The latest study published by Future Market Insights (FMI) on the elemental sulphur market examines the historic market outlook and forecast the scope of the market for the upcoming decade. The study provides detailed analysis on its growth drivers and opportunities across various segments in the basis of application and source for the next 10 years.
DUBAI, UAE, Nov. 25, 2021 /PRNewswire/ — As per a recent study by FMI, the global elemental sulphur market is estimated to exceed US$ 6.27 Bn in 2021. Rising application of elemental sulphur in chemical refining, mining & metallurgy, and paper & plastic industries is propelling the demand in the market.
Elemental sulphur is gaining immense popularity across the agrochemical industry. It is extensively being used in the production of fertilizers, owing to high contents of amino acids, such as cysteine and methionine, which enhance crop yield and product quality. On account of this, the market is projected to expand at 3% CAGR during the forecast period from 2021 to 2031.
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Hence, rising emphasis on improving agricultural yield in emerging economies such as India, China, and Brazil is anticipated to create lucrative sales opportunities in the market.
Numerous agrochemical manufacturers are focusing on launching sulphur-based fertilizers to capitalize on these opportunities. For instance, Nutrien, recently announced launching its Smart Nutrition MAP+MST fertilizer, which offers a combination of micronized sulphur and phosphates to provide a consistent supply of nutrients to plant for better yield.
A slew of such product launches and development is expected to accelerate the sales, with the market registering year-on-year growth of 3.3% between 2020 and 2021.
In terms of source, the gas-based elemental sulphur segment is projected to hold a dominant share in the market. Rising preference for using natural gas reservoirs for extracting sulphur, owing to their cost-effective attribute is facilitating the growth in the segment.
“Increasing application of products derived from elemental sulfur such as sulfuric acids, sulfhydryl, sulfites, carbon sulfides, and sulfurous gas in water treatment, mining, and chemical manufacturing is expected to augment the growth in the market,” says a FMI analyst.
Key Takeaways from Elemental Sulphur Market Study
- North America market is estimated to expand at a CAGR of 2.6% through 2031, owing to the presence of favorable government policies to support the expansion of the mining industry in the U.S.
- Backed by increasing demand for sulphuric acid from wastewater treatment in the U.K., sales in Europe are projected to rise at 2.3% CAGR over the assessment period.
- China is forecast to lead the market in East Asia, favored by increasing demand for sulphur-based fertilizer in the country.
- South Korea and Japan elemental sulphur market are anticipated to, collectively, account for nearly 3.30% of the total market share in 2021.
- Based on application, the agrochemical segment is expected to emerge as the most attractive segment owing to the rising government emphasis on increasing agriculture yield.
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- Increasing use of sulphur in the inverse vulcanization of black rubber and plastics during their production is propelling the demand for elemental sulphur across the rubber & plastics segment.
- Rising application of sulphur derives across the packaged food industry as preservatives in ready-to-eat food and beverages are expected to drive the growth in the market.
- Implementation of stringent regulation regarding the sulphur use due to its adverse effect on the environment is hampering the growth in the market.
- High cost equipment required for mining and rising inclination towards using gas-source for elemental sulphur extraction are factors posing a challenge for the growth in the mining segment.
Top 5 companies operating in the global elemental sulphur market are Abu Dhabi National Oil Company, Royal Dutch Shell Plc., The Saudi Arabian Oil Company, OAO Gazoprom, and Valero Energy Consumption. These players are projected to account for around 23% of the total market share in 2021.
Leading players are focusing on adopting inorganic strategies such as mergers, acquisitions, and collaborations with other industry players to expand their production capacities and strengthen their global footprint.
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Some of the key players operating in the market profiled by FMI are:
- The Saudi Arabian Oil Company
- Marathon Petroleum Corporation
- Exxon Mobile Corporation
- Valero Energy Corporation
- Sinopec Corp.
- Royal Dutch Shell Plc.
- OAO Gazprom
- Abu Dhabi National Oil Company
- Motiva Enterprises LLC
- ConocoPhillips Company
- Oxbow Corporation
- Suncor Energy Inc.
- Flint Hills Resources
- Montana Sulphur & Chemical Co.
- Jordan Sulphur
- National Est. for Agricultural & Industrial Sulphur
More Valuable Insights on Elemental Sulphur Market
FMI, in its new report, offers an unbiased analysis of the global elemental sulphur market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in elemental sulphur market with detailed segmentation:
- Chemical & Petroleum Refining
- Rubber & Plastics
- Mining & Metallurgy
- Paper & Pulp
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Key Questions Covered in the Report
- The report offers insight into elemental sulphur market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for elemental sulphur market between 2021 and 2031
- Elemental sulphur market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Elemental sulphur market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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