According to forecasts, the elemental sulfur market will be worth US$ 6,667 million in 2023 and US$ 9,135.4 million by 2033. Initially, the market’s CAGR for demand between 2018 and 2022 was 2.9%.
The agricultural sector is anticipated to fuel the market’s expansion throughout the projected period due to its strong growth rate and rising investments and production. A significant problem connected with sulfur recovery is the release of undesirable hydrogen sulfide and sulfur dioxide emissions, restraining the market’s expansion over the projection period.
Production must maintain pace with consumption’s ongoing expansion. The expanding world population is likely to increase future demand for elementary sulfur. Eventually, food prices must be high enough to encourage spending and production growth. The generation of H2SO4, primarily used to create fertilizer, is one of the many industrial uses for elemental sulfur.
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The Middle East and the mainland now have new facilities for the elemental sulfur process. Due to China’s growing coal chemical industry and the strict environmental regulations it has spawned, multiple recovery plants have been built, increasing production by 8%.
Key Takeaways
- By 2033, the elemental sulfur market in the United Kingdom is likely to expand, with a CAGR of 2.2%.
- In 2023, the United States is projected to dominate the market share of 12% in the elemental sulfur sector.
- The elemental sulfur market was significantly expanding, with a size of US$ 6,467 million in 2022.
- By 2033, the elemental sulfur market in China is projected to expand, with a CAGR of 3.9%.
- In 2023, Germany is expected to expand significantly in the elemental sulfur business, with an expected share of 4.1%.
- By 2033, India is projected to grow considerably in the elemental sulfur market, with a share of 4.5%.
- In 2023, Australia is likely to develop substantially in the elemental sulfur business, with an expected share of 1.2%.
- Japan’s elemental sulfur industry share is likely to expand significantly, with a 4.6% share in 2023.
- In 2023, the oil segment is expected to lead the market with a share of 49.6% and is likely to hold a top spot in the market in terms of source by 2033.
- Agrochemicals are predicted to hold the top rank in the market in terms of application by 2033 and to have a market share of 53.5% in 2023.
“Elemental sulfur (S) is a non-metal element with atomic number 16, used in industries for sulfuric acid production, fertilizers, and various other applications in sectors like pharmaceuticals, petroleum, and metallurgy.”, says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitors Winning Strategies
Elementary sulfur manufacturers are introducing cutting-edge sulfur-based fertilizers to take advantage of the rising demand as knowledge of the value of sulfur in fertilizers continues to increase. Key elemental sulfur businesses compete with several local players and emerging start-ups regarding production capacity, technical improvements, and customer connections to obtain a competitive edge in the market.
Recent Developments:
- Northern Nutrients stated in June 2021 that it intended to construct a new plant using Shell Thiogro technology to produce improved urea fertilizer utilizing elemental sulfur. When it became operational in 2022, this production plant enabled the corporation to manufacture its elemental sulfur urea fertilizer brand in Canada.
- In August 2020, Gazprom Export, a sizable division of Gazprom, boosted export volume in August 2020. The business provided over 1.3 million tonnes to customers abroad.
Top Key Players in the Global Market
- The Saudi Arabian Oil Company
- Marathon Petroleum Corporation
- Exxon Mobil Corporation
- Tengizchevroil
- Valero Energy Corporation
- Sinopec Corp.
- Royal Dutch Shell Plc.
- Pemex
- OAO Gazprom
- Abu Dhabi National Oil Company
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Key Segmentation of the Elemental Sulfur Market
By Application:
- Agrochemicals
- Chemical & Petroleum Refining
- Rubber & Plastics
- Mining & Metallurgy
- Paper & Pulp
By Source:
- Gas-Based
- Oil-Based
- Mining
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Related Research Reports on Chemicals & Materials: Navigating Industry Developments
Sodium Sulfur Batteries Market: During the forecast period, the global sodium sulfur batteries market is expected to grow at a promising CAGR of 30%. (2022-2032).
Sulfuric Acid Market: With rising adoption of sulfuric acid in a wide range of applications including fertilizers manufacturing and chemical products, the total sales of sulfuric acid are projected to grow at a steady 3.4% CAGR between 2022 and 2032, totaling US$ 25,623.0 Million by 2032.
Glutaric Acid Market: The glutaric acid market report examines the current growth, which is being driven by an increase in the number of applications from various end-use industries such as healthcare, personal care, cosmetics, and others.
Originally Published by: https://www.chronicles24.com/index.php/2023/09/29/elemental-sulfur-market-powered-by-sustainable-solutions-in-the-green-revolution-with-a-projected-3-2-cagr-by-2033/
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