SULPHUR RECOVERY MARKET REPORT OVERVIEW
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The global sulphur recovery market size is estimated to be worth US$ 2374.9 million in 2021 and is forecast to a readjusted size of USD 4081.98 million by 2031 with a CAGR of 5.6% during the forecast period. In the market study, our analysts have considered sulphur recovery players such as Jacobs Engineering Group, Chiyoda Corporation, Amec Foster Wheeler, Technip FMC, Worley Parsons Ltd, Linde AG, Fluor Corporation, KT-Kinetics Technology SpA, GTC Technology U.S., Heurtey Petrochem, McDermott and Sunway Petrochemical Engineering.
Sulphur recovery is a significant unit in the refinery and gas plants. It helps balance the environmental protocols by reducing the harsh effects of the reaction. The absence of sulphur recovery can cause adverse environmental consequences that include lethal SO2 toxicity and extreme acid rain. To control the harsh effect of the product, the Claus plant is placed to convert H2S into important elemental Sulphur.
The presence of sulphur recovery also minimizes the amount, that will be released into the environment. The recovery of element helps in reducing the harsh emissions. The product recovers H2S as elemental Sulphur by processing the Claus reaction. Claus reaction is known as the most important gas desulphurization process. It recovers from the gaseous hydrogen sulfide and helps in reducing the emission into the atmosphere.
COVID-19 Impact: Lockdowns & Reduction in Manpower to Register Negative Impact During Pandemic
The ongoing pandemic has affected various sectors globally, and the sector of chemicals and materials was no different. Emerging economies-imposed lockdowns to curb the spread of the virus, which resulted in a negative impact on the market. Additionally, increased dependency on the chemicals and acids combined with a faltering transport system globally decreased the market growth during the intended duration. Additionally, prominent players in the sector had to undergo closure due to human resources shortages. Many firms were forced to operate at less-than-optimal capacity, contributing to their downfall.
LATEST TRENDS
"Expanding Oil Consumption Globally to Drive Trends in Market"
The sulphur recovery market share is anticipated to expand due to the increasing population. The rise in population leads to higher demand for oil and gas with high content of Sulphur. The need for Sulphur recovering technologies equipped with refineries is expected to become mandatory. The number of refineries is expected to increase rapidly and garner market growth. These factors are anticipated to surge growth in the market. The rising number of refinery projects in emerging countries is anticipated to aid market growth.
SULPHUR RECOVERY MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into Claus process and Claus process and tail gas treatment
- By Application Analysis
Based on application, the market is classified into petroleum and coke, natural gas and others.
DRIVING FACTORS
"Rising Rich Feed Stream Incidences to Surge Growth"
The consistently rising incidences of rich feed streams of hydrogen sulphide are anticipated to influence the manufacturers of the product units and support the sulphur recovery market growth to enhance and modify their contribution. This upgradation and modification are estimated to help the manufacturer meet the standards limiting the dioxide emissions. Moreover, rising investment by industries in research and development of enhanced technology to aid growth in the market.
"Rising Awareness Toward Environmental Safety to Propel Market Growth"
The surging awareness to decrease the gas emission from the greenhouse is expected to be a key growth driver in the global market. Moreover, it is used to improve the efficiency of power plants. Thus, the demand for the product is consistently rising in the market. Additionally, the mining industry is estimated to come with growth opportunities. The demand for product from various industries such as mining, oil & gas, chemicals & materials, and others is anticipated to boost the product demand.
RESTRAINING FACTORS
"Strict Regulations On the Use of Chemicals to Impede Market Growth"
The strict regulations by the government on the use of acid gas and chemicals are anticipated to retard the growth rate. The gap in demand and supply of the product is anticipated to hamper the market's growth. The fall-off in demand for the product in developed countries is expected to be the other factor that may dampen the market's growth. Low awareness about applications and the use of the product is also anticipated to hinder growth in the industry.
SULPHUR RECOVERY MARKET REGIONAL INSIGHTS
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"Presence of Prominent Suppliers to Foster Growth in Asia Pacific"
Asia Pacific is anticipated to contribute to the sulphur recovery market growth through the rising number of gas processing plants and refineries in developing countries such as India, China, and Japan. India is expected to demand major gas and oil refining industries, which is expected to bolster growth in the market. Additionally, China received the new guidelines from the International Maritime Organization (IMO), which is anticipated to further garner the region's growth. India is one of the largest suppliers of the product in the global market.
The Middle East and Africa are also forecasted to gain sizable growth in the global market due to major oil fields in the region. The major operating oil fields are located in Canada, Russia, the Middle East and Africa.
KEY INDUSTRY PLAYERS
"Major Players Strive to Adopt New Technologies to Gain a Higher Market Share"
The key companies are trying to incorporate advanced technology to enhance their product portfolio. By adopting advanced techniques, key companies strive to gain the maximum share of the market. The players also emphasize developing strategies that offer long-term growth and ensure the company's share in the market. Gaining collaborations and acquisitions are one of their growth strategies. The companies also develop advanced products to gain more customers in the global market. Other players are focused on increasing their investments in R&D activities to capture the consolidated market share.
List of Market Players Profiled
- Jacobs Engineering Group (U.S.)
- Chiyoda Corporation (Japan)
- Amec Foster Wheeler (U.K.)
- Technip FMC (U.S.)
- Worley Parsons Ltd (Australia)
- Linde AG (Ireland)
- Fluor Corporation (U.S.)
- KT-Kinetics Technology SpA (Croatia)
- GTC Technology U.S. (U.S.)
- Heurtey Petrochem (India)
- McDermott (U.S.)
- Sunway Petrochemical Engineering (China)
REPORT COVERAGE
The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2374.9 Million in 2021 |
Market Size Value By |
US$ 4081.98 Million by 2031 |
Growth Rate |
CAGR of 5.6% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type, Application & Region |
Frequently Asked Questions ON Sulphur Recovery Market
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What value is the sulphur recovery market expected to touch by 2031?
Based on our research, the sulphur recovery market is projected to touch USD 4081.98 million by 2031.
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What CAGR is the sulphur recovery market expected to exhibit by 2031?
The sulphur recovery market is expected to exhibit a CAGR of 5.8% by 2031.
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What are the segments of the sulphur recovery market?
By type, the sulphur recovery market is segmented into Claus process and Claus process and tail gas treatment. Based on application, the sulphur recovery market is classified into petroleum and coke, natural gas and others.
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Which are the driving factors of the sulphur recovery market?
Upgradation in tail gas treatment to surge growth and rising awareness toward environmental safety to propel market growth are driving the sulphur recovery market.
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Which are the top companies operating in the sulphur recovery market?
Jacobs Engineering Group, Chiyoda Corporation, Amec Foster Wheeler, Technip FMC, Worley Parsons Ltd, Linde AG, Fluor Corporation, KT-Kinetics Technology SpA, GTC Technology US, Heurtey Petrochem, McDermott, and Sunway Petrochemical Engineering are the top companies operating in the sulphur recovery market.