SulfurRecovery Technology Market: Introduction
· Over the past few years, sulfur has risen in content in sourgases and crude oils across the world. In the form of hydrogen sulfide (H2S),it is found in gaseous waste streams coming out of oil refineries, natural gasproduction facilities, and wastewater treatment plants. The drive for varioussulfur recovery technologies seems to be motivated by environmental concernsthan economic rewards. Need for recovering sulfur from waste streams has beenrising owing to environmental factors.
· The Claus process is used for the recovery of elemental sulfurfrom sour or acid gas, and is especially beneficial when the concentrations arehigh or when the feed capacity is made at scale. Other processes have also beendeveloped and used in recent decades; however, the Claus process has gainedwidespread popularity in the sulfur recovery technology market. Variousimprovements have been made to enhance the recovery of sulfur through the Clausprocess such as the application of cold bed absorption process. Various othertechnological advancements have been attempted by industry players to reach thesulfur recovery level of 99.99%.
Drivers of Sulfur Recovery Technology Market
· Led by presence of stringent environmental norms on pollution inseveral countries, sulfur recovery technology is majorly applied when theconcentration of sulfur is relatively low. Vendors are focusing on offeringcost-effective solutions to attract end-users. Rise in use of sulfur recoverytechnology for lower grade fuels in various parts of the globe is boosting themarket. Uptake of sulfur recovery technologies has been increasing due to theimplementation of stringent environmental regulations in the oil &gasindustry in several developing and developed countries.
· Increase in popularity of two-bed catalytic Claus plants is alsoboosting the sulfur recovery technology market. Rapid advances made in crudeoil and natural gas processing in numerous developing and developed regions isfueling the demand for sulfur recovery technology. Demand for sulfur recoverytechnology has been rising in oil refining operations in various parts of theworld. Focus of industry players on improving the compliance with prevailingregional and global emission standards also augurs well for the sulfurrecovery technology market. Furthermore, crude oil processing has beenmaking rapid strides in developing economies, notably in Asia Pacific.
Restraints of Sulfur Recovery Technology Market
· Dearth of universal directives pertaining to applications ofsulfur recovery technology is expected to restrain the market during forecastperiod. Every country has different directives pertaining to applications ofsulfur recovery technology. Companies find it difficult to deal with thesecounty wise regulations. This discourages investments in the sulfur recoverytechnology market, thereby restraining the market during forecast period.
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COVID-19impact on Sulfur Recovery Technology Market
· The COVID-19 outbreak is hampering the demand for sulfurrecovery technology in many applications. Many governments across the globehave enforced lockdown as a measure to curb the spread of the coronavirus. Thishas resulted in slowdown and halt in manufacturing operations, restrictions onsupply and transport, and infrastructure slowdown, which are hampering thedemand for sulfur recovery technology.
· Key players operating in the sulfur recovery technology marketare primarily tier I and tier II manufacturers and suppliers. Manufacture andsupply chain facilities of these manufacturers are spread across various countriesin Asia Pacific, Europe, North America, Latin America, and Middle East &Africa. Many of these players have halted their production output over the lastfew months due to the COVID-19 pandemic. The pandemic has negatively impactedthe demand and supply chain of the market.
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North America to Hold Major Share of Sulfur Recovery TechnologyMarket
· In terms of geography, the sulfur recovery technology market canbe segmented into North America, Asia Pacific, Europe, Middle East & Africa,and Latin America
· Developed regions exhibit high potential for the global sulfurrecovery technology market. North America is expected to be alucrative regionover the next few years. The growth is likely to be fuelled by implementationof stringent standards in the oil &gas industry in the region.
· Asia Pacific is anticipated to hold significant share during theforecast period. The largest exporter of sulfur on a global scale is Canada,while China is a significant market for sulfur. China plays a crucial role inthe global market and has been importing sulfur to meet the needs of variousindustry verticals.
· The market in Middle East &Africa is expected to grow at asubstantial rate. Latin America is expected to be an increasingly attractiveregion of the sulfur recovery technology market during forecast period.
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Sulfur Recovery Technology: Key Players
Majorplayers operating in the sulfur recovery technology market are adopting variousorganic and inorganic growth strategies such as joint ventures, mergers &acquisitions, expansion, collaborations, new product launches, strategicalliances, and research and development to increase their regional presence andbusiness operations. Key players operating in the market include:
· Amec Foster Wheeler
· Praxair, Inc.
· GTC Technology US
· Fluor Corporation
· Royal Dutch Shell Plc.
· The Linde Group
· TechnipSpA
· Worley Parsons Ltd
· Chiyoda Corporation
· KT-kinetics technology SpA
· GTC Technology LLC
· PROSERNAT
· Black & Veatch Holding Company
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