The global sulfur market was worth USD XX billion in 2017 and is forecasted to reach USD XX billion by 2025, growing at a CAGR of XX% during the forecast period (2018-2025). Sulfur is a non-metallic chemical element that is bright yellow in color. It is a solid at room temperature and pressure. Sulfur is primarily used to make phosphate fertilizer. Sulfur is also in industrial applications, such as sulfuric acid for refinery alkylation units, and in consumer products, such as detergent.
The chemical industry is an extremely vital component of the developing global economy and is the backbone of the agricultural and industrial development of many countries. By providing raw materials for a wide range of industries such as paint, textile, paper, pharmaceutical, soap, detergent, and agrochemical, the industry has grown tremendously. This has led to the establishment of the position of the chemical industry as an essential part of contemporary life and can be found contributing to the development of human society in almost all domains.
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Global Sulfur Market – Market Dynamics
Increasing investments and developing economies are the some of the key drivers of the global Sulfur market. However, high cost to extract Sulfur from the mining processes can prove to be fatal for the Sulfur market.
Global Sulfur Market – Segment Analysis
The global Sulfur market is categorized by Fertilizers, Petroleum Refining, Metals Manufacturing, and Others (Agrochemicals). Of these, fertilizers hold a significant share of the market, owing to a growing demand from the fertilizer manufacturing sector to overcome the sulfur deficiency that the crops are suffering presently. Further, the majority of this acid is used in the production of phosphate fertilizers, a crucial component in the provision of food in the world. To increase the agricultural output in the developing countries of the Asia-Pacific region there is an increase in the demand for sulfuric acid.
Global Sulfur Market – Geographical Analysis
Geographically, the global sulfur market is segmented into Asia-Pacific, North America, Europe, South America, and RoW. Among all the regions, Asia Pacific accounted for the largest share in terms of importing Sulfur. According to the Observatory of Economic Complexity (OEC), the world's biggest sulfur importers are China (16%), the Democratic Republic of the Congo (15%), South Africa (14%) and Indonesia (13%). The only other two countries over 5% are Australia (6.6%) and Cuba (6.4%). The biggest sulfur importer in South America is Chile (1.9%) and in Europe, it is a tie between Germany and the Czech Republic (1.4%).
Global Sulfur Market – Competitive Analysis
The top five players in the global sulfur market collectively account for 55% of overall share in the market. Due to its competitive nature, the leading players are concentrating more on international and local players. These key players in order to expand their footprints in a strategic partnership and acquiring the international players. The organizations in order to increase their number of sales are upgrading their distribution channel. For example Adnoc Sour Gas, a market leader in sour gas field development, has installed a Sulfur Remelter facility, at its Shah Sulfur granulation station, to maximize Sulfur recovery during normal transportation operations. Other major companies in this market are Abu Dhabi National Oil Company, Sinopec Corporation, Saudi Industrial Export Company, Gazprom Export, Petrobras, Marathon Petroleum Corporation, Shell Global, Matrix Service, Sulfur Mills Limited, and Valero Energy Corporation.
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The chemical industry is made up of numerous companies that manufacture a wide range of chemicals. As a result, the industry has established itself as a central factor contributing to the modern world economy, and this is helping to promote agriculture and enhance the food self-sufficiency of all the countries around the world. Over the past few decades, major growth in the volume of the material has been observed in petrochemical-based plastics, and in terms of returns, it has been in pharmaceuticals. The market is expected to demonstrate strong market penetration in countries especially in commodity chemicals, as overall production had shifted from commodity chemicals to fine and specialty chemicals, and in the coming years, it is expected to shift towards life sciences. The chemical industry has also expanded its role from the manufacturing of products such as cellphone, solar panels producing carbon-free energy, LED lights providing efficient lighting to fulfilling basic needs and increasing quality of life as well.
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