric acid are manufactured for commercial use in large plants. Increasing demand for agrochemicals & fertilizers in developing countries is expected to drive the inorganic acid industry substantially during the forecast period.

Inorganic Acid Market COVID-19 Impact

The pandemic affected the global economy with repercussions for both supply and demand. Due to the rapidly rising cases, containment measures in place such as lockdowns and social distancing led to the closure of factories. The chemical industry plays an important role in the production of plastics, fertilizers, medicines, packaging, etc. Hence, the chemical industry can be regarded as the backbone of most of the manufacturing industries. The pharmaceutical industry is also dependent on the chemical industry to carry out their manufacturing activities as they cannot function without the basic chemicals like caustic soda, chlorine, sulphuric acid, etc. Hence, the closure of this industry affected the other industries as well leading to a lack of raw materials, supply chain disruptions, and more. This impacted the inorganic acid market in 2020.

Inorganic Acid Market Segment Analysis – By Chemistry

The sulphuric acid segment held the largest share in the inorganic acid market and is expected to rise at a CAGR of 3.6% during the forecast period. About 75% of the manufactured sulphuric acid is used to synthesize fertilizers, superphosphate in particular. Sulphuric acid is highly reactive and can dissolve most metals. Sulphuric acid (H2SO4) is a basic raw material used in a wide range of industrial processes and manufacturing operations. It is also good for removing oxidation from iron and steel, so it is used in large quantities by metal manufacturers. The most well-known application is its use as an electrolyte in lead-acid storage batteries. Other applications include the manufacture of high-octane gasoline, explosives, rayon, the processing of uranium, and the pickling of steel. Owing to all the multitude of applications, sulphuric acid is set to dominate the market during the forecast period.

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Inorganic Acid Market Segment Analysis – By Basicity

The monobasic acid segment held the largest share in the inorganic acid market in 2020. Hydrochloric acid, nitric acid, and hydrofluoric acids are monobasic, meaning they can donate only one proton (hydrogen ion) to a base in an acid-base reaction. Hence, a monobasic acid has only one hydrogen atom to donate. Hydrochloric acid is used industrially to process steel. It is also used in the production of batteries, photoflash bulbs, and fireworks. Nitric acid is an important industrial chemical used for the production of fertilizers and explosives. Hydrofluoric acid is used mainly for glass etching, metal cleaning, etc. More than 90% of the high-purity hydrofluoric acid is used in semiconductor production processes worldwide. Semiconductors are crucial in all electronic devices due to which they fin applications across all industries medical and healthcare, telecommunications, energy, finance, transportation, agriculture, manufacturing, aerospace and defense. Throughout this pandemic, semiconductor devices have become increasingly prevalent, particularly in ventilators, vital signs monitors, ultrasound devices, and an array of other essential medical equipment. Therefore, the medical semiconductor segment is growing faster than the overall industrial semiconductor market which boosts the growth of hydrofluoric acid. This has a positive impact on the growth of the monobasic acid segment in the inorganic acid market.

Inorganic Acid Market Segment Analysis – By Strength

The strong acid segment held the largest share of more than 60% in the inorganic acid market in 2020. Sulphuric acid, nitric acid, and hydrochloric acid are the strongest acids known. They are so corrosive that they even dissolve metals. Iron and steel equipment are rust-prone. Rust is specific to metals containing iron, which includes all types of iron (wrought iron, cast iron) and steel (carbon steel, stainless steel). Rust can make iron and steel brittle. So, industries use rust remover acids to remove rust. Strong acids work by dissolving rust. Many acid-based rust removal products are gel formulations. Once applied, the gel will start to dissolve the rust. Mineral acids such as hydrochloric acid and sulphuric acid clean away the outer layer of rust. Industrial rust removal products containing strong acids may be ideal for serious rust problems that must be resolved quickly. Owing to these industrial applications, strong acids are set to fuel the growth of the inorganic acid market during the forecast period.

Inorganic Acid Market Segment Analysis – By Application

The fertilizers segment held the largest share in the Inorganic Acid market in 2020 and is growing at a CAGR of 4.1% during 2021-2026. Fertilizers are deemed essential to enable sustainable crop production. Sulphuric acid, nitric acid, and phosphoric acid are used to produce fertilizers. Around half of the produced sulphuric acid in the world is used in agriculture, particularly in the fertilizer industry. Sulphuric acid is specifically used to manufacture phosphate fertilizers, particularly superphosphate of lime and ammonium sulphate. Nitric acid is the feedstock in the industrial production of nitrates for fertilizers. Within the last five decades, the demand for nitrogen fertilizers has grown dramatically to improve crop yield. Phosphoric acid is used to manufacture other fertilizers. The reaction of phosphoric acid with finely ground rock phosphate yields triple superphosphate. As the use of fertilizers increases, the consumption of inorganic acids also increases.

Inorganic Acid Market Segment Analysis – By End-Use Industry

The agriculture segment held the largest share in the inorganic acid market in 2020. Fertilizers enhance agricultural productivity by restoring soil nutrients. Unless the nutrients are replenished, the soil’s productive capacity declines with every harvest. To ensure food security and increase the productivity of crops, there is a high demand for fertilizers. Around the world, farmers use fertilizers with three primary nutrients such as nitrogen, phosphorus and potassium, to improve the quality and yield of crops. Some fertilizers, such as two-component fertilizers Monoammonium Phosphate (MAP) and Diammonium Phosphate (DAP), offer farmers an effective means of delivering both nitrogen and phosphorus to soils. Sulphuric acid is used as a key first step in the production of both MAP and DAP, after which it is mixed with phosphate rock to produce phosphoric acid. Farmers are adopting more quantities of two-component fertilizers such as MAP and DAP as it is easy to deliver necessary amounts of nitrogen and phosphorus to soils and helps in producing an effective yield. Inorganic acids are essential to modern farming methods because they are used in the production of fertilizers which in turn increases agriculture revenue. Therefore, the growth in the agriculture industry fuels the growth of the inorganic acid market.

