Market Trends of Ultra-Pure Sulfuric Acid Industry
This section covers the major market trends shaping the Ultra-Pure Sulfuric Acid Market according to our research experts:
Increasing Application in Electrical & Electronics Industry
- Sulfuric acid,also calledoil of vitriol, orhydrogen sulfate is dense, colorless, oily, corrosiveliquid, one of the most important of all chemicals, prepared industrially by thereactionofwaterwith sulfur trioxide. Ultra-pure sulfuric acid refers to the high concentration ranging about 98%.
- In electrical & electronics industry ultra-pure sulfuric acid is used in various concentrations during the manufacturing of printed circuit boards, as an etching agent for the production of semi-conductors, cleaning agent and others.
- According to the Semiconductor Industry Association (SIA), the worldwide sales of semiconductors reached a total of USD 36.6 billion for the month of October 2019, an increase of about 2.9% from the September month's total sales of USD 35.6 billion.
- According to World Semiconductor Trade Statistics (WSTS), it is estimated that theannual global sales of semiconductors is expected to increase by 5.4% in 2020, 6.3% in 2021, hence increasing the scope for this market during the coming years.
- Hence, owing to the growing applications in electrical & electronics industry especially in Asia-Pacific and North American countries, the demand for ultra-pure sulfuric acid is expected to increase over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market forultra-pure sulfuric acid during the forecast period. Due to the high demand application from countries like China, India and Japan the market forultra-pure sulfuric acid has been increasing.
- The largest producers of ultra-pure sulfuric acid are located in Asia-Pacific region. Some of the leading companies in the production of ultra-pure sulfuric acid are INEOS Group, BASF SE, KMG Chemicals, KANTO KAGAKU, PVS Chemicals.
- Chinese pharmaceutical industry which is valued at about ~USD 145 billion currently, represents the biggest emerging market with growth tipped to reach about ~USD 200 billion by 2022, thus increasing the scope of the market.
- India's total pharmaceutical production reported a 11% growth during the first quarter of FY'19 and reached a total of about ~USD 5 billion. During the same time, the pharma exports witnessed a 21.7% growth and reached a total of about ~USD 1.72 billion.
- Ultra-pure sulfuric acid is also used in pharmaceutical industry, automotive industry and many other industries where it has wide range of applications
- The Chinese government has introduced 'Made in China 2025' policy to increase the nation's self-sufficiency in integrated circuits production to 40% in 2020 and 70% by 2025.
- Ultra-pure sulfuric acid is one of the most popular types of wet chemicals used in the electronics industry. The aforementioned factors, coupled with government support, are contributing to the increasing demand for ultra-pure sulfuric acid during the forecast period.
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