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Sulfur Dioxide Market - Forecast (2022 - 2027)

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  • 107 Pages
  • February 2022
  • Region: Global
  • IndustryARC
  • ID: 5616404
The Sulfur Dioxide market size is forecast to reach US$280.5 million by 2027, after growing at a CAGR of 1.6% during 2022-2027. Sulfur Dioxide is a colorless neutral gas. It weighs roughly 2.5 times as much as air. It has a smothering, light sweetish scent about it. The chemical substance Sulfur dioxide (also known as Sulphur Dioxide) has the formula SO2. Sulfur dioxide is primarily used in the production of sulfuric acid. It serves as a catalyst in the synthesis of sulfuric acid. Sulfur dioxide is first turned to sulfur trioxide, after which it is converted to oleum, and finally to sulfuric acid. The chemical interaction of sulfur with oxygen produces the sulfur dioxide required for this purpose. The Sulfur Dioxide industry is seeing an increase in demand as people consume more food and beverages. Over the forecast period, the worldwide sulfur dioxide market is expected to increase significantly.

Sulfur Dioxide Market COVID-19 Impact

The covid-19 pandemic has generated a high degree of volatility and uncertainty in the global wine market. The market has been significantly affected by the emergence of COVID-19 which has disrupted the manufacturing processes in various sectors. Global imposition of lockdowns with the spread of new covid variants such as gamma and delta in Brazil and India is the major factor constraining the manufacturing sector thereby impacting the market growth rate.

Report Coverage

The report: “Sulfur Dioxide Market - Forecast (2022-2027)” covers an in-depth analysis of the following segments of the sulfur dioxide Industry.
  • By Form: Gas, and Liquid
  • By Application: Preservatives, Winemaking, Reducing Agent, Biochemical, Bleaching Agent, Food Additives, Refrigerant, and Others
  • By End-Use Industry: Chemicals, Textiles, Food & Beverages, Oil & Gas, Pharmaceuticals, Agriculture, and Others
  • By Geography: North America (USA, Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Poland, Denmark, and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Indonesia, Malaysia, Taiwan, Thailand, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), Rest of the World [Middle East (Saudi Arabia, UAE, Turkey, Rest of Middle East), and Africa (South Africa, Nigeria, and Rest of Africa))

Key Takeaways

Asia-Pacific dominates the sulfur dioxide market, owing to the high demand for sulfur dioxide from the food & beverages, chemical, and oil & gas sector in this region.

The significant usage of Sulfur dioxide in the food and beverage industry, pharma, chemical and medical sector is analyzed to contribute to the demand for the market during the forecast period 2022-2027.

Adding to this, the production of sulphuric acid from the SO2 alongside its rising demand in the electronics sector is majorly boosting the market growth rate.

Government bodies have stated that sulfur dioxide affects the respiratory system, particularly lung function, and can irritate the eyes, which may restrain the usage of sulfur dioxide and hinder with its market growth.

Sulfur Dioxide Market Segment Analysis - By Form

The liquid segment held the largest share in the sulfur dioxide market in 2020 up to 84.2% by revenue and is estimated to grow at a CAGR of 1.9% during 2022-2027. According to the Government of Canada, the food and beverage processing industry is the second largest manufacturing industry in Canada in terms of the value of production with sales of goods manufactured worth US$117.8 billion in 2019; it accounts for 17% of total manufacturing sales. This increase is accelerating the sulfur dioxide market. Liquid sulfur dioxide has numerous applications in many industries including pulp & paper, water treatment, and in the production of Sodium Bisulphite. It can function as a reducing agent, an oxidizing agent, a pH controller, purifying agent, a preservative, leaching in the mining industry, lithium battery recycling and so on. Therefore, the significant growth in these industries is set to boost the market growth rate during the forecast period 2022-2027.