Inorganic Acid Market Segment Analysis – By Geography

The Asia-Pacific region held the largest share in the Inorganic Acid market in 2020 up to 38%, owing to the increased usage of agrochemicals in the region. Agriculture is the backbone of Asian countries. According to the Fertilizer Association of India (FAI), the total consumption of fertilizers was 60,595.5 tonnes in 2019-2020 compared to 56,805.9 tonnes in 2018-2019. According to FAOSTAT, China ranks first in the world in terms of the production of cereals, cotton, fruits, and vegetables. According to OECD-FAO Agricultural Outlook, China accounted for 16% of the total global wheat production, 26% of the total global rice production, and 17% of the total global roots and tubers production in 2020. According to a report by China Agriculture Industry Development, by 2035 China plans to become self-sufficient in staple foods, like rice, corn, and wheat. This in turn has led to an increased demand for agrochemicals in the country to increase crop yield. Hence, this region is forecasted to dominate the inorganic acid market during the forecast period.

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Inorganic Acid Market Drivers

Increasing Demand for Agrochemicals in Growing Economies

Agriculture is often deemed a national security priority by countries as those products are necessary for existing. As Asian countries are expanding the sector through diversification of agriculture and extensive multiple cropping programs, the demand for agricultural fertilizers has continued to grow here. In 2020, agriculture, aquaculture, and forestry sectors contributed 14.9% to Vietnam’s GDP. Coffee accounts for 3% of Vietnam’s GDP and about 15% of its agricultural exports. Vietnam is the world’s largest producer by far of Robusta coffee, and the second largest producer of coffee overall. According to the World Bank, the coffee sector in Vietnam employs 550,000 smallholder farmers. 80% of Vietnam’s coffee is grown in the Central Highlands region. Fertilizer costs and labor are the largest investment of a coffee farm. In order to achieve the maximum yield of coffee beans, fertilizers are required. Thus, the increasing usage of agrochemicals in growing economies acts as a driver for the inorganic acid market during the forecast period.

Rapid Development of the Food & Beverage Industry

Carbonic acid and Phosphoric acid are commonly used in the food and beverage industry. Carbon dioxide forms carbonic acid when dissolved in water. Carbonic acid, found in all carbonated beverages, is responsible for their fizz. It is also present in fermented foods as a byproduct of the fermentation of bacteria. Phosphoric acid is used as a flavoring agent and acidity regulator in various foods and beverages. Phosphoric acid gives soft drinks a tangy flavor and prevents the growth of mold and bacteria, which can multiply easily in a sugary solution. Most of the soda’s acidity also comes from phosphoric acid. Food-grade phosphoric acid is used to acidify foods and beverages such as fizzy sodas and jams, providing a tangy or sour taste. Hence, phosphoric acid has gained benefits from the rapid development of the food and beverage industry which drives the inorganic acid market.

Inorganic Acid Market Challenges

Toxicity

Common mineral acids such as hydrochloric, phosphoric, nitric and sulphuric acid are toxic. All of the mineral acids are corrosive and cause severe burns. For instance, sulphuric acid is highly corrosive and toxic. Exposure can occur from inhalation, ingestion, and skin contact. Inhalation of sulphuric acid may cause irritation and chemical burns to the respiratory tract, nose, and throat. Another deadly property of sulphuric acid is its carcinogenicity. The International Agency for Research on Cancer (IARC) has classified strong inorganic acid mists containing sulphuric acid as a group 1 known human carcinogen. Such factors are a major challenge of inorganic acid which constrains the growth of the market.

Inorganic Acid Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Inorganic Acid market. Inorganic Acid market top companies are:

BASF SE

DuPont de Nemours Inc

Evonik Industries

Formosa Plastics

INEOS Enterprises

Dow Chemical

LG Chem.

LyondellBasell Industries

Akzo Nobel

Bayer and others

Acquisitions/Technology Launches

In August 2021, INEOS Enterprises announced the completion of the sale of its Sulphur Chemicals business to International Chemical Investors Group. INEOS Sulphur Chemicals business is Spain’s largest dedicated manufacturer of sulphuric acid and oleum serving end-applications ranging from agriculture to chemical intermediates.

Key Takeaways

Asia-Pacific dominates the inorganic acid market, owing to the agricultural industry in the region. According to Invest India, India’s agriculture technology can grow to $24.1 billion by 2025.

Hydrochloric acid, Sulphuric acid, and Nitric acid are the strongest inorganic acids capable of dissolving metals. They are highly corrosive.

Sulphuric acid and Nitric acid are mainly used in the production of fertilizers to improve soil fertility as they add essential nutrients to replenish the soil.

Related Reports:

A. Organic Acids Market

https://www.industryarc.com/Report/16128/organic-acids-market.html

B. Butyric Acid Market

https://www.industryarc.com/Report/15665/butyric-acid-market.html

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