The global Sulfolane market generated revenue of around USD 123 million in 2020 and anticipated to grow at a CAGR of over 1.5% during the forecast period from 2021 to 2027 to reach around USD 136 million in 2027.
Global Sulfolane Market, 2020 – 2027 (USD Million)
Sulfolane is a colourless liquid that is used as a solvent for extraction, distillation and chemical reactions across chemical industry. Moreover, the solution is also used to purify butadiene. These products are used in refineries to extract natural gases, oil and other lubricants. Additionally, Sulfolane is reused multiple times across petrochemical industry owing to its highly stable property.
Key Trends in Global Sulfolane Market
Increasing demand for sulfolane for purifying gas streams
The growing number of gas extraction centres around the world is opening up new opportunities for market participants. Furthermore, the removal of acidic gases from the obtained product is required in order for the raw material to be pure and usable. Sulfolane is commonly used in the purification process during the gas extraction process. The product is used for the elimination of acid gases such as mercaptans, carbon oxides etc. Furthermore, low solvent flows, low corrosion, low heat loads and high solvent loading property provide extra advantage during the extraction procedure.
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Impact of COVID 19 on Global Sulfolane Market
Sulfolane market was negatively impacted during the pandemic outbreak. The refineries and chemical plant extraction and production halted for a while. Declination in the consumption of gas and oil led fuel manufacturers to halt the extraction procedure. This resulted in degradation of sulfolane usage. The restricted mobility across the globe limited the manpower’s ability to leave the production site. Furthermore, due to limited logistics operations, the product could not be transported to the chemical plants. These factors had an impact on the industry, affecting sulfolane demand and growth.
Global Sulfolane Market by Type Insights
Anhydrous type and aqueous type are the two major types of global Sulfolane market. Anhydrous type segment accounted for the major share of the total revenue generated by the global Sulfolane market in 2020.
Global Sulfolane Market by Application Insights
Gas production and oil refining, purifying gas streams, fine chemical field and others are the major categories in the global Sulfolane market. Gas production and oil refining in Sulfolane accounted for the vast majority in the revenue generation of Sulfolane in 2020. It accounted for over 58% share in 2020.
Global Sulfolane Market by Regional Insights
In 2020, North America held the largest market share for Sulfolane, accounting for more than 38% of total revenue generation. North America has one of the most extensive networks of oil and gas pipelines and power transmission lines in the world. However, Asia Pacific is also expected to exhibit highest CAGR over the forecast period. Rising establishment of onshore and offshore refineries Across the Asia Pacific region will drive the demand for sulfolane in the forecast timeline.
Global Sulfolane Market Competitive Landscape
Most prominent players in the global Sulfolane market include CASIL Industries, Chevron Phillips, Liaoyang Guanghua Chemical, New Japan Chemical, Sumitomo Seika Chemical, Shell, Jinzhou Petrochemical Corporation. The report covers very detailed profiles of these key players.
Global Sulfolane Market by Type, 2019 – 2027
Global Sulfolane Market by Application, 2019 – 2027
Global Sulfolane Market by Region, 2019 – 2027
Global Sulfolane Market: Key Players
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