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Sulfur Market Outlook 2024: Trends, Opportunities, and Forecast
Sulfur Market Outlook
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According to The Business Research Company's, The sulfur market size has grown strongly in recent years. It will grow from $17.44 billion in 2023 to $18.97 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to fertilizer production, chemical manufacturing, petroleum refining, mining industry, pharmaceuticals and healthcare.
The sulfur market size is expected to see strong growth in the next few years. It will grow to $25.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to growing agriculture and fertilizer demand, environmental regulations, expanding chemical industry, energy sector developments, technological advances in healthcare. Major trends in the forecast period include demand for elemental sulfur in agriculture, sulfur in pharmaceuticals and personal care products, growth in vulcanization processes, increased exploration of sulfur deposits, sulfur as a cathode material in batteries.
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Market Drivers and Trends:
Increasing demand for mining and emerging markets is expected to propel the growth of sulfur market going forward. Mining involves extracting valuable minerals or geological materials from the earth's surface or subsurface. Sulfur is a crucial component in many mining explosives, particularly those used in coal mines. Its properties like detonation velocity, density, and water resistance make it ideal for controlled blasting operations. For instance, in February 2023, according to a report published by the United States Geological Survey, a US-based government agency, mines in the United States yielded non-fuel mineral commodities with a total estimated value of approximately $98.2 billion in 2022, marking a $3.6 billion increase from the revised 2021 total of $94.6 billion. The production value of all industrial minerals in the U.S. for 2022 was estimated at $63.5 billion, constituting roughly 65% of the overall mine production value in the country. Therefore, increasing demand for mining and emerging markets is driving the growth of sulfur market.
Satellite images are being utilized by the Sulfur industry to monitor Sulfur operations. Satellite imagery has proven to be an important tool in support of Sulfur projects. They can be used for infrastructure planning, environmental impact studies, grassroots exploration, and ground access, which is the major trend in the Sulfur market.
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Major Key Players of the Market:
China Petroleum & Chemical Corporation, Shell plc, Coromandel International Ltd., GAZPROM PAO, Koch Industries Inc., Nutrien Ltd., The Abu Dhabi National Oil Company, Yara International ASA, The Mosaic Company, Israel Chemicals Ltd., K+S Aktiengesellschaft, Yellow Rock Resources Ltd., Deepak Fertilisers and Petrochemicals Corporation Ltd., Globe Specialty Metals Inc., Merafe Resources Ltd., Largo Resources Ltd., Treibacher Industrie AG, Haifa Group, Gulf Chemical and Metallurgical Corporation, Lyten Inc., Reed Resources Ltd., Williams & Companies Ltd., Core Metals Group Ltd., Essel Mining and Industries Limited, Bear Metallurgical Company LLC, AUROX Resources Ltd., Tremond Alloys & Metals Corporation, Ohio Sulfur Mining Company, Freeport Sulfur Company, Texas Gulf Sulfur Company, low sulphur fuels limited, Ecospec Noveltech Pte. Ltd., BASF SE, China National Chemical Corporation
Sulfur Market 2024 Key Insights:
• The sulfur market size is expected to see strong growth in the next few years. It will grow to $25.73 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Sulfur Market Growth Driven By Increasing Demand In Mining And Emerging Markets
• Utilization Of Satellite Images In Sulfur Industry
• Asia-Pacific was the largest region in the Sulfur market in 2023
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