Major sulphur recovery technology market players have been quick to leverage application in fertilizer, and pharmaceuticals sectors, while short term use in the oil & gas sector falls.
DUBAI, UAE / ACCESSWIRE / August 25, 2020 / The sulphur recovery technology market is expected to display exponential growth with a 13.6% CAGR through the end of the assessment period in 2027. The ongoing coronavirus pandemic has had a severe impact on the global oil & gas processing industry, substantially reducing operations in the sector. This in turn, is likely to reduce the demand for sulphur recovery technologies in the near term. However, the market is likely to recover strongly in the post-pandemic era, owing to very strict emission regulations imposed on the oil & gas industries.
"Rising worldwide levels of environmental awareness and legislative efforts are providing impetus to the sulphur recovery technology market. End user verticals including power and transport are pushing for reduction of sulphur emissions, thereby driving the global market," says the FMI analyst.
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Sulphur Recovery Technology Market - Key Takeaways
- Sulphur degassing technologies are popular for applications in the oil and gas sector, driven by superior capabilities in high purity standards of solid and liquid sulphur.
- LNG desulphurization applications are gaining ground with the growing popularity of LNG for marine transport vehicles.
- Asia Pacific will continue to lead the sulphur recovery technology market, supported by the presence of major hydrocarbon and petroleum refining facilities in the world.
Sulphur Recovery Technology Market - Driving Factors
- Growing applications of sulphur compounds in the mining and agricultural fertilizer sectors bolster demand.
- Strict environmental rules associated to refinery facility and maritime operations in terms of fouling prevention provide impetus to market growth.
Sulphur Recovery Technology Market - Key Constraints
- High costs of operations remain a major challenge to the adoption of sulphur recovery technologies.
- Demand for sulphur has fallen in developed economies in recent years, hindering the demand for recovery systems.
The Anticipated Impact of Coronavirus
A number of oil & gas refiners have curtailed crude processing operations, owing to the major slump in demand for fuel during the coronavirus pandemic. This factor is expected to significantly hamper short term growth prospects for the sulphur recovery technology market. Demand for sulphur in pharma and agriculture sectors continue to provide niche growth opportunities. Recovery is likely to be gradual owing to the economic uncertainties of the pandemic over the oil & gas sector in the near future.
Explore the global sulphur recovery technologies market report with 108 illustrative figures, 19 data tables and the table of contents. You can also find market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-1431
Competition Landscape
Major manufacturers in the sulphur recovery technology market include but are not limited to Chiyoda Corp., Royal Dutch Shell plc, CB&I, Exxon Mobil, Jacobs Engineering Group Inc., Bechtel Corp., Technip FMC plc, Fluor Corp., and Linde AG.
Major players participating in the sulphur recovery technology market are pushing for long term industry contracts in terms of installation and maintenance to set up sustainable revenue streams.
For example, Wison Engineering Services Co. Ltd. has won a contract for procurement, engineering, commissioning, construction, and startup of sulphur recovery facilities for the Ruwais Refinery Complex owned by the Abu Dhabi National Oil Company. Jacobs Engineering Group has won a contract from Turkish Petroleum Refineries Corp for the supply of sulphur recovery technologies to 3 refineries in Turkey. Hyundai Engineering Co. Ltd. has also awarded Jacobs Engineering Group a contract for designing and licensing SUPERCLAUS sulphur recovery technology.
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More About the Report
The FMI's market research report offers detailed insights on sulphur recovery technologies market. The market is scrutinized on the basis of technology (claus process and tail gas treatment), source of recovery (oil, gas, and others), and capacity (less than 100 t/D, 101 to 200 t/D, 201 to 300 t/D, and greater than 300 t/D) across four key regions (Asia Pacific, Americas, Europe, and Middle East and Africa).
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