New York, May 04, 2023 (GLOBE NEWSWIRE) -- According to Reports Insights' research report on the global sulfur chemicals market, the industry had a valuation of USD 3.26 billion in 2022 and is expected to grow at a CAGR of 5.0% to reach USD 5.06 billion by 2030. The increasing demand for sulfuric acid in industrial applications, such as fertilizers, pharmaceuticals, and petrochemicals, is driving the growth of the sulfur chemicals market. Additionally, the growth of the oil and gas industry, along with the increasing use of sulfur compounds in the food industry, is also contributing to the market's expansion.
Global Sulfur Chemicals Market Segmentation Details:
Based on Derivatives, the sodium hydrosulfide segment is projected to register the fastest-growing CAGR over the forecast period. Sodium hydrosulfide is a sand-like solid that has a rotten egg odor and is used as a chemical intermediate in the synthesis of other chemicals including thio-chemicals. In addition, they are also deployed in the paper industry as pulping agents to produce paper by kraft process. Hence, the above-mentioned factors are expected to boost the market growth of sulfur chemicals. Sample Request Now
Based on Application, in 2022, the fertilizer segment dominated the sulfur chemicals market in terms of revenue. The fertilizer sulfur is 90% elemental sulfur that is essential for various growth functions of the plants such as protein and oil synthesis and enzyme activity. These chemicals are used to enhance the quality and quantity of the crop due to the increasing consumption of food. For instance, according to a report published by Statista, the global fertilizer demand is forecasted to reach 208 million metric tons of nutrients by 2026. Therefore, the rising production and consumption of food are contributing to the growth of the segment in the sulfur chemicals market.
Based on End Use Industry, the chemical industry held the largest market share in the sulfur chemicals market. Sulfur chemicals such as sulfuric acid and sodium sulfide and others find a wide range of applications in various end use industries such as mining, paper, agriculture, and others. In the paper industry, these compounds are used as bleaching agent and dechlorination agents. For instance, according to IPMA, in India, the Paper Industry is anticipated to grow in sync with the economic growth of about 6-8% growth per annum. Thus, the rising paper industry along with other end use industries is surging the demand for sulfur chemicals as a chemical intermediate.
Based on Region, Europe is expected to register the fastest CAGR in the sulfur chemicals market over the forecast period. High demand for sulfur chemicals from various end use industries is expected to surge the growth of the sulfur chemicals market. In addition, rising mining activities owing to the growing advancements in the industry by the introduction to Industry 4.0. Therefore, the abovementioned factors contributed to the growth of the sulfur chemicals market.
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Sulfur chemicals are a group of compounds that contain sulfur as a central element. Sulfur is a non-metallic chemical with atomic number 16. These elements find a wide range of applications such as agricultural sector, paper & pulp industry, and mining industry. Sulfur derivatives such as sulfuric acid, sodium sulfide, and others are deployed as chemical intermediates in the production of fertilizers, detergents, and various other chemicals.
The increasing demand for fertilizers owing to the growing production and consumption of food is contributing to the growth of the sulfur chemicals market. For instance, in 2020 according to Word Fertilizer Magazine, the total consumption of fertilizers in India was evaluated at 61.4 million tons. Moreover, in the paper and pulp industry sulfur chemicals and deployed as bleaching agents and dechlorination agents. The rising consumption of paper due to the rising demand for paper products such as packaging, tissue paper, and printing paper which, in turn, drives the need for sulfur chemicals. Therefore, the abovementioned factors are driving the growth of the sulfur chemical market.
Furthermore, the growing application of sulfur nanoparticles in areas such as anticancer and pharmaceuticals is expected to pose a significant opportunity to the sulfur chemicals market. In addition, sulfur nanoparticles and other sulfur compounds are being developed for drug delivery applications due to their unique properties such as high surface area and high reactivity. The growing demand for novel drug delivery systems and the potential benefits of these systems is anticipated to drive the sulfur chemicals market over the forecast period.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 5.06 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.0 % |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Indian Oil Corporation Ltd, Georgia Gulf Sulfur Corporation, Valero, Kimia Pars Co., Hydrite Chemical Co., DIC Group, TCI Chemicals Pvt. Ltd. (TOKYO CHEMICAL INDUSTRY), (Fisher Scientific) Thermo Fisher Scientific Inc., Kyung-In Synthetic Corporation, Chemiewerk Bad Köstritz GmbH, WeylChem International GmbH, and Eastman Chemical Company |
| By Derivatives |
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| By Application |
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| By End Use Industry |
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| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography |
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Key Market Highlights
- The Global Sulfur Chemicals Market size is estimated to exceed USD 5.06 billion by 2030 and grow at a CAGR of 5.0% during the forecast period (2023-2030).
- Globally, Sulfur Chemicals are divided based on the derivatives Elemental Sulfur, Sulfuric Acid, Sodium Sulfide, Sodium Hydrosulfide, Sodium Bisulfite, Sodium Metabisulfite, Carbon Disulfide, and Others.
- On the basis of application, the market is categorized into fertilizers, chemical processing, metal processing, petroleum refining, drug delivery, and others.
- On the basis of end use industry, the market is classified into Chemical, Pharmaceutical, Agriculture, Oil and Gas, and Others.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- Asia Pacific is estimated to support market growth during the forecast period owing to the rising demand for fertilizers.
Find What You Need With Our Detailed Table Of Contents (TOC) & Summary Of Sulfur Chemicals Market Report @ https://www.reportsinsights.com/industry-forecast/global-sulfur-chemicals-market-statistical-analysis-673879
Recent Developments
- In August 2021, WeylChem Group of Companies, owned by the International Chemical Investors Group (ICIG) acquired the INEOS Sulphur Chemicals business that includes intermediates and reagents product portfolio of sulphuric acid.
- In October 2019, Eastman Chemical Company, headquartered in the U.S. launched a product portfolio of 13 sulfur chemicals that could be used in food contact applications such as inks, adhesives, tapes and labels, internal cans, and other coatings.
List of Major Global Sulfur Chemicals Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Indian Oil Corporation Ltd
- Georgia Gulf Sulfur Corporation
- Valero
- Kimia Pars Co.
- Hydrite Chemical Co.
- DIC Group
- TCI Chemicals Pvt. Ltd. (TOKYO CHEMICAL INDUSTRY)
- (Fisher Scientific) Thermo Fisher Scientific Inc.
- Kyung-In Synthetic Corporation
- Chemiewerk Bad Köstritz GmbH
- WeylChem International GmbH
- Eastman Chemical Company
Global Sulfur Chemicals Market Segmentation:
- By Derivatives
- Elemental Sulfur
- Sulfuric Acid
- Sodium Sulfide
- Sodium Hydrosulfide
- Sodium Bisulfite
- Sodium Metabisulfite
- Carbon Disulfide
- Others
- By Application
- Fertilizers
- Chemical Processing
- Metal Processing
- Petroleum Refining
- Drug Delivery
- By End Use Industry
- Chemical
- Pharmaceutical
- Agriculture
- Oil and Gas
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