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Hydrogen Sulfide Market Overview
The Hydrogen Sulfide Market size is estimated
to reach US$268.1 million by 2027, after growing at a CAGR of 3.7% during the
forecast period 2022-2027. Hydrogen sulfide is a colorless chalcogen hydride
gas, naturally found in crude oil, natural gas and hot springs. It is a good
reducing agent and is formed due to microbial breakdown of organic matter.
This sour gas reacts with the sulfur dioxide to form water and elemental
sulfur, which is majorly used in fertilizers and pesticides in the agriculture
sector. The growing demand for
fertilizers and disinfectants for crop protection act as a driving factor in
the hydrogen sulfide industry. In addition, major production in the chemical
industry for organic synthesis, sulfur production and others is fueling its
demand and propelling growth scope in the hydrogen sulfide market. The major
disruption caused by the covid-19 outbreak impacted the growth of the hydrogen
sulfide market due to disturbance in chemical manufacturing, rise in raw
material price, supply chain disruption and other lockdown restrictions.
However, significant recovery in the major end-use sector is boosting the
demand for hydrogen sulfide for a wide range of applicability and utilization in
medical & pharmaceutical, chemical manufacturing, agriculture and others.
Hydrogen Sulfide Market Report Coverage
The “Hydrogen
Sulfide Market Report – Forecast (2022-2027)” by IndustryARC, covers an
in-depth analysis of the following segments in the Hydrogen Sulfide Industry.
Key Takeaways
- The Asia-Pacific dominates the Hydrogen Sulfide Market, owing to growth factors such as the flourished base for the chemical sector, initiatives towards agricultural and medical trends and urbanization, thereby boosting growth in this region.
- The flourishing chemical sector across the world is propelling the demand for hydrogen sulfide for various applications such as manufacturing of sulfuric acid and sulfur and others, thereby influencing the growth in the hydrogen sulfide market size.
- The demand for hydrogen sulfide in the agriculture sector is rising for applicability in pesticides, fertilizers, disinfectants and others, owing to flourishing agricultural production trends.
- However, the hazardous impacts of hydrogen sulfide on human health act as a challenging factor in the hydrogen sulfide industry.
Figure: Hydrogen Sulfide Market Revenue Share, By Geography, 2021 (%)
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Hydrogen Sulfide Market Segment Analysis – by Grade
The echnical grade segment held a significant
Hydrogen Sulfide Market share in 2021 and is forecasted to grow at a CAGR of 3.5%
during the forecast period 2022-2027. The rising growth scope and demand for the
technical grade over the purified grade is influenced by its high purity and
wide range of applicability across various industrial verticals, which include
chemical synthesis and components in balance gases. It is increasingly used in
environmental monitoring uses and is utilized as a precursor for the growing
zinc sulfide semiconductor. Thus, owing
to its preference over purified grade and growing applications for the majority
of industries, majorly the chemical sector, the technical grade segment is
anticipated to grow rapidly in the hydrogen sulfide market during the forecast
period.
Hydrogen Sulfide Market Segment Analysis – by End-use Industry
The chemicals segment held a significant Hydrogen
Sulfide Market share in 2021 and is
forecasted to grow at a CAGR of 3.9% during the forecast period 2022-2027. Hydrogen
sulfide is a chalcogen hydride gas, which has a wide range of applications in
the chemical sector involving the manufacturing of sulfuric acid and sulfur by
reacting with sulfur dioxide, which is used in pesticides and dyes. The
lucrative growth of the chemical sector is influenced by growth factors such as
an established base for specialty chemical manufacturing units, demand for
organic and inorganic chemicals and rapid industrialization. For instance,
according to the American Chemistry Council (ACC), the chemical sector output
in the U.S. is expected to grow by 4.1% in 2022 and expand to 2.4% growth in
2023. According to BASF Report 2021, chemical production in European Union
expects a growth of 2.8% in 2022 and a 4.5% growth in chemical production in
the United States. With the increase in growth scope and productivity in the chemical
sector, the applicability of this sour gas for the production of sulfuric acid
and other compounds is projected to rise, which, in turn, is expected to boost
the growth of the chemical industry in the hydrogen sulfide market during the
forecast period.
