According to a report titled ‘Global Sulfur Market 2021-2028’ published by ‘Fortune Business Insight’, Kuwait Petroleum Corporation, along with other Gulf oil companies such as Saudi Aramco, is of course one of the world’s largest sulfur markets. One of the major players. world oil companies.
According to the report, the global sulfur market size will reach $5.4 billion in 2020 and is projected to increase from $5.61 billion in 2021 to $6.98 billion in 2028, with a The compound annual growth rate for the period to is 3.3%. The growth is due to increased demand for fertilizers, a major area in the use of sulfur and its derivatives, reports a local Arabic daily.
In this report, sulfur is considered one of the most important raw materials in the chemical industry. This is because sulfur is primarily used as a derivative in the form of sulfuric acid (H2SO4) in many chemical and industrial processes. Phosphate fertilizer.
Rubber processing, pharmaceuticals and cosmetics are of great importance worldwide due to their relevance to industrial economies and relative ease of transportation, tar sands extraction, petroleum refining, oil and natural gas processing, and coking operations. , mining business. .
According to the report, trade restrictions imposed during the spread of the epidemic directly impacted refinery production and liquid sulfur supply, which was also affected by factors such as plant conversions, thus slowing market growth. Aimed at the transition to sweeter crude it said it had hindered and the continued depletion of production from Germany’s natural gas resources.
Chinese buyers halted imports while virus cases worsened, which had a significant negative impact on demand.China’s imports in May 2021 fell 16% from May 2020 It fell to just over 500 tons, the lowest level since May 2004.