Sulfur Dioxide Market Segment Analysis - By Application

The refrigerant segment held the largest share in the sulfur dioxide market in 2020 and is forecasted to grow at a CAGR of 1.4% during 2022-2027. In cold storage plants sulfur dioxide is used as refrigerants. Hence the usage of large storage units in chemical storage, food storage and so on is analyzed to contribute to the market growth rate. In February 2021, Cargill, Inc., a food processing company announced plans to invest $24 million in the expansion and renovation of their refrigerated warehouse and distribution space in the US. The presence of large food manufacturing sectors in various countries requiring cold storage is set to boost the market growth rate. As stated by the government of India, the country is the second largest producer of fish in the world with total fish production in 2019-20 of 14.16 Mn tonnes with 7.56% of global production. The food Retail market is majorly dominated by Food Grocery growing at a CAGR of 25%. Hence the requirement for cold storage for this sector is set to boost the market growth rate during the forecast period 2022-2027.

Sulfur Dioxide Market Segment Analysis - By End-Use Industry

The food & beverages segment held the largest share in the sulfur dioxide market in 2020 and is forecasted to grow at a CAGR of 1.9% during 2022-2027. In the food and beverage industry, sulfur dioxide has a wide range of applications as a fumigant, preservative, bleach and steeping agent for grain. ln the production of high-fructose corn syrup, sulfur dioxide is used to steep corn and remove the husks as the corn is prepared for processing. In addition, in the manufacture of wine, a small amount of sulfur dioxide is added to the must to destroy bacterial molds and wild yeasts without harming the yeasts that produce the desired fermentation. With increased disposable income, the middle class and urban society in general are more likely to dine out and try new wines which would eventually boost its market growth. The growing inclination of millennial towards favor snacks over traditional sit-down meals, the demand for savory snacks in the United States is growing. Hence, the growing demand of ready to eat snacks is another factor fueling its market growth.

Sulfur Dioxide Market Segment Analysis - By Geography

Asia-Pacific held the largest share in the sulfur dioxide market in 2020 up to 52% by revenue. Rapid urbanization, changing lifestyle along with the hectic schedules of the working population has increased the demand of ready to eat food products and beverages in the region is a vital factor fueling the sulfur dioxide market growth. In China, the increasing development of alcoholic beverages eventually increases the use of sulfur dioxide in food and beverages products that increases the growth of the Sulfur Dioxide Market. The growing consumption of beer in the region is expected to fuel its market growth in the upcoming years. For instance, beer consumption per capita reached 27.0 liters in 2018 in China. The sulfur dioxide market in Indonesia is mainly driven by the growing investments in the oil and gas industry. For instance, according to the International Trade Administration in 2018 and 2019, investment in Indonesia’s oil and gas industry reached around $12.3 billion and $12 billion respectively, decreasing from around $16 billion in 2016.

Sulfur Dioxide Market Drivers

Rising demand for Sulphuric acid

As sulfur dioxide is the major component in the production of sulfuric acid, the significant rise in the demand for the sulphuric acid with its usage in the electronic industry is set to boost the market growth rate. Electronic grade sulfuric acid is used in various applications, such as semiconductors, PCB screens, and IC manufacturing. It is the most widespread and commonly used specialty wet chemical that is used in the semiconductor industry in complex and tailored electronic applications, propelling the segment's development during the forecast era. According to Semiconductor Industry Association, sales in the global semiconductor industry were $439.0 billion in 2020, an improvement of 6.5 percent relative to the $412.3 billion total in 2019. This is analyzed to contribute to the market growth rate during the forecast period 2022-2027. The rise in sales of semiconductors is due to increasing technological advancement in the automotive and healthcare industry. In addition to this, the ongoing trend of the autonomous vehicle to change the engine from conventional to electric have increased the demand for semiconductor at a rapid pace, which have drastically increased the demand for cleaning chemicals for semiconductor. This factor leads to an increase in the demand for sulphuric acid globally.

Use of sulfur dioxide as preservatives

Sulfur dioxide is widely used in the food and drinks industries due to its properties as a preservative and antioxidant in many foods, including shrimp, pickled foods and, in particular, dried fruit. Therefore, the rising demand from the food industry alongside the growing expansions and investments is set to majorly impact the market growth rate. For instance, in February 2021, Clemens Food Group, a meat processing company announced its plan to expand its plant with an investment of US$228 million in the US. In January 2021, Mom’s meals, a specialty food processing company announced the investment of $18 million for the construction of a processing facility in the US. In February 2021, Naeve Family Beef, a meat processing company announced its plan to invest $10 million in the construction of a processing facility.

