A report issued by “Fortune Business Insights” under the title “Global Sulfur Market 2021-2028” stated that the Kuwait Petroleum Corporation is among the major players in the global sulfur market, like other Gulf oil companies such as Saudi Aramco, not to mention the global petroleum companies.
The report said that the global sulfur market size amounted to $5.40 billion in 2020, and is expected to rise from $5.61 billion in 2021 to $6.98 billion in 2028, at a compound annual growth rate of 3.3% during the period between 2021 and 2028. The growth is attributable to the increasing demand for fertilizers, which is a major area in the use of sulfur and its derivatives, reports a local Arabic daily.
The report considered sulfur one of the most important raw materials in the chemical industry, as it is mainly used as a derivative in the form of sulfuric acid (H2SO4) in many chemical and industrial processes, and this substance is also necessary in the production of phosphate fertilizers.
Rubber processing, medicine, and cosmetics are other notable areas of uses for sulfur, as it is of great importance worldwide, due to its association with industrial economies and relative ease of transport, and is produced during the extraction of tar sands, petroleum refining, oil and natural gas processing, coke operations, and mining operations. .
The report said that the trade restrictions imposed during the spread of the epidemic impeded the growth of the market, as it affected the production of refineries directly and the supply of liquid sulfur, and the supply was also affected by factors such as the conversion of factories for the purpose of moving towards sweeter crude, and the depletion of continuous production from German natural gas resources.
While Chinese buyers stopped imports during the exacerbation of virus cases, which negatively affected demand significantly. In May 2021, China’s imports were 16 percent lower than in May 2020 to just over 500 tons, the lowest level for Chinese imports since May 2004.