Insoluble Sulfur Market Size
Global Insoluble Sulfur Market reached USD 995.0 million in 2022 and is expected to reach USD 1,303.9 million by 2030, growing with a CAGR of 3.5% during the forecast period 2024-2031. Insoluble sulfur is produced by quickly cooling the polymer to a low temperature, which prevents the ring from returning, leaving a metastable polymer structure at room temperature.
Insoluble sulfur is mostly used in the tire and automotive industries which is a major market driving factor for the chemical.
Asia-Pacific is among the growing regions in the global Insoluble Sulfur Market covering more than 1/3rd of the market and the market for insoluble sulfur in the area is largely driven by the quick growth of the rubber manufacturing industry in developing nations like India, Japan, China and South Korea as well as the accessibility of qualified labor at competitive rates and simple regulatory requirements.
Market Scope
| Metrics | Details |
| CAGR | 3.5% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product, Grade, Application, End-User, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
To Know More Insights - Download Sample
Market Dynamics
Increasing Product Demand from the Tire Manufacturing Industries
The global market for insoluble sulfur is expanding as a consequence of reasons like rising product demand from tire manufacturing sectors brought on by an increase in the number of on-road cars globally, quick expansion in the automotive & manufacturing sectors and growing industrialization. The usage of insoluble sulfur to turn raw rubber into complete rubber at high temperatures and enhance the rubber's strength and flexibility is anticipated to raise the worldwide market throughout the projected period.
Furthermore, the development of the insoluble sulfur market has the potential to be lucrative over the course of the projection period due to an increase in applications in the manufacturing of wire, cables, pipelines and other industries with well-established businesses.
Demand for raw materials and additives like insoluble sulfur is closely tied to the manufacture of tires. Global tire manufacturing will reach over 2.53 billion units in 2020, according to the International Organisation of Motor Vehicle Manufacturers (OICA). The rising production of tires being produced reflects the constant need for ingredients used to make tires, especially insoluble sulfur.
Increasing Number of On-Road Vehicles Across the Globe
The development of the market for insoluble sulfur is expected to be driven by the growing number of vehicles on the road. A self-propelled vehicle that was developed for use on a road is commonly referred to as an "on-road vehicle." Because it improves tire quality, wearability and resistance to aging and fatigue, insoluble sulfur is a crucial raw material for tire manufacture as a result, the market for insoluble sulfur is to grow as more on-road cars are produced.
For instance, according to a report published by the Government of Jersey, The Driver and Vehicle Standards (DVS) registry listed 127,661 vehicles as of 2021; it is a UK-based agency in charge of overseeing the largest of the Channel Islands. Additionally, in 2021 there were 1,775 hybrid cars registered and around 5,181 new registrations. As a result, the market for insoluble sulfur is expanding due to the rising number of on-road vehicles.
High Volatility In Prices for Raw Materials
The majority of the problems limiting the expansion of the insoluble sulfur market is the volatility of raw material costs. The COVID-19 pandemic in 2020 resulted in travel restrictions all around the world, which negatively impacted sulfur production. However, with the easing of shutdown regulations in the first half of 2021, the demand for insoluble sulfur revived in a number of end-user industries, including rubber and agriculture.
However, the disparity between supply and demand and increased shipping expenses resulted in higher sulfur prices in 2021. For instance, sulfur prices in India developed by more than 10% from the second quarter of 2021 to above USD 245/MT in the third quarter. During the projection year, the market's expansion would be hampered by this volatility.
Additionally, this market study report on insoluble sulfur gives in-depth details on other emerging trends and difficulties that will have a significant impact on market growth. The organizations will be able to assess and create growth strategies for 2022–2026 with the aid of actionable information on the trends and difficulties.
Market Segmentation Analysis
The global insoluble sulfur market is segmented based on product, grade, application, end- user and region.
Rising Demand for Regular Grade Usage Across Versatile Rubber Producing Industries
The regular grade segment holds a major share of around 45.2% in the global insoluble sulfur market. Insoluble sulfur is widely used in the rubber industry. The need for regular grade insoluble sulfur is driven by expanding industries in the economy such as tire production, industrial rubber products and footwear. The normal grade category is increasing as more rubber is being used in industries including manufacturing, construction and the automobile.
Furthermore, companies that produce industrial rubber goods have a need for standard grade insoluble sulfur. Among these products are conveyor belts, rollers, seals, gaskets, hoses and other rubber parts utilized in a variety of industrial, manufacturing and construction activities. Regular grade insoluble sulfur is used in these industries because there is a demand for trustworthy and long-lasting rubber products.
