The global insoluble sulfur market size was valued at USD 1.09 billion in 2023 and is expected to reach USD 1.33 billion by 2029. The market value is projected to expand at a CAGR of 3.5% during the forecast period 2024-2029.
Market Drivers:
The insoluble sulfur market is growing due to the increasing demand from the automotive industry. This is particularly coming from tire manufacturing. Also, it provides superior bonding and heat resistance, which increases the longevity of retreaded tires. It is in line with the increased focus on reducing waste and promoting sustainable practices. Likewise, rising automobile production is accelerating the market value. The significant expansion of the global automotive industry drives up tire demand. This, in turn, pushes up the price of insoluble sulfur.
There is an increasing need for easy-to-maintain tire replacements due to the world's expanding number of on-road automobiles. In addition to technological obstacles, tire producers worldwide are under tremendous pressure from consumers and regulators to create tires that are more fuel-efficient to obtain a competitive advantage in a highly competitive market. In the coming years, the global insoluble sulfur market is anticipated to be driven by the growing use of insoluble sulfur to transform raw rubber into complete rubber at high temperatures to boost the rubber's strength and flexibility.
Moreover, the global shift to sustainable transportation and the rising demand for high-performance tires guarantee a continuing need for insoluble sulfur.
Market Restraints:
The growth in the market is hampered by a reliance on the rubber sector. The rubber industry and the insoluble sulfur business are closely related. The demand for insoluble sulfur may be directly impacted by any ups or downs in the rubber sector. The market can be impacted by movements in tire and automobile manufacturing, adjustments in consumer tastes, or economic uncertainty that generally affects the demand for rubber products.
Market Opportunities:
One of the main insoluble sulfur market trends driving the industry's expansion is the rising need for environmentally friendly and high-performance tires. Most products used in the production of rubber compounds harm the environment. In addition, manufacturers of tires are under pressure to lower emissions throughout the production process due to the increase in air pollution. Also, pure rubber compositions are used in the production of eco-friendly tires due to the innovation spurred by such environmental concerns. Moreover, in tire manufacturing, high-aromatic oils are utilized to soften the rubber's surface and for surface modification and refinement. These substances include dangerous amounts of carcinogenic polycyclic aromatic hydrocarbon (PAH) components, which are harmful to the environment. As a result, low-aromatic oils, which are non-carcinogenic due to their low concentration of dangerous compounds, are replacing highly aromatic oils. Thus, throughout the forecast period, the trend of adopting environmentally friendly tires is anticipated to have a favorable impact on the market size.
Market Challenges:
The growth of the insoluble sulfur market is likely to be constrained by the pandemic. It disrupted the supply chain and caused fluctuations in raw material prices during the previously stated predicted timeframe. Also, the biggest and most pressing obstacle to industry growth will be a lack of materials.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
3.5% |
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Segments Covered |
By Grade, Product, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Shanghai Shangyi Chemical Technology Company, Oriental Carbon & Chemicals Limited, Grupa Azoty, SHIKOKU CHEMICALS CORPORATION, China Sunsine Chemical Holdings Limited, Nynas AB, KUMHO PETROCHEMICAL, Schill + Seilacher "Struktol" GmbH, Willing New Materials Technology Co. Ltd., SANSHIN CHEMICAL INDUSTRY CO., LTD., Henan Kailun Chemical Co., Ltd., LANXESS, CHEMSPEC, LTD., Zhejiang NetSun Co., Ltd., Tongnuo Group Co., Lions Industries s.r.o., and Others. |
Segment Analysis:
The regular grade segment captured the maximum portion of the global insoluble sulfur market share. Also, the growing demand for regular grades is fueled by the economy's increasing sectors. This includes tire manufacturing, industrial rubber products, and footwear. Moreover, the amount of rubber used in the production, construction, and automotive industries is driving up the segment growth.
Moreover, standard-grade insoluble sulfur is needed by firms to produce industrial leather items. Also, conveyor belts, rollers, gaskets, seals, hoses, and other components are used in various manufacturing, construction, and industrial processes. So, these sectors use regular grade due to the demand for reliable and durable rubber products.
