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Insoluble Sulfur Market Analysis and Industry Insights 2024
Insoluble Sulfur Market Analysis
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According to The Business Research Company's, The insoluble sulfur market size has grown strongly in recent years. It will grow from $1.02 billion in 2023 to $1.08 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to demand from tire manufacturing, automotive industry growth, focus on rubber quality, global economic trends, raw material availability.
The insoluble sulfur market size is expected to see strong growth in the next few years. It will grow to $1.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to green initiatives in rubber industry, rise in automotive production, advancements in vulcanization processes, shift towards high-performance rubber products, stringent environmental regulations. Major trends in the forecast period include increasing demand in end-use industries, technological advancements in production, global economic factors, market consolidation and strategic alliances, fluctuations in raw material prices.
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Market Drivers and Trends:
The increasing number of on-road vehicles is expected to boost the growth of the insoluble sulfur market going forward. An on-road vehicle refers to an automobile that is self-propelled and intended for usage on a road. Insoluble sulfur is a necessary raw material for tire manufacturing since it increases tire quality, wearability, and resistance to aging and fatigue; hence, the increasing number of on-road vehicles is expected to boost the insoluble sulfur market. For instance, according to a report published by the Government of Jersey, a UK-based organization responsible for the governance of the biggest of the Channel Islands, the Driver and Vehicle Standards (DVS) registration listed 127,661 automobiles as of 2021.Also, around 5,181 new registrations and 1,775 hybrid vehicles altogether were registered in 2021. Therefore, the increasing number of on-road vehicles is driving the growth of the insoluble sulfur market.
Product innovation is a key trend gaining popularity in the insoluble sulfur market. Major companies operating in the insoluble sulfur market are focusing on developing new products to strengthen their position in the market. For instance, in March 2021, NTCS Group, an Uzbekistan-based granulated sulfur manufacturer, launched the production of polymer insoluble sulfur for rubber vulcanization with greater quality than other analogs. The sulfur content in the granulated sulfur is 97-98%.
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Major Key Players of the Market:
Eastman Chemical Company, Grupa Azoty S.A., KUMHO PETROCHEMICAL, China Sunsine Chemical Holdings Limited, Nynas AB, Rongcheng Chemical General Factory, Willing New Materials Technology Co. Ltd., Oriental Carbon and Chemicals Limited, Henan Kailun Chemical Co. Ltd., Shikoku Chemical Industry Co. Ltd., Lions Industries s.r.o, Tianjin Kemai Chemical Co. Ltd., Hubei Xiangyun (Group) Chemical Co. Ltd., Zhengzhou Double Vigour Chemical Product Co. Ltd., Ningbo Actmix Rubber Chemicals Co. Ltd., Shanghai Shangyi Chemical Technology Company, Sennics Co. Ltd., Eastar Chemical Corporation, Luoyang Sunrise Industrial Co. Ltd., Weifang Jiahong Chemical Co. Ltd., Changde Dingyuan Chemical Industrial Limited, Leader Technologies Co. Ltd, Kemai Chemical Co. Ltd., Puyang Willing Chemicals Co. Ltd., Jiangxi Shengchang Technology Co. Ltd., Hebi Hengli Chemical Co. Ltd., Jingcheng Chemical (Dalian) Co. Ltd., Chongqing Huayi Chemical Co. Ltd., Jining Fortune Biotech Co. Ltd., Wuhan Jiehong International Trading Co. L
Insoluble Sulfur Market 2024 Key Insights:
• The insoluble sulfur market size is expected to see strong growth in the next few years. It will grow to $1.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• The Impact Of Increasing On-Road Vehicles On The Insoluble Sulfur Market
• Advancements In Product Offerings Driving The Insoluble Sulfur Market
• Asia-Pacific was the largest region in the insoluble sulfur market in 2023
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