Global Sulfur Market - Growth, Trends and Forecasts (2017 - 2022)
Breaking News: In October 2016, the International Maritime Organization announced that it is going ahead with global sulfur cap of 0.5% on marine fuels, starting from Jan 2020.
The market is expected to be worth USD XX million in 2017 and is projected to reach USD XX million by 2022, registering a CAGR of XX% over the forecast period of 2017-2022.
Sulfur is a naturally occurring multivalent, non-metallic, and tasteless element. It is yellowish in color and can be found in water, mineral springs, Epsom salts, barite, gypsum, iron pyrites, zinc blende, and other ores and minerals. Sulfide and sulfate minerals are the most common sources of elemental sulfur. It is also produced as a result of byproducts from various chemical and crude distillation processes associated with the production of oil and natural gas.
Sulfur is utilized in the manufacturing processes of sulfurous gas, sulfite, sulfuric and sulphydric acids, carbon sulfides, and others. Also, it used in the production of black gunpowder, insecticides, pharmaceuticals, detergents, dyestuffs, disinfectants, and also in the vulcanization of rubber. Numerous sulfurous items are utilized as additives in scentless flammable gases, so that the leakage can be identified through the trademark aroma of the element.
The increasing demand from the fertilizer manufacturing sector, coupled with increasing usage of sulfur for vulcanization of rubber are the main factors driving the growth of the global sulfur industry. Moreover, owing to the fall of crude prices, refineries across the globe are engaging in capacity expansion and other brownfield activities, leading to higher demand for sulfur. The demand for sulfur is also anticipated to be driven by the increasing usage of elemental sulfur as a major ingredient in the vulcanization process implemented to manufacture rubber. However, the enactment of stringent environmental regulations restricting the usage of sulfur and the high costs associated with its mining, are the key factors hindering the sulfur market growth.
The global market is segmented based on end-user applications, including agrochemicals, chemical processing, metal manufacturing, petroleum refining, and others. In 2016, the agrochemical industry occupied the largest share in terms of sulfur consumption. It is expected that the healthy growth of the phosphate fertilizer market will drive the global sulfur market over the forecast year.
Geographically, the market has been segmented into North America, South America, Europe, Asia-Pacific, and Middle East & Africa. Asia-Pacific represents the largest market in terms of consumption and production of sulfur. In the region, China is expected to be one of the largest producers of sulfur and sulfuric acid. Currently, the country imports more than a third of the global sulfur` trade.
Opportunities and Major Players
Furthermore, the increasing usage in the healthcare industry for skin treatment procedures, such as elimination of acne and manufacturing of medications associated with the treatment of dandruff and others, will offer numerous opportunities for the growth of the market.
Some of the major players dominating the global market are –
Abu Dhabi National Oil Company Guangzhou Petrochemical Sinopec Corp. OAO Gazprom Key Deliverables in the Study
Market analysis for the global sulfur market, with country-specific assessments and competition analysis on global scale. Market definition and the identification of factors instrumental in changing the market scenario and prospective opportunities. Extensively researched competitive landscape section with profiles of major companies along with their market shares. Identification and analysis of the macro and micro factors that affect the sulfur market on global level. A comprehensive list of key market players, along with the analysis of their current strategic interests and financial information.