Covina, March 06, 2023 (GLOBE NEWSWIRE) -- Sulfur is found naturally as an element in pure state and as sulfate or sulfide minerals. Sulfur crystals are easily differentiated by mineral collectors for their unique and bright colored polyhedron shapes. Earlier sulfur was extracted majorly from salt domes where it occurs in pure form but now this method has been obsolete owing to the new technologies. Today, majority of Sulfur is developed as a byproduct from sulfur containing contaminants from petroleum and natural gas. Commercial use of sulfur is carried out in fertilizers, due to high requirements in plants and in the manufacturing of Sulfuric acid, an important chemical used in the industry. Various other use of elemental sulfur is found in fungicides and insecticides.
Key Highlights:
- In October 2018, ADNOC sour gas installs remoter facility at shah sulfur granulation station
- In March 2019, Gazprom starts building thermal power plant in Serbia
Key Market Insights from the report:
The market report has been segmented on the basis of end-user industry, and region.
- By end-user industry, chemical processing is expected to account highest revenue share calorie availability is projected to reach 2,450 kcal per day on average in least-developed countries and exceed 3,000 kcal per day in other developing countries. This is expected to increase the demand for agricultural crops in the global market, which in turn, may increase the demand for phosphate fertilizers, thus, driving up the demand for sulfur in chemical manufacturing.
- By region, Asia-Pacific dominated the market, owing to the growing demand for sulfur in fertilizer and rubber processing from countries.
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What are the key players in the sulfur market?
- Sinopec Corporation
- Gazprom
- The Saudi Arabian Oil Company
- Abu Dhabi National Oil Company
- Tengizchevroil LLP
- Jordan Sulphur
- Ohio Sulfur Mining Company
- Freeport Sulfur Company
- Texas Gulf Sulfur Company
- Merafe Resources Ltd.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
Scope of the Report:
Sulfur Market, By End-User Industry, 2020 – 2030, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Fertilizer
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Chemical Processing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Metal Manufacturing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Rubber Processing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
- Other End-User Industry
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2020 – 2030
Regional scope:
- North America - U.S., Canada
- Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
- Latin America - Brazil, Mexico, Argentina, Rest of Latin America
- Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
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Analyst View of Sulfur Market:
The increasing demand for sulfur, particularly from the agricultural and chemical sectors, was seen as a key driver of market growth. The use of sulfur as a key component in fertilizer production, along with its applications in oil and gas refining, was expected to continue driving demand.
Supply concerns, including reduced production in key sulfur-producing countries such as Canada, Russia, and Kazakhstan, were also seen as supporting factors for higher sulfur prices. Transportation disruptions caused by the COVID-19 pandemic also affected supply, leading to tightness in some regions.
Overall, analysts expected sulfur prices to remain volatile in the short term, but with a positive outlook in the medium to long term due to increasing demand and supply constraints. However, it is important to note that the market is subject to a range of factors that can affect price movements, and these views may have changed since my knowledge cutoff date.
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How is the sulfur market affected by geopolitical events and trade policies?
- Supply and Demand: Changes in geopolitical events and trade policies can affect the supply and demand of sulfur. For example, if a country imposes trade restrictions on sulfur imports, the supply of sulfur in that country may decrease, leading to a higher price.
- Export and Import Restrictions: Geopolitical events and trade policies can lead to the imposition of export or import restrictions on sulfur. For example, if a country imposes an embargo on sulfur exports, the global supply of sulfur may decrease, leading to a higher price.
- Currency Exchange Rates: Geopolitical events and trade policies can also affect the currency exchange rates, which can impact the price of sulfur. For example, if a country devalues its currency, the cost of importing sulfur may increase, leading to a higher price.
- Political Stability: Geopolitical events can affect the political stability of a region, which can impact the production and transportation of sulfur. For example, political unrest in a sulfur-producing region may lead to disruptions in the supply chain, which can impact the price of sulfur.
- Trade Agreements: Trade policies can also impact the sulfur market by affecting trade agreements between countries. For example, if a new trade agreement is signed that increases the demand for sulfur from a particular country, the price of sulfur may increase.
Here are some key questions answered in Sulfur Market Report:
- What are the key factors driving the sulfur market growth?
The key factors driving the sulfur market growth include increasing demand from various end-use industries such as agriculture, chemicals, and petroleum refining. The growing use of sulfur in fertilizers, pesticides, and other agricultural applications is also a major factor driving market growth.
- What are the major challenges faced by the sulfur market?
The major challenges faced by the sulfur market include environmental concerns related to sulfur emissions, fluctuating crude oil prices, and increasing competition from alternative sulfur sources such as pyrites and elemental sulfur.
- What is the sulfur market size and how is it expected to grow in the future?
The Sulfur Market accounted for US$ 5.4 billion in 2020 and is estimated to be US$ 8.3 billion by 2030 and is anticipated to register a CAGR of 4.4%.
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