Hydrogen Sulfide Market Segment Analysis – by Geography
The Asia-Pacific held the largest Hydrogen Sulfide Market share in 2021 up to 47%. The lucrative growth scope for hydrogen sulfide in this region is influenced by the established base for the chemical sector, flourishing manufacturing base for agrochemicals, trade growth and rapid urbanization. The chemical industry is significantly growing in APAC owing to factors such as rising demand for specialty, petrochemicals, agrochemicals and others, along with an established production base and urbanization. For instance, according to The European Chemical Industry Council (CEFIC), chemical sales reached US$1,549 billion in 2020 in China, US$427 billion in the US and US$499.67 billion in the European Union nation. According to BASF annual report, chemical production in Japan accounted for a change of 1.7% increase in 2021-22 compared to the previous year. According to the India Brand Equity Foundation (IBEF), the chemical industry in India is expected to grow at 9.3% to reach US$304 billion by 2025. With the flourishing production of chemicals and related derivatives, the utilization of hydrogen sulfide for agricultural fertilizer chemicals, organic synthesis and others is growing, which, in turn, is projected to boost the growth prospects in the Asia-Pacific region during the forecast period.
Hydrogen Sulfide Market Drivers
Rapid Growth of the Medical & Pharmaceutical Industry:
Hydrogen Sulfide has major
applications in the medical & pharmaceutical sector for the preparation of
various therapeutical drugs and other medical treatment procedures. The medical
& pharmaceutical industry is significantly growing due to growth factors
such as high spending on
drugs, growing healthcare infrastructure and a high rate of chronic health
incidents. For instance, according to the India Brand Equity Foundation (IBEF),
the Indian pharmaceuticals sector is expected to reach US$65 billion by 2024
and further expand to US$120 - US$130 billion by the year 2030. According to the European Federation of
Pharmaceutical Industries and Associations (EFPIA), the total pharmaceutical
market value for EU member nations at ex-factory prices increased from
US$147,686 in 2019 to US$253,027 in 2020. According to the International Trade
Administration, the worldwide pharmaceuticals market was estimated to grow from
US$ 1 trillion in 2015 to US$1.3 trillion by 2020. With the rapid growth scope
and production trend in the medical sector, the demand for this chalcogen
hydride gas for therapeutics and general medication is rising, which, in turn,
is boosting its applicability and driving the hydrogen sulfide industry.
Flourishing Growth of the Agriculture Industry:
Hydrogen Sulfide has significant applications
in the agriculture industry for fertilizers, pesticides and other disinfectant chemicals.
The hydrogen sulfide reacts with sulfur dioxide to produce elemental sulfur,
which is utilized for manufacturing fertilizers. The agriculture sector
experiences lucrative growth owing to growth factors such as rising production for grains, cereals and
others, demand for fertilizer and pesticides and the government's initiative to
promote agricultural development. For instance, according to the India Brand
Equity Foundation (IBEF), the agriculture sector in India is expected to
increase to US$24 billion by 2025. According to the Office for National
Statistics, the volume of agricultural output increased by 2.6% in the United
Kingdom with cereals output increased by 23% and 24% for the crop products in
2021. With the growing demand and increasing agricultural production, the
applicability of hydrogen sulfide in pesticides and fertilizers is rising,
which, in turn, is boosting its demand and driving the hydrogen sulfide
industry.
Hydrogen Sulfide Market Challenge
Harmful Impacts of Hydrogen Sulfide on Human Health:
Hydrogen sulfide poses severe health risks
due to its toxicity. The problems such as brain problems, heart issues,
respiratory tract problems and others associated with hydrogen sulfide hinder
its growth. In addition, a high concentration of this flammable and sour gas
can lead to loss of consciousness, headache, shortness of breath, blue skin and
memory loss. Moreover, the high flammability of hydrogen sulfide limits its
applications due to handling issues. Thus, due to such hazardous impacts of
hydrogen sulfide, various restrictions on its applicability and demand are
regulated, which hinders the growth scope. Thus, the hydrogen sulfide industry
anticipates a major challenge.
Hydrogen Sulfide Industry Outlook
Technology launches, acquisitions and R&D
activities are key strategies adopted by players in the Hydrogen Sulfide Market.
The top 10 companies in the Hydrogen Sulfide Market are:
- Air Liquide
- The Linde Group
- Praxair
- Air Products and Chemicals
- Evonik Industries
- Sobegi
- Messer Group
- Matheson Tri-Gas
- Dow Chemical
- Chengdu Taiyu Industrial Gases Co. Ltd.
Recent Development
- In December 2021, researchers from IISc found the latest utilization of hydrogen sulfide for suppressing HIV as increased hydrogen sulfide gas reduces the multiplication rate of the virus, thereby finding growth in the medical sector.
Relevant Reports
Report Code: CMR 1316
Report Code: CMR 53848
Report Code: CMR 38256
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