The non-oil-filled segment is estimated to hold the largest share of the insoluble sulfur market. Green initiatives in the rubber industry, an increase in automobile manufacturing, improvements in vulcanization processes, and other factors have contributed to the growth in recent years. Also, it is made by utilizing simpler and less costly methods than oil-filled insoluble sulfur. Therefore, they are extensively used in tire manufacturing to produce high-performance and meet quality standards.
The tire manufacturing segment accounts for a considerable percentage of the insoluble sulfur market in the forecast period. Rubber is a necessary component in tire manufacturing, and insoluble sulfur is in high demand for its production. The need for tire development has increased due to the growing number of personal and on-road cars worldwide. So, in the future, these factors are expected to fuel the market's share.
Market Regional Analysis:
Asia Pacific is at the forefront of the insoluble sulfur market. China dominates the regional industry. So, sulfur and other sulfur-based compounds, such as insoluble sulfur, are widely produced and exported from here. Moreover, to meet demand, it frequently exports products and has a sizable chemical industry. On the other hand, it also imports sulfur-based products to meet domestic needs even though it is a key producer. In addition, imports of insoluble sulfur and related compounds for use in manufacturing are fueled by the nation's expanding chemical, automotive, and construction industries. Furthermore, to support its industrial activities in the automotive and electronics sectors, Japan imports products like micronized sulfur. So, imported sulfur compounds are necessary for the vulcanization and tire production processes in the nation. Additionally, India's expanding chemical, rubber, and automotive industries are also driving the emerging demand. It imports both insoluble and micronized sulfur to suit the demands of the tire industry, industrial chemicals, and other uses.
North America is driven by the emphasis on technical innovation and improvements. High-quality additives are necessary for the implementation of sophisticated compounding techniques such as masterbatch systems and automated mixing procedures. Another large producer of sulfur is the United States, which has sizable reserves and production capability. It ships a range of sulfur-based goods, including insoluble sulfur, to foreign markets. However, micronized and insoluble sulfur are two of the many sulfur-based goods that the US imports in large quantities. Imported sulfur compounds are essential to the US chemical, rubber, and tire industries for the vulcanization of rubber, among other production processes. Additionally, Canada is recognized for producing sulfur, mostly from mining and natural gas processing. Sulfur and associated products are exported to many nations worldwide.
Europe holds a considerable portion of the global insoluble sulfur market and is expected to propel at a higher CAGR in the future. The use of all-purpose vehicles by consumers in the region is driving market growth. It comprises trucks, electric automobiles, and two and three-wheelers. In addition, rising auto sales and a global increase in the number of on-road vehicles have increased the need for new and convenient tires and low-maintenance tire replacements. Moreover, Germany is a major importer of goods containing sulfur. This is especially true for its rubber, chemical, and automobile manufacturing industries. It uses both insoluble and micronized sulfur tire production, rubber products, and other industrial chemicals.
Latin America holds a lower share compared to other regions in the insoluble sulfur market. Brazil and Mexico dominate the regional market industry. Further, one of the main markets in the area is the rubber and tire sectors. Also, it is growing due to the rising usage of insoluble sulfur to transform raw rubber into full rubber at high heat to improve strength and other qualities.
Middle East and Africa are expected to have a steady growth rate during the forecast period. This is because of the growing automobile volume on the road, increased industrialization, and growing demand. Moreover, Saudi Arabia is a significant player in the oil and gas sector and also produces sulfur as a byproduct of the process of hydrocarbons. It sells sulfur products, such as insoluble or micronized sulfur, to international markets.
Sulfur manufacturing was hindered by COVID-19-related travel restrictions everywhere in the world. However, after lockdown regulations were lifted in the first part of 2021, the demand for insoluble sulfur increased across several end-user sectors. It includes agriculture and rubber. On the other hand, in 2021, sulfur prices increased because of the mismatch between supply and demand, along with growing freight expenses. For example, the price of sulfur in India reached 245 dollars per MT in the third quarter of 2021. It was a rise of more than 10 percent from the second quarter. Hence, the market's expansion will be affected by this volatility throughout the projection period.
Market Key Players:
Market Key Developments:
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