Sulfur Dioxide Market Challenges

Adverse health effects of sulfur dioxide

Sulfur dioxide is a respiratory irritant that is highly soluble in the aqueous surfaces of the respiratory airways. Because of this high solubility, most of the sulfur dioxide is absorbed in the nose and upper airways and very little reaches the lungs directly. Inhalation of high ambient concentrations of sulfur dioxide can cause stimulation of the nerves in the air passages, resulting in a reflex cough, irritation, and chest tightness. The absorption of sulfur dioxide is concentration-dependent, with 85% absorption in the nose at 4-6 μg m−3. With the common ambient concentrations of sulfur dioxide, absorption in the upper airways may be inefficient. Increased flow rates reduce the percentage of inspired sulfur dioxide absorbed in the nose and upper airways, and thus exercise promotes delivery to the smaller airways.

Sulfur Dioxide Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the sulfur dioxide market. Major players in the sulfur dioxide market are Boliden Group, Ineos Group Ltd., Linde plc, Kemira Oyj, Chemtrade Logistics Inc., Grillo Werke AG, PVS Chemicals, and Esseco Group S.r.l.

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Table of Contents

1. Sulfur Dioxide Market- Market Overview
1.1 Definitions and Scope
2. Sulfur Dioxide Market- Executive Summary
2.1 Key Trends by Form
2.2 Key Trends by Application
2.3 Key Trend by End-Use Industry
2.4 Key Trends by Country
3. Sulfur Dioxide Market - Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Sulfur Dioxide Market - Market Forces
4.1 Market Drivers
4.2 Market Constraints
4.3 Porters Five Force Model
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Powers of Buyers
4.3.3 Threat of New Entrants
4.3.4 Competitive Rivalry
4.3.5 Threat of Substitutes
5. Sulfur Dioxide Market - Strategic Analysis
5.1 Value Chain Analysis
5.2 Opportunity Analysis
5.3 Product/Market Life Cycle
5.4 Distributor Analysis - Major Companies
6. Sulfur Dioxide Market- By Form (Market Size -US$ Million, KT)
6.1 Gas
6.2 Liquid
7. Sulfur Dioxide Market- By Application (Market Size - US$ Million, KT)
7.1 Preservative
7.2 Winemaking
7.3 Reducing Agent
7.4 Biochemical
7.5 Bleaching Agent
7.6 Food Additives
7.7 Refrigerant
7.8 Others
8. Sulfur Dioxide Market- By End-Use Industry (Market Size -US$ Million, KT)
8.1 Chemicals
8.2 Textiles
8.3 Food & Beverages
8.4 Oil & Gas
8.5 Pharmaceuticals
8.6 Agriculture
8.7 Others
9. Sulfur Dioxide Market - By Geography (Market Size -US$ Million, KT)
9.1 North America
9.1.1 USA
9.1.2 Canada
9.1.3 Mexico
9.2 Europe
9.2.1 Germany
9.2.2 UK
9.2.3 France
9.2.4 Italy
9.2.5 Spain
9.2.6 Russia
9.2.7 Netherlands
9.2.8 Poland
9.2.9 Denmark
9.2.10 Rest of Europe
9.3 Asia-Pacific (APAC)
9.3.1 China
9.3.2 Japan
9.3.3 South Korea
9.3.4 India
9.3.5 Indonesia
9.3.6 Malaysia
9.3.7 Taiwan
9.3.8 Thailand
9.3.9 Rest of APAC
9.4 South America
9.4.1 Brazil
9.4.2 Argentina
9.4.3 Colombia
9.4.4 Chile
9.4.5 Rest of South America
9.5 Rest of the World (RoW)
9.5.1 Middle East Saudi Arabia UAE Turkey Rest of Middle East
9.5.2 Africa South Africa Nigeria Rest of Africa
10. Sulfur Dioxide Market - Entropy
10.1 New Product Launches
10.2 M&As, Collaborations, JVs and Partnerships
11. Sulfur Dioxide Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
11.1 Boliden Group
11.2 Ineos Group Ltd.
11.3 Linde plc
11.4 Kemira Oyj
11.5 Chemtrade Logistics Inc.
11.6 Grillo Werke AG
11.7 PVS Chemicals
11.8 Esseco Group S.r.l