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Sulfur Dioxide Market Report 2024 - Sulfur Dioxide Market Demand And Growth
Sulfur Dioxide Market
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According to The Business Research Company's, The sulfur dioxide market size has grown steadily in recent years. It will grow from $5.64 billion in 2023 to $5.89 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to the increasing demand for fertilizers, the growth of the chemical industry, particularly in the production of detergents and soaps, rise in demand for food preservation and packaging, growth of the textile industry, particularly in the production of synthetic fibers, and increasing demand for sulfur dioxide as a byproduct of crude oil refining and natural gas processing.
The sulfur dioxide market size is expected to see steady growth in the next few years. It will grow to $7.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to growing demand for sustainable fertilizers, growing need for food security and food preservation, rise of the electric vehicle industry, growing demand from biotechnology industry, increasing demand for renewable energy sources, such as wind and solar power, and growing demand for personal care products. Major trends in the forecast period include adoption of digital technologies, such as artificial intelligence and data analytics, adoption of sustainable production methods, emergence of new applications, such as the use of sulfur dioxide in fuel cells and hydrogen production, and development of new technologies, such as membrane separation and electrochemical reduction.
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Market Drivers and Trends:
The increasing demand for fertilizer is expected to propel the growth of the sulfur dioxide market going forward. Fertilizer refers to a substance added to the soil to provide one or more plant nutrients essential for plant growth and development. With urbanization and a declining agricultural workforce, there is a need for more intensive and efficient farming practices, including the increased use of fertilizers to boost crop yields. Fertilizers containing sulfuric acid can effectively provide plants with sulfur, a vital nutrient for their growth and development while aiding in the acidification of alkaline soils to improve nutrient availability and enhance plant health. For instance, in December 2023, according to a report published by the International Fertilizer Association (IFA), a France-based fertilizer association that provides plant nutrition solutions, global fertilizer consumption (N + P2O5 + K2O) is projected to increase by 3% to 191.5 million metric tons (Mt) of nutrients in fiscal year 2023, compared to previous years. Moreover, global fertilizer consumption is expected to rise by 2% in FY 2024 to reach 195.4 Mt. Therefore, increasing fertilizer demand drives the sulfur dioxide market.
Major companies operating in the sulfur dioxide market are focusing on developing innovative technologies, such as cloud-connected gas detection solutions, to enhance monitoring capabilities, improve data accuracy, and streamline regulatory compliance efforts. Cloud-connected gas detection solutions detect the presence of sulfur dioxide (SO2) gas in the air and transmit this data to a cloud-based platform for monitoring and analysis. For instance, in September 2022, Drägerwerk AG & Co., a Germany-based company that manufactures medical and safety technology products, launched the X-am 2800, a mobile gas detector that connects with Dräger's Gas Detection Connect cloud solution, aiming to improve safety for the tunneling industry. The X-am 2800 is a robust and resilient device that can detect various gases and vapors, including sulfur dioxide. It is designed to be used in explosive gas environments and has been tested according to protection class IP68. The product features a newly engineered CatEX sensor, which has been independently drop-test certified to ensure a robust design. It also has integrated Bluetooth connectivity, allowing users to transfer real-time live gas readings and alerts to Dräger's Gas Detection Connect cloud solution.
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Major Key Players of the Market:
Royal Dutch Shell plc, BASF SE, The Dow Chemical Company, Thermo Fisher Scientific Inc., Nutrien Ltd., Linde plc, Air Liquide S.A., INEOS Group, Sumitomo Chemical Co. Ltd., Andersons Inc, Air Products and Chemicals Inc., Arkema SA, Israel Chemicals Limited, LANXESS AG, Tosoh Corporation, Agilent Technologies Inc., Solvay SA, PerkinElmer Inc., Sigma Aldrich Chemicals Pvt Ltd., Shimadzu Corporation, Hydrite Chemical Co., PVS Chemicals Solutions Inc., Thatcher Chemical Co., Calibration Technologies, LLC, Toshniwal Systems And Instruments Pvt Ltd
Sulfur Dioxide Market 2024 Key Insights:
• The sulfur dioxide market size is expected to see steady growth in the next few years. It will grow to $7.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Fertilizer Demand Surge To Propel Growth Of Sulfur Dioxide Market
• Cloud-Connected Gas Detection Is A New Era In Sulfur Dioxide Monitoring
• North America was the largest region in the sulfur dioxide market in 2023
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