DUBAI, UAE, Nov. 25, 2021
The latest study published by Future Market Insights (FMI) on the elemental sulphur market examines the historic market outlook and forecast the scope of the market for the upcoming decade. The study provides detailed analysis on its growth drivers and opportunities across various segments in the basis of application and source for the next 10 years.
DUBAI, UAE, Nov. 25, 2021 /PRNewswire/ -- As per a recent study by FMI, the global elemental sulphur market is estimated to exceed US$ 6.27 Bn in 2021. Rising application of elemental sulphur in chemical refining, mining & metallurgy, and paper & plastic industries is propelling the demand in the market.
Elemental sulphur is gaining immense popularity across the agrochemical industry. It is extensively being used in the production of fertilizers, owing to high contents of amino acids, such as cysteine and methionine, which enhance crop yield and product quality. On account of this, the market is projected to expand at 3% CAGR during the forecast period from 2021 to 2031.
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Hence, rising emphasis on improving agricultural yield in emerging economies such as India, China, and Brazil is anticipated to create lucrative sales opportunities in the market.
Numerous agrochemical manufacturers are focusing on launching sulphur-based fertilizers to capitalize on these opportunities. For instance, Nutrien, recently announced launching its Smart Nutrition MAP+MST fertilizer, which offers a combination of micronized sulphur and phosphates to provide a consistent supply of nutrients to plant for better yield.
A slew of such product launches and development is expected to accelerate the sales, with the market registering year-on-year growth of 3.3% between 2020 and 2021.
In terms of source, the gas-based elemental sulphur segment is projected to hold a dominant share in the market. Rising preference for using natural gas reservoirs for extracting sulphur, owing to their cost-effective attribute is facilitating the growth in the segment.
"Increasing application of products derived from elemental sulfur such as sulfuric acids, sulfhydryl, sulfites, carbon sulfides, and sulfurous gas in water treatment, mining, and chemical manufacturing is expected to augment the growth in the market," says a FMI analyst.
Key Takeaways from Elemental Sulphur Market Study
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Top 5 companies operating in the global elemental sulphur market are Abu Dhabi National Oil Company, Royal Dutch Shell Plc., The Saudi Arabian Oil Company, OAO Gazoprom, and Valero Energy Consumption. These players are projected to account for around 23% of the total market share in 2021.
Leading players are focusing on adopting inorganic strategies such as mergers, acquisitions, and collaborations with other industry players to expand their production capacities and strengthen their global footprint.
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Some of the key players operating in the market profiled by FMI are:
More Valuable Insights on Elemental Sulphur Market
FMI, in its new report, offers an unbiased analysis of the global elemental sulphur market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in elemental sulphur market with detailed segmentation:
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Key Questions Covered in the Report
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