Sulphuric Acid Price Forecast Report 2024-2025 | Price Trend, Latest Prices, Market Analysis, News, Chart, Demand, Extensive Forecast, Historical and Forecast Data

Sulphuric Acid Price Forecast

The global sulphuric acid market is expected to see an upward pricing outlook in 2024, driven by supply concerns in key consuming regions, despite some importers developing domestic capabilities. Upstream supply chain disruptions and raw material procurement challenges are causing production constraints, leading to price hikes, particularly in Europe and the Middle East. While some nations like Indonesia, Morocco, and Chile are reducing import dependencies through domestic production, the overall supply-demand imbalance is likely to sustain the upward pricing momentum throughout the first half of 2024.

Market Dynamics

In recent months, the sulphuric acid markets have seen changing dynamics around the world. Indonesian imports rose surprisingly in the early months, providing relief to Chinese suppliers. Import demand from Indonesia was driven by metals projects, but it's expected to decline in 2024 due to new local capacity. Similarly, In Morocco, OCP's expansion is temporarily boosting demand. In India too, the imports are looking moderate, but initiatives such as Coromandel International's major project to establish a Phosphoric Acid-Sulphuric Acid complex facility in Kakinada, Andhra Pradesh, with an investment of Rs 1000 crore are steadily shifting reliance on domestic supplies. Among the key developments, an 1800 tpd Sulphuric Acid Plant is set to be installed to meet captive needs and boost power generation from waste heat.

In the Middle East, the market dynamics are a little more complicated because of the restricted trade routes in the wake of ongoing conflicts in the region; the supply crunch is being felt a little more severely here. Kazatomprom, the National Atomic Company, Kazakhstan, is the world's largest producer and seller of natural uranium. The company is faced with challenges in meeting its 2024 production targets due to issues with the availability of sulphuric acid, a critical operating material, and delays in completing construction at new deposits. Overall, the market dynamics are varying yet forward looking in most key sulphuric acid markets in the world.

Annual Outlook for Sulphuric Acid Market

The annual outlook for the year 2024 looks positive for sulphuric acid. The short-term market analysis suggests improvements in the pricing outlooks compared to the last year. Several countries have started capacity-building and expanding initiatives to increase self-reliance, particularly because of the fickle nature of global supply chains in recent times. Some sectors are feeling an acute shortage of acid amidst hampered operations. Nuclear energy firms in Kazakhstan specializing in natural uranium mining, are seeing a decline in numbers this year, primarily because of a restricted availability of sulphuric acid. Thereby, the supply and demand dynamics will remain subject to the relaxation of international trade routes and geopolitical relationships. Friendshoring is emerging from the political world and will impact the trade relationships between countries. With the two major wars going on in Europe and the Middle East, the logistical and other trade-related dynamics will also evolve going ahead.

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