New York, Aug. 17, 2020 (GLOBE NEWSWIRE) — The Global Solid HYPERLINK “https://www.reportsanddata.com/report-detail/solid-sulfur-market”SulfurHYPERLINK “https://www.reportsanddata.com/report-detail/solid-sulfur-market” Market is expected to reach USD 3.78 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily. The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.
Increasing demand for rubber in tire production is one of the significant factors influencing the market growth. The benefits of natural rubber comprise abrasion resistance and adhesion to metals, thereby making it suitable for making seals, gaskets, and other products. Moreover, certain features of natural rubber, which gives it an advantage over synthetic rubber, comprise vibration dampening and tear resistance, making natural rubber irreplaceable in end-uses like tires for large construction vehicles and airplane tires. Moreover, the advancement in production technology has transformed the automobile industry, which is expected to experience increased sales in the upcoming years, thus creating an increase in the demand for tires, and in turn, would drive the growth of the market.
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COVID-19 Impact Analysis
The COVID-19 pandemic is having a significant impact on the chemicals & materials industry. Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The declining demand has pushed the global chemical industry into an oversupply situation. Lack of free movement of the labor force required for the application of fertilizers in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. The restrictions on movement have had a direct and immediate impact, and once the mandatory social distancing ends, the normalcy is expected to be restored.
Further key findings from the report suggest
- By type, monoclinic sulfur is like to witness a growth rate of 2.6% in the forecast period. Monoclinic sulfur is a transparent crystal and has a melting point of 119 degrees centigrade. This type is unstable at temperatures under 96 degrees centigrade and gets converted to rhombic sulfur.
- By distribution channel, offline held a larger market share in 2019. The solid sulfur industry is very offline-intensive and witnesses transparency. The offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs, along with considerable knowledge of the market on the seller side.
- By application, chemical processing held the second largest market share in 2019. Solid sulfur is used in the production of sulfuric acid, which finds extensive application in automotive industries in the production of automobile batteries. This battery provides the requisite electricity needed to put electrical components to function, as well as converts chemical energy into the electrical energy that powers automobiles and gives energy to its starter.
- The market dominance of the APAC region may be attributed to the presence of key producers in the region. Moreover, high demand for food, owing to the presence of a growing population in developing economies, such as India and China, and the growth of end-user industries such as agrochemicals, chemicals, and rubber industries, among others
- Key participants include Qatar Petroleum, Saudi Aramco, Repsol, Abu Dhabi National Oil Company, Marathon Petroleum Corporation, Gazprom, Motiva Enterprises LLC, Phillips 66 Company, ExxonMobil Corporation, and Chemtrade Logistics Income Fund, among others.
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For the purpose of this report, Reports and Data has segmented the Global Solid Sulfur Market on the basis of type, distribution channel, application, and region:
Type Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
- Chemical Processing
- Metal Processing
- Rubber Processing
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/solid-sulfur-market
Regional Outlook (Volume, Kilo Tons, Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
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