Hydrogen Sulphide Market size is forecast to reach $1.48 billion by 2026, after growing at a CAGR of 4% during 2021-2026. ??dr?g?n ?ulph?d? provides ? ???t-?ff??t?v? ?lt?rn?t?v? m?th?d t? r?m?v? ?2? ??rr????n in tr?d?t??n?l l?qu?d ?w??t?n?ng ?r?????. Its wide usage in the chemical industry is further augmenting the market. Increasing usage and demand of hydrogen sulphide in emerging nations is presenting an opportunity for the hydrogen sulphide market to grow.
Hydrogen Sulphide Market Segment Analysis – By Grade
Technical grade held the largest share in the hydrogen sulphide market in 2020. The technical grade has wide application in industrial verticals including chemical synthesis, and is available with up to 99.5% purity. Technical grade hydrogen sulphide is used as a component in various balance gases and primarily used in environmental monitoring applications. Hydrogen Sulphide are used as a dopant for indium phosphide and gallium arsenide semiconductors, and as a precursor for the growth of zinc sulphide semiconductors.
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Hydrogen Sulphide Market Segment Analysis – By End Use
Chemical Industry dominates the hydrogen sulphide market growing at a CAGR of 6% during forecast period 2021-2026. Chemical industry is the fifth largest global manufacturing industry. High demand for chemicals used in manufacturing will dovetail with a rise in production capacity as new chemical facilities open to take advantage of the shale gas boom. According to BASF SE, global chemical production is expected to grow by 1.2% in 2020, much slower than in 2019. The decline in production was due to growth below the prior-year level in the emerging markets. The International Council of Chemical Associations (ICCA) reports that more than 95% of all manufactured products depend on some form of industrial chemical process. Many sectors of industry use chemical goods, from electricity production and transport to ICT and construction. In 2019, recently the chemical sector has slowed as the risk for a downturn in industrial activity due to COVID-19 pandemic which led to temporary lockdown of all economic activities across globe.
Hydrogen Sulphide Market Segment Analysis – By Geography
Asia-Pacific (APAC) dominated the Hydrogen Sulphide market consisting share of 39% in 2020 followed by North America and Europe. APAC as a whole is set to continue to be one of the largest and fastest growing chemical markets globally. China is the world’s largest chemical market driven by surging chemical demand, the sector is likely to gain an uptick owing to a leap in merger & acquisition deals, and investment activity in the region. The increasing manufacturing and export over the past years has led several global leading companies to not only make huge investments in the region’s chemical sector but also set up their own sites to increase their presence in this emerging market. In a bid to consolidate its position in this lucrative market. BASF has invested in setting up a research and development centre in Mumbai, India. The plant will focus on R&D initiatives in the spheres of personal & home care products, organic synthesis, process development, and crop protection.
Hydrogen Sulphide Market Drivers
Increasing Demand for Superior Quality Pesticides to Augur Growth
A rapidly increasing population and high disposable income are driving demand for food to meet rising needs across the globe. However, every year crops killed by rodents, insects and other factors result in major monetary losses for the agricultural industry. According to the United States Department of Agriculture, about 40-50 per cent of crop yields are lost to pests and other diseases every year in developing regions. In order to reduce the destruction of crops and produce better yields, farmers and agro-business companies around the world are adopting high-quality pesticides. Hydrogen sulphide is used to extract sulphur and sulphuric acid that are further used in the manufacture of pesticides. Growing demand for pesticides from agricultural regions is expected to boost the global market for hydrogen sulfide in the coming years.
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Hydrogen Sulphide Market Challenges
Impact of hydrogen sulphide on health due to its toxicity in nature will hamper the market to growth
Hydrogen sulphide is a highly toxic substance. Accidental death following exposure to Hydrogen sulphide is a recognized threat among oil workers exposed to refinery by-products. Toxicity stems primarily from cellular respiratory toxicity that impairs oxidative phosphorylation. The heart, brain and lungs are the organs most often affected by Hydrogen sulphide inhalation toxicity, resulting in a number of clinical presentations.
Hydrogen Sulphide Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Hydrogen Sulphide market. Major players in the Hydrogen Sulphide market are BASF SE, Evonik Industries, Air Products and Chemicals, Sobegi, Messer Group, Hydrite Chemical and Others.
Asia-Pacific dominates the hydrogen sulphide market owing to growth in chemical and oil and gas sector.
Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in hydrogen sulphide market and their specific segmented revenue.
Related Reports :
A. Hydrogen Market
B. Aluminum Sulfide Market
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