USD 990.1 billion
Report ID: SQSG15A2037 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 64 | Figures: 68
Global Insoluble Sulfur Market size was valued at USD 990.1 billion in 2021, and it is expected to reach a value of USD 1.37 billion by 2028, at a CAGR of 3.98% over the forecast period (2022-2028).
Rising product demand from rubber manufacturers as a curing agent is anticipated to continue to be a major factor in market expansion. The production of tyres around the world makes extensive use of insoluble sulphur, which is used as a rubber-curing agent. Since the bulk of rubber applications are used in tyre manufacture, there is a significant market for insoluble sulphur in this sector. Additionally, there is a growing need for new tyres due to the increase in on-road vehicles around the world. In the near future, these factors are likely to accelerate market expansion.
Due to advancements made by big international corporations, the market has undergone substantial changes. For instance, in February 2018, Eastman Chemical Company unveiled CrystexCure Pro, a non-blooming vulcanizing agent used in rubber formulation to improve the properties of radial tyres. Additionally, Nynas, a producer of speciality bitumen and naphthenic oil, unveiled a line of goods under the Nytex brand. These products are offered commercially in a variety of viscosities and are well suited for use with tough forms of rubber as well as sulphur. The product offers a number of qualities that make it useful for a variety of uses, including the production of insulating material for wires and cables, pipes, and tyres.
The product offers a number of qualities that make it useful for a variety of uses, including the production of insulating material for wires and cables, pipes, and tyres.
To increase the product's overall quality and resilience to aging and fatigue, the product is added in the desired amounts across various materials. Major market players have been making significant investments in research initiatives to gain a greater market share on a global level. Due to the fierce competition, products are now more innovative than ever before in terms of quality, cost, etc.
Global Market Size
USD 990.1 billion
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The global insoluble sulfur market segmentation is based on grade type, application, and region. Based on grade type the market is segmented into high dispersion, regular grade, and high stability. Based on application the market is segmented into tire manufacturing, industrial application, footwear, and others. Based on region the global insoluble sulfur market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Grade Type
All rubber production industries employ regular grade the most frequently as a vulcanizing agent, making it the market leader. Additionally, the normal grade speeds market acceptance because it is the newest type of insoluble sulfur and is non-hazardous. Due to its exceptional dispersibility, high stability, and rapid product adoption, the high dispersion grade is anticipated to increase at a higher CAGR rate.
Analysis by Application
During the projection period, it is anticipated that the tire manufacturing sector will hold the largest market share. This is related to the substantial product demand coming from the globally expanding tire manufacturing industry. As their main feedstock, insoluble sulfur compounds are heavily reliant on the tire manufacturing industries to provide high-quality products.
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Due to the growing number of rubber processors, easy access to land, and skilled labor in the area, Asia-Pacific now has a dominant position in the insoluble sulfur market in terms of market share and revenue. The region's insoluble sulfur market is primarily driven by the rapid expansion of the rubber manufacturing sector in emerging economies like India, Japan, China, and South Korea as well as the availability of competent personnel at reasonable prices and easy regulatory requirements. Additionally, the region produces a sizable amount of the world's footwear, which adds to a sizable portion of the demand for insoluble sulfur year-round.
The automotive and rubber industries are predicted to grow at the fastest rates in the North American area, which is also expected to have the highest concentration of manufacturers. With the quick import of rubber from China, Germany, Thailand, and Japan, the market in the U.S. has gained traction in North America. The demand for insoluble sulfur in North America is anticipated to increase as a result.
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Many businesses are emphasizing organic growth initiatives, including new launches, product approvals, and others like patents and events. Acquisitions and partnerships & collaborations were examples of inorganic growth tactics that were observed in the market. These actions have made it possible for market participants to increase their clientele and revenue. With the growing demand for insoluble sulfur on the global market, market players in the insoluble sulfur market are projected to enjoy attractive growth prospects in the future. For instance, Grupa Azoty S.A. built the flue gas desulphurization unit for boiler K-5 in March 2022. The design goals of the plant, particularly those about gas emissions, were satisfied by the recommendations of the BAT findings.
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According to our analysis, Regular grade is the market leader since it is used as a vulcanizing agent in all rubber manufacturing sectors the most frequently. The tire manufacturing industry is predicted to hold the greatest market share over the projection period. In terms of market share and revenue, Asia-Pacific presently holds a dominating position in the insoluble sulfur market because of the region's expanding number of rubber processors, simple access to land, and skilled labour.
|Market size value in 2021||USD 990.1 billion|
|Market size value in 2028||USD 1.37 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Insoluble Sulfur Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Insoluble Sulfur Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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