Sulfur Market - Growth, Trends, and Forecast (2022 - 2030)

Market Overview

The sulfur market is expected to register a CAGR of 3.36%, during the forecast period, 2019 – 2024. Major factors driving the growth of the sulfur market are the rising demand from the fertilizer manufacturing sector and increasing usage of sulfur for the vulcanization of rubber. On the flipside, stringent environmental regulations regarding emissions are expected to hinder the market growth.

- Rising demand from the fertilizer manufacturing sector is expected to grow during the forecast period.
- Usage of sulfur in cement polymer concrete is expected to act as an opportunity in the future.
- Asia-Pacific dominated the global market, with the largest consumption.

Key Market Trends

Increasing Demand from Chemical Processing

- About 90% of sulfur produced or extracted is used to make sulfur dioxide, which is then converted to sulfuric acid. The majority of the acid is used in the production of phosphate fertilizers, which is a crucial component of the food and beverage industry.
- Increasing agricultural output globally is increasing the demand for sulphuric acid in the global market. By 2026, calorie availability is projected to reach 2,450 kcal per day on average in least-developed countries and exceed 3,000 kcal per day in other developing countries. This is expected to increase the demand for agricultural crops in the global market, which in turn, may increase the demand for phosphate fertilizers, thus, driving up the demand for sulfur in chemical manufacturing.
- According to the Food and Agriculture Organization of the United Nations, the annual demand for sulfur fertilizer is expected to reach around 69 million metric ton, by 2020.
- Increasing crop prices have resulted in increasing demand for fertilizers. Additionally, favorable weather has also increased the demand for fertilizers in major agricultural regions.
- Such positive factors are expected to drive the sulfur market through the forecast period.

Asia-Pacific Region is Expected to Dominate the Market

- Asia-Pacific dominated the market, owing to the growing demand for sulfur in fertilizer and rubber processing from countries, such as China, India, etc.
- The energy production in China has been rising in recent decades across the oil and gas sector, leading to a boost in domestic sulfur recovery. Developments in the Sichuan province have led to a significant increase in sulfur production capacity.
- Additionally, oil palm, rubber, and sugarcane account for almost 95% of ASEAN fertilizers demand. Plantations are expected to be the main driver for the fertilizer demand growth in the next few years, and in turn, this may drive the sulfur market.
- About one-third of total global rubber consumption is natural rubber produced in plantations in Thailand, Indonesia, and Malaysia. Thailand is one of the largest producer and exporter of natural rubber, globally.
- The aforementioned factors are contributing to the increasing demand for sulfur consumption in the region during the forecast period.

Competitive Landscape

The sulfur market is fragmented in nature, and the top five manufacturers occupy around 35% of the market. The major companies include Sinopec Corporation, Gazprom, The Saudi Arabian Oil Company, Abu Dhabi National Oil Company, and Tengizchevroil LLP, among others.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support