Sulfur plays a crucial part in the manufacturing of several high-volume products, including but not limited to fertilizers and car batteries. It used mostly used as a derivative in acid form to produce various chemicals that are used across industrial processes. Its use in cosmetics, medical applications and rubber processing has given an impetus to its production and supply. Sulfur is a key element in the production of sulfuric acid which is used in manufacturing chemical products. Increasing use of sulfuric acid in pigments, medicines, explosives, sulfate salts, nitric acid, synthetic dyes and detergents is expected to bolster growth of the sulfur market in the coming years. Moreover, use of sulfur in vulcanization of black rubber is expected to further fuel market growth.
As per study, the global sulfur market stood at around US$5 Bn in 2020 and is expected to grow at a rate of around 3% in the next six years to touch a market valuation of more than US$6 Bn.
Fertilizers to Largely Contribute to Sulphur Sales
Use of sulfur in fertilizer production is expected to significantly contribute to the valuation of the market. Growing production of food to meet consumer demands has triggered use of effective fertilizers to gain enhanced crop yield. Moreover, farmers are becoming aware regarding crop nutrition, which in turn has driven the need for sulfur based fertilizers. By using such fertilizers, a continuous sulfur supply can be enabled which is essential for crop maturity.
Sulfur being one of the crucial elements of plant growth, its use in the agriculture sector has propelled to a greater extent. Fertilizers manufactured using sulfur facilitate oil synthesis that is necessary for oil seeds. Also, sulfur based fertilizers activate crucial enzymes that carry out photosynthesis and biochemical reactions and promote production of proteins. With increasing awareness apropos to use of sulfur based fertilizers, manufacturers are focused on developing advanced products to capitalize on its growing demand. For instance, Nutrien introduced Smart Nutrition MAP + MST sulfur based fertilizer. This combines phosphates with micronized sulfur in a bid to offer a continuous supply of essential nutrients to plants during one entire season. This aspect continues to influence fertilizer demand, consequently contributing towards growth of the sulfur market.
Asia Pacific to Showcase Higher Lucrativeness in the Sulfur Market
Sulfur market in Asia Pacific is expected to grow at a momentous pace in the years to follow on account increasing demand across a multitude of applications. Asia Pacific has remained a potential hub for various industries which in turn has a profound effect on several businesses. The use of sulfur across end use applications such as in metal manufacturing, chemical processing, rubber processing and others has fuelled its market growth in the region. In addition, use of sulfur in fertilizers is expected to boost the market’s growth. Sulfur based fertilizers are witnessing high demand from the agriculture sector on a huge scale, thus influencing the consumption of fertilizers. For instance, according to the annual report from Government of India Ministry of Chemicals and Fertilizers, production of fertilizers in 2019 was around 414LMT and reflected a growth rate of over 11% in 2020 and is poised to grow even further in the coming years. This factor coupled with increasing demand for agricultural produce in order to meet needs of growing population is expected to influence the growth of the sulfur market in Asia Pacific.
Alternatively, the Middle East and Africa region is also expected to account for a significant share in the market for sulphur. This can be attributed towards presence of a huge number of gas processing companies and oil refineries in the region. Sulfur being a major bi product of oil refineries, its supply is likely to increase in the near future and new applications of sulfur could be investigated. Particularly relevant for Middle East, requirement of sour gas resources that are sulfur rich is expected to increase in order to meet growing energy needs. Sulfur over supply in the region is now being considered as an opportunity rather than a problem, to develop sustainable technologies. In addition, increasing demand from the rubber industry for sulfur vulcanization is expected to further bolster market growth in Middle East and Africa.
Sulfur Market: Competitive Landscape
Few of the major players in the Sulfur Market are Tengizchevroil LLP, Gazprom, China Petroleum and Chemical Corporation, Aramco Trading, Abu Dhabi National Oil Company, Shell and Kuwait Petroleum Corporation.
Regional Classification of the Global Sulfur Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Sulfur Market
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