Sulfur Market
Growth Factors of Sulfur Market
The Sulfur market size was valued at USD 6.04 billion in 2023, and the market is now projected to grow from USD 6.23 billion in 2024 to USD 7.99 billion by 2032, exhibiting a CAGR of 3.6% during the forecast period of 2024-2032.
In congruence to the impact of the coronavirus widespread on refinery yield, fluid sulfur supply remained constrained. Supply was moreover impacted by continuous causes such as a move to sweeter unrefined, plant turnarounds, and the proceeding exhaustion of yield from German natural gas sources. Chinese buyers too confined their imports and thus all sums to the sluggish impact on the sulfur market growth.
A mega share of the item is utilized within the frame of acids. This acid may be a key halfway in an assortment of industrial & chemical forms. The fertilizer commerce employments in the corrosive sector to create nitrogen, phosphates, potassium, & sulfate fertilizers. Colors, hydrofluoric corrosive, non-ferrous metals, makeup, filaments, carbon disulfide, drugs, individual care items, elastic vulcanization, and steel pickling are a few of the applications.
Sustainability is getting to be a key driver within the marketplace. Companies are progressively receiving maintainable hones for sulfur recuperation and utilization. They are contributing to the progressed item recuperation advances, such as Claus sulfur recuperation units and investigating elective employments for byproducts obtained. For occurrence, sulfur can be changed over to components for utilize in agribusiness or changed over into other value-added items such as sulfur concrete or polymer composites.
Comprehensive Analysis of Sulfur Market
On the base foundation of applications, the market is fragmented into fertilizers, chemicals, elastic, pharma, and others. The fertilizers fragment constituted more than 50% of showcase share. Sulfuric corrosive is made from around 90–95% of the basic sulfur collected. This has become more well known as a supplement in later a long time due to ammonium phosphate subsidiaries and fertilizers. Fertilizers are the ultimate goal for generally half of the world's yield. The making of phosphate fertilizers accounts for roughly 85% of the whole whereas ammonium sulfate generation is additionally considerable.
The Asia Pacific continent held the highest grossing and with a wholesome valuation of USD 2.06 billion it is calculated as the dominant sulfur market share of all the region globally. Expanding request for sulfur-based fertilizers from agrarian nations, such as India, China, Japan, and Kazakhstan, is anticipated to boost the request.
The market is comprised of major companies operating such as Suncor Energy Inc. (Canada), H.J. Baker & Bro., LLC (U.S.), Abu Dhabi National Oil Company (UAE), Marathon Petroleum Corporation (U.S.), Gazprom (Russia), and Georgia Gulf Corporation (U.S), Petrobras (Brazil), Shell (Netherlands) and many more players within the industry generally work based on the product's estimating and application qualities. A few huge businesses are shaping key associations to improve their brand and deals to extend their advertise share and get a competitive edge.
In August 2020, the company Gazprom Trade, a noteworthy portion of Gazprom, expanded the volume of sends out. The company provided around 1.3 million tons to the foreign shoppers.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion) and Volume (Kiloton)
Growth Rate CAGR of 3.6% during 2024 to 2032
Segmentation By Application
- Fertilizers
- Chemicals
- Rubber
- Pharma
- Others
By Region
- North America (By Application, By Country)
- U.S. (By Application)
- Canada (By Application)
- Europe (By Application, By Country)
- Germany (By Application)
- U.K. (By Application)
- France (By Application)
- Italy (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Application, By Country)
- China (By Application)
- Japan (By Application)
- India (By Application)
- ASEAN (By Application)
- Rest of Asia Pacific (By Application)
- Latin America (By Application, By Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
- Middle East & Africa (By Application, By Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of the Middle East & Africa (By Application)
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