SAN FRANCISCO, July 7, 2020
SAN FRANCISCO, July 7, 2020 /PRNewswire/ -- The global insoluble sulfur market size is projected to reach USD 1.2 billion by 2027 registering a CAGR of 2.9%, according to a new report by Grand View Research, Inc. Rising demand for the product from global multinational tire manufacturers is projected to remain the key factor driving industry growth. Insoluble sulfur is a key element used in the rubber processing sector as it acts as an excellent vulcanizing agent.
However, the recent global pandemic has caused disruptions in the value chain of the rubber industry, in terms of feedstock procurement and distribution. The first quarter of 2020 observed significant downfall in the product consumption in the tire manufacturing sector. However, the market is projected to pick up pace by the end of 2020 and the product demand in is anticipated to start reflecting steady growth by the end of 2021.
Key suggestions from the report:
Read 101 page research report with ToC on "Insoluble Sulfur Market Size, Share & Trends Analysis Report By Grade (High Dispersion, High Stability), By Application (Tire Manufacturing, Footwear), By Region (Asia Pacific, North America), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/insoluble-sulfur-market
In addition, Asia Pacific was observed to be the key consumer of various rubber products due to fast pace industrialization across China, India, Thailand, Japan, South Korea and multiple other Asian countries. The requirement for the product was also observed to be steadily growing from the footwear manufacturers in the region. China, followed by India, Vietnam, and Indonesia are the leading producers of footwear in the region which generates heavy demand for insoluble sulfur to maintain production consistency.
Moreover, looking at the high market opportunity, leading product formulators, such as Eastman Chemical Company, Oriental Carbon & Chemicals Ltd., and Nynas AB, have been focusing on expanding their current product holding as well as establish long-term relations with the end-use markets, especially tire manufacturers, to increase their market presence and simultaneously cater a broader customer base.
Europe has reflected a surge in the number of automobiles manufactured as well as number of vehicles on road since 2016. This has directly led to increased demand for tire replacements in the region as well as new product manufacturing to cater to the growing needs, especially from countries, such as Germany, Italy, France, and U.K. This eventually led to increasing demand for insoluble sulfur from the sector across these countries and the trend is likely to project similar patterns from 2022 to 2027 across these countries.
Grand View Research has segmented the global insoluble sulfur market on the basis of grade, application, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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