Global sulfur recovery catalyst market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Robust Demand Across Key Industries Will Uphold Sulfur Recovery Catalyst Market
As sulfur continues to gain traction across various industry segments, it is widely used in petroleum industries. Currently, sulfur is recovered from the oil and gas industry, followed by coal gasification, and there is an increasing demand for sulfur across various industry segments. Furthermore, sulfur recovery technology is growing as the end-use industry grows. In addition to the opportunities in farming, fertilizer and mining, there are restrictions to the growth of sulfur recovery catalyst market due to a huge gap between demand, and supply. The slowing demand for sulfur in developed countries will also continue to restrict the expansion of sulfur recovery catalyst market. There is a strong likelihood that the world's population will double within the next decade, ultimately resulting in a growth in food demand. In order to meet the food demands in the near future, the soil must contain many nutrients. As sulfur is the most important nutrient for plants, a deficiency will directly affect crop yields. As a result, sulfur removal catalysts need to be taken with sincere concern so that sustainability is ensured.
The current scenario involves sulfur extraction from the oil and gas industry, followed by coal gasification. Sulfur recovery is the process of using hydrogen sulfide to harness sulfur. Fertilizers, rubber, cosmetics, and pharmaceutical industries use it for its large volume, availability, and many applications. To avoid catalyst poisoning and fouling, it must be eliminated during coal gasification & extraction. The sulfur recovery market is also booming due to the increased popularity of two-bed catalytic Claus plants. In numerous developing and developed regions, advances in crude oil and natural gas processing fuel demand for sulfur recovery catalysts. In oil refining operations around the world, demand for sulfur recovery catalysts has been increasing, in turn boosting the sulfur recovery catalyst market.
Sulfur Recovery Catalyst Market: COVID-19 Impact
Governments worldwide have enforced lockdowns to curb the spread of COVID-19, which has hampered the demand for sulfur recovery catalysts in many applications. As a result, manufacturing operations have slowed and halted, supply and transportation have been restricted, and infrastructure has been slowed, which has hindered sulfur recovery catalyst demand. COVID-19 has forced many of these companies to halt their manufacturing and supply chain operations because their manufacturing and supply chain operations are spread across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. The pandemic has negatively affected market demand and the supply chain.
Stringent Policies, and Rising Awareness About Greenhouse Gas Emissions to Drive Sulfur Recovery Catalyst Market Growth
Due to the presence of strict environmental laws on pollution in numerous nations, sulfur recovery catalysts are primarily used when the sulfur concentration is relatively low. To attract end-users, vendors are providing cost-effective solutions. Sulfur recovery catalysts are increasingly used in the oil and gas industry for lower-grade fuels around the globe, boosting the growth of sulfur recovery catalyst market. Several emerging and developed countries have adopted strict environmental rules for the oil and gas industry, bolstering sulfur recovery catalyst market expansion.
Claus Plants are Gaining Popularity, in Turn Driving Sulfur Recovery Catalyst Market Growth
The sulfur recovery catalyst market is booming due to the popularity of two-bed catalytic Claus plants. In numerous developing and developed regions, advances in crude oil and natural gas processing fuel the demand for sulfur recovery catalysts. Increasingly, oil refineries across the globe are utilizing sulfur recovery catalysts. In addition, crude oil processing has made remarkable progress in developing economies, particularly in the Asia Pacific, thanks to participants' focus on enhancing compliance with current regional and global emission regulations.
Lack of Universal Directives Continue to Hamper Sulfur Recovery Catalyst Market Growth
The lack of universal guidance regarding sulfur recovery catalyst applications is forecast to limit market the growth of sulfur recovery catalyst market during the forecast period. Companies struggle to comply with the country-specific requirements when using sulfur recovery catalysts because different laws in each jurisdiction govern sulfur recovery catalysts. As a result, investment is discouraged in the sulfur recovery catalyst industry, limiting growth.
Activated Alumina Most Sought-after in Sulfur Recovery Catalyst Market
It is formed by heating aluminum oxide and removing all moisture from it before it becomes activated alumina, a solid form of aluminum oxide. As a result of its high surface area and porous consistency, activated alumina is suited to a variety of industrial applications and processes. As a result of increasing pharmaceutical production and R&D investments, as well as the benefits associated with activated alumina, the market for activated alumina has seen positive growth.
With Increased Demand for Oil and Gas, Petrochemical Industry Remains Dominant in Sulfur Recovery Catalyst Market
In the forecast period, the petrochemical industry segment has the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. In response to an increase in hydrogen sulfide content in feed streams, manufacturers of sulfur recovery units are upgrading and modifying their products in order to meet sulfur dioxide emission standards. As a result, many companies are upgrading their technology to treat tail gas and air to capture a significant share of the sulfur recovery catalyst market.
North America to Dominate Sulfur Recovery Catalyst Market due to Increasing Production and Refinery Expansion
Over the forecast period, it is anticipated that North America’s sulfur recovery catalyst market will account for the largest revenue share. There is tremendous potential for the global sulfur recovery catalyst market in developed regions. North America is expected to be a lucrative market over the next few years as stringent standards are implemented in the oil and gas industry. Globally, Canada is the largest exporter of sulfur. Additionally, the United States is an important player in the world market and has been importing sulfur to meet the demands of various industries. As well as having some of the world's largest hydrocarbon reserves, this region is home to major oil and gas refining countries.
The Asia Pacific sulfur recovery catalyst market is projected to experience stable revenue growth throughout the forecast period. India requires all on-road diesel and gasoline to meet BS-IV specifications (maximum 50ppm sulfur) in 2019. These specifications are expected to tighten to BS-VI (10ppm sulfur) in 2020. A reduction in the sulfur content will boost demand for these fuels. As a result of accepting the new IMO guidelines, China is expected to increase its investments in the modernization of the refining sector in order to help sulfur recovery catalysts continue to grow. A new refinery in Guangzhou will begin producing very low-sulfur fuel oil (VLSFO) in 2020, making it the newest refinery in the country to do so.
Global Sulfur Recovery Catalyst Market: Competitive Landscape
In order to reduce sulfur content and increase plant efficiency, BASF introduced its new tail gas treatment technology. By reducing amine circulation rates and reboiler duties, this technology decreases sulfur emissions from tail gas treatment units and lowers operational expenditure.
A few of the players in the sulfur recovery catalyst market include SINOCATA, Chemfi, Check Porocel, Yuanying Industry, BASF, Euro Support, and Shandong Qilu Keli Chemical Institute.
Global Sulfur Recovery Catalyst Market is Segmented as Below:
Key Elements Included In The Study: Global Sulfur Recovery Catalyst Market
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