Insoluble Sulphur Market
According to ChemAnalyst report, “Insoluble Sulphur Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Insoluble Sulphur market has shown considerable growth in historic period and is anticipated to achieve a CAGR of 4% during the forecast period. Growing demand of radialized tires especially from the commercial automobile segment is expected to boost the global Insoluble Sulphur market. The production of Insoluble Sulphur is associated with the safety concerns on human health as well as environment as it is necessary in context to Insoluble Sulphur to meet compliance standards.
Sulphur is a multivalent, non-metallic and abundant chemical compound. Insoluble Sulphur is an important rubber additive used as a vulcanizing accelerator and agent by the rubber and tire industry as it helps in improving the quality, elasticity and strength of the product. It is extensively used in high quality rubber components which requires a high degree of tack and resistance to fatigue and ageing, particularly in radial tires, cable and wire insulating materials, belting and hoses.
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The rapid growth of global tire industry is driving the Insoluble Sulphur market. With the rise in number of on-road vehicles around the world, the demand for convenience and high maintenance tire replacements is also increasing. The tire manufacturers across the globe are under pressure from regulators and consumers to introduce more fuel-efficient tires, while facing technological challenges in the heavily competitive markets. Global competitive pricing offered by automotive manufacturers has created a surge in consumer spending on commercial cars in emerging economies. Along with rising penetration of radialized tires in both commercial vehicles and passenger cars would further bolster the role of Insoluble Sulphur across the automotive sector of the world. Surging demand for radialized tires along with the automotive industry’s intense focus on improving vehicle’s fuel efficiency, lightweight characteristics and better mileage, would further boost the demand for Insoluble Sulphur in the upcoming years. Additionally, with ever changing consumer preferences and innovation, increased role of Insoluble sulphur in the footwear industry value chain would further excel the market growth in the years to come.
Global Insoluble Sulphur Market is segmented based on grade, end use, distribution channel and region. Based on grade, market is segregated into regular grades, high dispersion grades, high stability grades, special grades. Based on grade, regular grade is leading the global Insoluble Sulphur market due to its enhanced usage across versatile rubber producing industries. Regular grade Insoluble Sulphur comprises of zero additive mixtures and is commercially considered as the most important form of insoluble Sulphur. Requirement for High Stability and High Dispersion grades is rising due to their high level of thermal stability and advanced characteristics to serve various applications would accelerate the demand for Insoluble Sulphur during the forecast period.
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In 2020, Due to the outbreak of COVID-19, the pandemic triggered an unprecedented decline in the global automotive industry due to the novel coronavirus which led to nationwide lockdowns and government restrictions across several nations to contain the spread of deadly virus. Renowned tire makers across the world halted their operations for more than a quarter which negatively affected the quarterly sales figures. Hit by the demand downturn, the global tire giant Goodyear announced its permanent closure of some of its tire manufacturing facilities in North America and Europe. Brussels-based Bridgestone announced a pause in the production in response to the pandemic. Apollo Tires Ltd. also stopped its production of passenger car tires in the Netherlands. Global crises have proportionately impacted the operating rates across Insoluble Sulphur manufacturing units, which led to double-digit fall in the sales figures of renowned manufacturers such as Oriental Carbon & Chemicals and Eastman. However, with gradual reopening of emerging economies, the demand is expected to bounce back within the next half of the year. Furthermore, boosting demand from footwear industry and agricultural tire sector is likely to augment the overall market outlook in the forecast period.
Region wise, Asia Pacific Region dominates the global Insoluble Sulphur market. Increasing industrialization across China, India, Japan, South Korea and other Asian countries has led to the exponential growth in the consumer spending on automobiles. Additionally, Asia pacific region also contributes to a major portion in the footwear industry across the world thereby propelling the global Insoluble Sulphur demand.
According to ChemAnalyst report, Insoluble Sulphur Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Insoluble Sulphur market include Eastman Chemical Company, Oriental Carbon & Chemicals Ltd., Shikoku Chemicals Corporation, Nynas AB, Grupa Azoty S.A., Henan Kailun Chemical Co., Ltd., Jiangxi Hengxingyuan Chemical Co. Ltd., China Sunshine Chemical Co. Ltd. Luoyang Sunrise Industrial Co., Ltd.and Others.
“Being linked to the downstream applications in the automotive and tire industry, the Global Insoluble Sulphur Industry has shown a considerable growth in historic period and is anticipated to boost the market in the forecast period due to the rapid industrialization and ever-changing consumer preference. In addition, emerging technologies and growing per capita income worldwide poised a stronger outlook to the country’s Insoluble Sulphur demand. Due to the pandemic, Nationwide lockdowns around the world had affected the global supply chain logistics and caused sudden shortage of raw materials which increased the prices of Insoluble Sulphur. With upcoming competitors across the Insoluble Sulphur market, it is extremely important to keep an eye on which region will grab the biggest market share in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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