The global sulfur market size was valued at USD 12.75 billion in 2020 and expected to hit around USD 17.13 billion by 2030 with a CAGR of 3% during the forecast period 2021 to 2030.
Crucial factors accountable for market growth are:
Key market Insights:
Emerging applications of sulfur are estimated to create gainful growth prospects for the major companies functioning in the global sulfur market. Sulfur are multifunctional in nature and used in its elemental form the production of range of end-use products like match sticks, fungicides, insecticides, detergents, batteries, and black gunpowder in both developed as well as emerging economies. Sulfur possesses great resistance to the heat and electricity along with ideal chemical properties. Commercial sectors including fertilizer, rubber, and pharmaceutical are widely ad optioning sulfur to get competitive edge in the global market. Also, emerging countries across the globe are focusing on increasing sulfur production in order to cater the increasing global demand of the sulfur. This trend is expected to continue and will enhance growth of the global industry in the near future.
COVID-19 Impact on Global Sulfur Market
Outburst of COVID-19 has impacted on most of the key markets across the globe. COVID-19 is hitting target market from all the sides. China is the biggest market for the sulfur, but to the spread of coronavirus deemed as supply of the sulfur reduced dramatically. Due to COVID-19, adoption of the sulfur has been decreased in the chemical processing industries worldwide market as the demand form the end use costumers has been decreased. On the other hand the and in turn the adoption of the sulfur reduced in the chemical industry during the critical times of COVID-19. Major industries including chemical, fertilizer, and rubber affected due to the distribution in the supply chain as well as lockdown situation in the developed as well as emerging economies worldwide. However, COVID-19 situation is resolving slowly and most of the industries are started their facilities at full capacity.
Future of Global Sulfur Market
Due to ongoing COVID-19 pandemic, usage of sulfur has been lessen in the end use industry resulting in the reduce demand for the sulfur and growth of the global sulfur industry got affected. However, the COVID-19 situation is resolving and the major players in the target industry are resuming the sulfur production which can have positive impact on the sulfur industry growth in the near future. Key companies of the target industry such as Abu Dhabi National Oil Company, Marathon Petroleum Corporation are focusing in the business growth by adopting strategies such as capacity expansion and heavy investments in the sulfur production in their facilities that is expected to flourish the global sulfur market growth in the near future. This trend is expected to continue and will augment growth of the global sulfur industry in the next 10 years. Further, increasing awareness regarding the benefits of the sulfur based fertilizers is demanding more production of the sulfur and intern boosting growth of the sulfur in the coming years.
Chemical processing segment is projected to dominate the End-Use Industry Segment of Sulfur Market Revenue
On the basis of end-use industry segment the global market is segregated into chemical processing, metal manufacturing, rubber processing, and others. The chemical processing end-use industry segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to the growing demand for sulfur form the chemical processing industries across the globe for various end-use applications.These factors are primarily responsible for the greater market share of chemical processing in the end-use industry segment of the sulfur Market.Fertilizer segment will expand at a significant CAGR during the forecast time-frame. Increasing adoption of sulfur based fertilizers from the Asian countries is expected to fuel growth of the segment in the near future. Further growth increasing production of the fertilizers in order to cater the agricultural demand of the end users worldwide is expected drive growth of the segment in the next 10 years.
Asia Pacific is estimated to be the Largest Market for Sulfur
The research report covers key trends and prospects of sulfur products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, sulfur market is conquered by Asia Pacific owing to increasing energy production, along with the favorable government policies for the sulfur production in the countries of this region, especially in the China, India, Japan, and in emerging countries of the Asia Pacific region. North America is expected to register the fast growth rate, on account of increasing research and development investment by key market players and growing adoption of the sulfurs in the various end use applications such as phosphate fertilizers. Also, increasing investments in agricultural activities, coupled with rising production of vulcanized rubber are another factors anticipated to propel growth of the target industry in the countries of North America region.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global sulfur market. Leading competitors contending in global sulfur market are as follows:
For the better understanding the recent situation of the global sulfur market and for most policies of the country, Precedence Research forecast the future evolution of the sulfur industry. This research study offers qualitative and measureable insights on sulfur market and valuation of market size and development trends for global market segments.
Key Market Developments:
Major Market Segments Covered:
By End-use Industry
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client