Press release
Elemental Sulfur Market expected at a CAGR of ~ 3% & US$ 6.27 Bn during the forecast period 2021–2031
Elemental Sulfur Market
Elemental sulphur is gaining immense popularity across the agrochemical industry. It is extensively being used in the production of fertilizers, owing to high contents of amino acids, such as cysteine and methionine, which enhance crop yield and product quality. On account of this, the market is projected to expand at 3% CAGR during the forecast period from 2021 to 2031.
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Hence, rising emphasis on improving agricultural yield in emerging economies such as India, China, and Brazil is anticipated to create lucrative sales opportunities in the market.
Numerous agrochemical manufacturers are focusing on launching sulphur-based fertilizers to capitalize on these opportunities. For instance, Nutrien, recently announced launching its Smart Nutrition MAP+MST fertilizer, which offers a combination of micronized sulphur and phosphates to provide a consistent supply of nutrients to plant for better yield.
A slew of such product launches and development is expected to accelerate the sales, with the market registering year-on-year growth of 3.3% between 2020 and 2021.
In terms of source, the gas-based elemental sulphur segment is projected to hold a dominant share in the market. Rising preference for using natural gas reservoirs for extracting sulphur, owing to their cost-effective attribute is facilitating the growth in the segment.
"Increasing application of products derived from elemental sulfur such as sulfuric acids, sulfhydryl, sulfites, carbon sulfides, and sulfurous gas in water treatment, mining, and chemical manufacturing is expected to augment the growth in the market," says a FMI analyst.
Key Takeaways from Elemental Sulphur Market Study
North America market is estimated to expand at a CAGR of 2.6% through 2031, owing to the presence of favorable government policies to support the expansion of the mining industry in the U.S.
Backed by increasing demand for sulphuric acid from wastewater treatment in the U.K., sales in Europe are projected to rise at 2.3% CAGR over the assessment period.
China is forecast to lead the market in East Asia, favored by increasing demand for sulphur-based fertilizer in the country.
South Korea and Japan elemental sulphur market are anticipated to, collectively, account for nearly 3.30% of the total market share in 2021.
Based on application, the agrochemical segment is expected to emerge as the most attractive segment owing to the rising government emphasis on increasing agriculture yield.
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Key Drivers
Increasing use of sulphur in the inverse vulcanization of black rubber and plastics during their production is propelling the demand for elemental sulphur across the rubber & plastics segment.
Rising application of sulphur derives across the packaged food industry as preservatives in ready-to-eat food and beverages are expected to drive the growth in the market.
Key Restraints
Implementation of stringent regulation regarding the sulphur use due to its adverse effect on the environment is hampering the growth in the market.
High cost equipment required for mining and rising inclination towards using gas-source for elemental sulphur extraction are factors posing a challenge for the growth in the mining segment.
Competitive Landscape
Top 5 companies operating in the global elemental sulphur market are Abu Dhabi National Oil Company, Royal Dutch Shell Plc., The Saudi Arabian Oil Company, OAO Gazoprom, and Valero Energy Consumption. These players are projected to account for around 23% of the total market share in 2021.
Leading players are focusing on adopting inorganic strategies such as mergers, acquisitions, and collaborations with other industry players to expand their production capacities and strengthen their global footprint.
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Some of the key players operating in the market profiled by FMI are:
The Saudi Arabian Oil Company
Marathon Petroleum Corporation
Exxon Mobile Corporation
Tengizchevroil
Valero Energy Corporation
Sinopec Corp.
Royal Dutch Shell Plc.
Pemex
OAO Gazprom
Abu Dhabi National Oil Company
Motiva Enterprises LLC
ConocoPhillips Company
Oxbow Corporation
PotashCorp
Suncor Energy Inc.
Flint Hills Resources
Montana Sulphur & Chemical Co.
Jordan Sulphur
National Est. for Agricultural & Industrial Sulphur
More Valuable Insights on Elemental Sulphur Market
FMI, in its new report, offers an unbiased analysis of the global elemental sulphur market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in elemental sulphur market with detailed segmentation:
By Application:
Agrochemicals
Chemical & Petroleum Refining
Rubber & Plastics
Mining & Metallurgy
Paper & Pulp
By Source:
Gas-Based
Oil-Based
Mining
Region:
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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