Steadfast rise in the demand for fertilizers around the world will be the central force driving the growth of the global hydrogen sulfide market size till 2026. According to the International Fertilizer Association (IFA), world fertilizer demand is expected at an average of 1.3% till 2022, hitting 199 million tons as 2022 ends. Africa will make the largest contribution to this growth, closely followed by Eastern Europe, Central Asia, and Latin America. This demand is mainly aggravated by the rising agricultural activities to meet the food and nutrition demands of the fast-increasing world population.
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List of prominent companies that are operating in the global Hydrogen Sulfide Market are:
- Messer Group
- Chengdu Taiyu Industrial Gases Co., Ltd.
- Dow Chemical
The World Bank estimates that by 2050, developments in agriculture will lead to the feeding of 9.7 billion people. Since hydrogen sulfide is one of the crucial raw materials in making pesticides and fertilizers, expansion of agriculture and the fertilizer industry will bode well for the hydrogen sulfide market growth in the forecast period.
Fortune Business Insights™, in its report, titled “Hydrogen Sulphide Market Size, Share & Industry Analysis, By End-Use Industry (Chemicals, Pharmaceutical, Laboratories and Analysis) and Regional Forecast, 2019-2026”, shares the following information:
- An elaborative overview of the overall industry outlook and how it will impact the development of this market;
- A microscopic analysis of the factors and drivers that will influence the share, size, revenue, and general growth of the market; and
- An in-depth research into the regional and competitive dynamics of the market during the forecast period.
Hydrogen Sulfide (H2S) is a chemical compound that is commonly found when crude oil and natural gas are drilled. It is also a by-product of wastewater and sewer treatment processes. The gas is distinguishable by its foul odor of rotten eggs.
Rising Power Production Through Nuclear Energy to Boost the Market
One of the leading market trends is the utilization of H2S in nuclear power plants for the production of heavy water. H2S is enriched with deuterium and it is then added to regular water, thus producing heavy water. Heavy water plays a vital role in nuclear power generation as it moderates the movement of neutrons in a reactor so that they can engage with the uranium-235 isotope.
The demand for hydrogen sulfide is set to get further bolstered by the increasing employment of nuclear energy for power generation. According to the Nuclear Energy Agency, an addition of 11.2 GW of nuclear capacity was made in 2018. The agency further states that based on the current rate, by 2030, global nuclear capacity will reach 497 GW, which bodes well for this market.
Asia-Pacific to Reign over the Market
Among regions, Asia-Pacific is anticipated to dominate the global market share during the forecast period. This will be a result of rapid developments in agricultural practices in India and China, which is also fueling the fertilizer industry in the region. Sophistication of nuclear power generation technologies is expected to drive the market in North America, who will also hold the second largest share, and Europe.
Increasing Focus on Sustainable Technologies to Stimulate Innovation Energies
Key players are doubling down their investment in R&D to bring out new and environment-friendly technologies in a bid to gain a competitive edge in this market. The hydrogen sulfide market forecast also predicts competition based on operational diversification and geographic expansion by companies to widen their sales horizons.
Major Segments Includes:
By End-Use Industry
- Laboratories and Analysis
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Key Industry Developments:
- December 2018: Praxair teamed up with India-based Sterlite Technology to supply specialty and bulk gases onsite to Sterlite’s optical fibre glass manufacturing plant in Aurangabad. By setting up the first Total Gas Management (TGM) plant in India, Praxair would gain entry into the country’s market.
- October 2018: BASF Corporation and ExxonMobil LLC joined hands to present a novel gas treating solvent to bring down industrial sulfur emissions. The technology would facilitate selective removal of hydrogen sulfide and minimizes the absorption of carbon dioxide gas in the process.
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