Market Geographical Share
Asia-Pacific Growing Rubber Manufacturing Industries in Developing Countries
The Asia-Pacific Insoluble Sulfur Market has witnessed significant growth and popularity covering more than 56.7% share in 2022. The rapid growth of the rubber manufacturing industry in developing countries including South Korea, Japan, China and India. The region's insoluble sulfur market is expanding because of the availability of cheap and skilled labor, land for industry development, simple regulatory standards and favorable job opportunities with economically strong countries.
Additionally, the country's increasing demand for rubber in the tire manufacturing industry is being driven by the country's growing vehicle markets in Indonesia, Thailand, South Korea, Japan and other nations. China is the world's largest producer of rubber and it also exports a lot of rubber goods to other Asian nations. The present epidemic has disrupted consumer demand for a certain products.
According to the NIIR Project Consultancy Services, the tire business mostly uses insoluble sulfur. Because more commercial vehicles are using radial tires, which use more insoluble sulfur, the Indian market for insoluble sulfur is expanding faster than the growth rate for the tire sector. A rough estimate of the need for high-quality insoluble sulfur is thus 2.25,000 Mtpa.
Insoluble Sulphur is now in demand in India, with a 14500 Mtpa estimate. Insoluble sulfur consumption is projected to increase globally at a 5.2% CAGR in CY15–20E, with demand in India expanding at a CAGR of 10%+ due to strong vehicle demand & rising radicalization of tires, especially in the CV category.
Insoluble Sulfur Companies
The major global players include Eastman Chemical Company, Shikoku Chemicals Corporation, Sinorgchem Co., Ltd., Henan Kailun Chemical Co., Ltd, Wuxi Huasheng Rubber Technical Co., Ltd, China Sunshine Chemical Co. Ltd., Sennics Co, Nynas AB, Oriental Carbon & Chemicals Limited and Lions Industries.
Eastman Chemical Co. – Overview
- Eastman is a multinational U.S.-based company that develops and manufactures specialized materials used in a wide variety of products and everyday objects.
- Eastman collaborates with clients to develop innovative products and solutions while maintaining a commitment to sustainability and safety to materially improve people's quality of life.
- Eastman, a diverse and inclusive global business, employs almost 14,000 people worldwide and provides services to clients in over 100 nations. The corporation is based in Kingsport, Tennessee, USA, and is expected to generate $10.5 billion in revenue in 2022.
COVID-19 Impact Analysis
Due to the COVID-19 outbreak, the global automobile industry experienced an unprecedented slowdown. The industry appeared to lose control as a result of declining demand and lower plant operating rates brought on by the coronavirus, which prompted the implementation of statewide lockdowns in a number of nations to stop the spread of the lethal virus.
Because automakers have suspended manufacturing, OEM tire demand has decreased. In addition, the pandemic has disrupted supply chain networks globally, extending procurement deadlines and increasing costs due to a lack of supplies. These elements are anticipated to have an impact on tire manufacturing's market expansion in 2020 and 2021.
Russia-Ukraine War Impact
As the war affects trade routes or creates political instability in the region, it may have an effect on the supply chain for raw materials and finished commodities, especially insoluble sulfur. The market's supply of insoluble sulfur might be reduced as a result of shortages or delivery delays. Uncertainty and geopolitical conflicts can lead to price volatility in the markets for commodities and chemicals.
It may be essential for businesses to look for alternate sources of insoluble sulfur if there are any trade tensions or interruptions between Russia and Ukraine. To reduce possible risks brought on by the war, manufacturers would go to suppliers in other areas, which would disrupt trade patterns and supplier relationships. The demand for insoluble sulfur can be affected.
Key Developments
- On July 29, 2022, Lion Industries Corporation Bhd’s unit Amsteel Mills Sdn Bhd (AMSB) entered into a sale and purchase agreement with Yinson Corporation Sdn Bhd for the proposed acquisition of land together with buildings erected thereon worth RM47.13 million.
- On June 14, 2022, Oriental Carbon & Chemicals Limited, belonging to JP Goenka Group of Companies, a Listed Company on BSE and NSE announced scheme of arrangement for Demerging its “Chemical Business” in relation to insoluble Sulphur, acid and oleum into its newly incorporated Wholly Owned Subsidiary Company i.e., OCCL Limited to carry on the demerged business.
- On April 26, 2022, Eastman partnered with Maip Group, a leading international plastics formulator and compound producer and announced innovative compounds for new resins in the automotive market. Maip Compounding, the group's manufacturing company, announces its Cherbio family based on Eastman's molecular recycling technologies.
Why Purchase the Report?
- To visualize the global insoluble sulfur market segmentation based on product, grade, application, end- user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of insoluble sulfur market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global insoluble sulfur market report would provide approximately 72 tables, 71 figures and 181 Pages.
