In 2024, the solid sulphur market is anticipated to reach a value of USD 3.8 billion, marking a notable point in its growth trajectory. Over the following decade, from 2024 to 2034, the market is expected to experience substantial growth, with a projected compound annual growth rate (CAGR) of 3.7%. This represents a slowdown compared to the CAGR of 5.6% recorded from 2019 to 2023. Nevertheless, by 2034, the market is forecasted to surge to a value of USD 5.4 billion, underscoring a robust upward trend despite the deceleration in growth rate.
The demand for sulphur-based fertilizers is increasing. Sulphur is an essential nutrient for plant growth, and sulphur-based fertilizers are commonly used to improve crop yields. As the global population continues to grow, the demand for food is also increasing, which drives the demand for sulphur-based fertilizers. This trend is expected to persist in the coming years, further propelling the growth of the solid sulphur market.
The growth of the chemical and petrochemical industries is another factor contributing to the demand for sulphur. Sulphur serves as a raw material in the production of a wide range of chemicals, including sulfuric acid, essential for fertilizer production, and other chemicals utilized in construction, automotive, and electronics industries. With the global economy’s expansion, the demand for chemicals and petrochemicals is also projected to rise, further fueling the growth of the solid sulphur market.
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The rising demand for sulphur in animal feed production is also a significant driver for the growth of the solid sulphur market. Sulphur is an essential nutrient for livestock, commonly added to animal feed as a supplement. As the global demand for meat and dairy products continues to increase, the demand for sulphur in animal feed is also expected to rise, contributing further to the growth of the solid sulphur market.
“The market is expected to continue growing in the coming years, driven by a combination of factors. These factors include the increasing demand for sulphur-based fertilizers, the growth of the chemical and petrochemical industries, and the rising demand for sulphur in animal feed production,“ says an analyst at FMI.
Key Takeaways from the Solid Sulphur Market
- The solid sulphur market is estimated to register a CAGR of 3.7%, reaching a valuation of US$ 5.4 billion by 2034.
- The Frasch manufacturing process is anticipated to dominate the market, registering a 3.5% market CAGR from 2024 to 2034.
- With a projected 3.3% CAGR, the fertilizer segment is likely to take the market by storm from 2024 to 2034.
Competitive Landscape
The solid sulphur industry is a dynamic and ever-changing market, with numerous players ranging from multinational corporations to small businesses. This industry offers a broad spectrum of products, such as countertops, sinks, and wall panels, among others. In addition to the existing players, there are also several new entrants who have entered the market and are striving to establish themselves in this highly competitive industry.
Key Market Players in the Solid Sulphur Market
- The Saudi Arabian Oil Company (Saudi Aramco)
- Abu Dhabi National Oil Company (ADNOC)
- Gazprom
- Chemtrade
- Oxbow Corporation
- Valero Energy Corporation
- Exxon Mobil Corporation
- Marathon Petroleum Corporation
- Tengizchevroil LLP
- PVS Chemicals, Inc.
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Key Market Segments
By Manufacturing Process:
- Frasch Process
- Claus Process
By Application:
- Fertilizer
- Chemical processing
- Metal processing
- Rubber Processing
- Others
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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