WASHINGTON, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The Global Hydrogen Sulfide Market is valued at USD 215.6 Million in 2021 and is projected to reach a value of USD 265.0 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 3.5% over the forecast period 2022-2028.
One of the most significant economic areas is the hydrogen sulfide business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for hydrogen sulfide, including rising investment requirements, developing technology, and new laws.
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Hydrogen Sulfide Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the hydrogen sulfide market growth over the forecast period.The demand for hydrogen sulfide is increasing due to the global chemical industry's success in producing sulfuric acid, sulfur, and other chemicals, among other things. This is having an impact on the size of the hydrogen sulfide market.
We forecast that the pesticide category in hydrogen sulfide market sales will account for more than 30% of total sales by 2028. Due to booming trends in agricultural production, there is an increasing need for hydrogen sulfide in the agricultural sector for use in pesticides, fertilizers, disinfectants, and other products.
Asia Pacific dominates the hydrogen sulfide market, and this trend of dominance will continue throughout the projection period because the agriculture industry has a high demand for fertilizers. The largest market growth drivers for hydrogen sulfide are China and India.
Top Players in the Global Hydrogen Sulfide Market
Air Liquide (France)
The Linde Group (Germany)
Air Products & Chemicals Inc. (US)
Evonik Industries (Germany)
Sobegi LACQ (France)
Messer Group (Germany)
Matheson Tri-Gas (US)
Dow Chemical Company (US)
Chengdu Taiyu Industrial Gases Co. Ltd. (China)
Hydrogen Sulfide Market Dynamics
Increased Demand from the Medical & Pharmaceutical Sector:
The manufacture of numerous therapeutic medications and other medical treatment methods uses hydrogen sulfide extensively in the medical and pharmaceutical industries. The need for this chalcogen hydride gas for therapies and available medication is increasing as a result of the medical sector's quick growth scope and production trend, which in turn is enhancing its applicability and boosting the hydrogen sulfide industry.
Flourishing Expansion of the Agricultural Sector:
In the agricultural sector, hydrogen sulfide is widely used in fertilizers, pesticides, and other disinfectant chemicals. When hydrogen sulfide and sulfur dioxide interact, elemental sulfur is created and used to make fertilizers. Due to growth drivers like increased production of grains, cereals, and other foods, increased demand for fertilizer and pesticides, and government initiatives to support agricultural development, the agriculture sector is experiencing profitable expansion.
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Top Trends in Global Hydrogen Sulfide Market
One trend that Vantage Market Research (VMR) expects to see in the hydrogen sulfide industry is that increased exploration and production activities have led to increased demand from the oil and gas sector.
Another trend that VMR predicts will continue in the hydrogen sulfide industry is shale gas exploration and production, which is becoming increasingly popular. Before shale gas can be transferred through pipelines, Hydrogen Sulfide must be cleaned from its high proportions.
Top Report Findings
Based on grade, most of the hydrogen sulfide market's revenue is controlled by the technical grade category. The technical grade's greater growth potential, and demand over the purified grade are determined by its high purity and a broad variety of vertical industry applications.
Based on application, the pesticide category dominated the hydrogen sulfide market, and this trend is anticipated to continue. In pesticides, hydrogen sulfide is used as a fumigant. Since hydrogen sulfide disrupts the pests' respiratory system, it can effectively control these pests.
Based on end-use industry, most of the hydrogen sulfide market's revenue is controlled by the medical & pharmaceuticals category. In the medical field, hydrogen sulfide is employed as an antimicrobial and reagent in manufacturing medications.
Top 10 Players Generates More Than 45% of the Global Hydrogen Sulfide Market Revenue
The report also found that the largest players in the hydrogen sulfide market are technology providers such as Air Liquide (France), The Linde Group (Germany), Praxair (US), Air Products & Chemicals Inc. (US) and Evonik Industries (Germany). These companies are expected to benefit from increased demand for their products and services and growing investments in new products. Other major players include Air Liquide (France), The Linde Group (Germany), Praxair (US), Air Products & Chemicals Inc. (US), Evonik Industries (Germany), Sobegi LACQ (France), Messer Group (Germany), Matheson Tri-Gas (US), Dow Chemical Company (US) and Chengdu Taiyu Industrial Gases Co. Ltd. (China).As per the latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% of market revenue.
Medical & Pharmaceuticals Category in Hydrogen Sulfide Market to Generate Over 30% Revenue
Hydrogen sulfide is an expensive investment. Vantage Market Research has analyzed the market for hydrogen sulfide to understand its current state and potential future growth factors. For better understanding, based on end use industry hydrogen sulfide market is divided into: medical & pharmaceuticals, chemicals, oil & gas, metal & metallurgy, plastics, agriculture, other industries.
During the forecast period, the market for hydrogen sulfide is anticipated to experience the highest CAGR for the medical & pharmaceuticals category attributable to growth factors such as a high proportion of chronic health occurrences, expanding healthcare infrastructure, and high drug consumption.
On the other hand, the chemicals category is anticipated to grow significantly over the forecast period. In the chemical industry, hydrogen sulfide, a chalcogen hydride gas, is used to produce sulfuric acid and sulfur by reacting with sulfur dioxide, which is used to make insecticides and dyes.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Hydrogen Sulfide Market Forecast Report (2022-2028).
Global Hydrogen Sulfide Market Segmentation
Sulfuric Acid Production
By End-Use Industry
Medical & Pharmaceuticals
Oil & Gas
Metal & Metallurgy
Middle East & Africa
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