Sulphur Recovery Technologies Market Size
| Study Period | 2023 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.33 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Sulphur Recovery Technologies Market Analysis
The Sulphur Recovery Technologies Market is expected to grow at a CAGR of more than 2.33% over the period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, environmental awareness and regulations drive the Sulphur Recovery Technologies Market. Operators are striving for maximum reduction of sulphur emission from activities such as transportation and electricity, for which the sulphur technologies are a viable solution, thereby driving the global market.
- On the other note, the high cost required to reduce the sulphur content is a restraint for the Sulphur Recovery Technologies Market.
- LNG Bunkering is expected to increase rapidly beyond the forecast period. De-sulfurization of gas is expected to proliferate with the increase in the number of ships using LNG for water transportation. Thereby providing an opportunity for growth in the Sulphur recovery technologies market.
- Due to high oil and gas production, increased environmental regulations, and increased refining capacity, Asia-Pacific is expected to be the largest market during the forecast period, with most demand coming from China and India.
Sulphur Recovery Technologies Market Trends
This section covers the major market trends shaping the Sulphur Recovery Technologies Market according to our research experts:
Refineries Segment Likely to Dominate the Market
- The refineries are a key end-user of sulphur recovery technologies, as the Sulfur Recovery Unit (SRU) is extremely vital in the Refinery in recovering sulfur. For example, reducing the sulfur content in gasoline and diesel improves emission controls and reduces air pollution when the products are used.
- Refineries are expected to dominate the sulphur recovery technologies market in the coming years owing to the increasing investments in expanding the oil & gas refining plants and the growing environmental awareness and regulations globally.
- New regulations, especially in the transportation segment under the IMO rules, 2020, heavily focus on decreasing sulphur content in the fuel. For ships operating outside designated Emission Control Areas, IMO has set a limit for sulphur in fuel oil used on board ships of 0.50% m/m (mass by mass). More refining of crude oil is expected to boost the sulphur recovery market.
- In 2021, the total global oil refining capacity has reached 36,478 thousand barrels per day, recording a slight increase from 36459 thousand barrels per day in 2020. Most of the capacity has come from the countries such as the United States, China, India, Japan, Saudi Arabia, and other ASEAN countries. Further, the countries are primarily dependent on hydrocarbons and hydrocarbon-derived products.
- In recent years, several countries are making significant developments in expanding and upgrading their oil refinery units, including sulphur recovery technologies, to cater the future demands. For instance, in September 2022, the energy and infrastructure business unit of Nuberg Engineering announced it is set to build an INR 650 crore SRU for Indian Oil Corporation (IOC) as part of the latter's expansion plans at the Koyali refinery and petrochemical complex.
- In 2021, the state-owned IOC signed a memorandum of understanding (MoU) with the Government of Gujarat to add petrochemical and lube plants to its previously announced plans to expand crude oil processing capacity at Koyali refinery at Vadodara. IOC is in the process of developing refining capacity by 4.3 million tonnes per annum to 18 million tonnes per annum, along with plants to produce 500,000 tonnes per annum of polypropylene and 235,000 tonnes of lube oil base stock as part of its petrochemical and lube integration (LuPech) project and acrylics/oxo alcohol project at Koyali. The total investment at Koyali will be to the tune of around Rs 24,000 crore.
- Therefore, with the increase in demand for clean fuel, the global sulphur recovery technologies market is expected to increase considerably during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is one of the fastest-growing regions in the world, owing to the presence of emerging countries, like India and China, and developed countries, such as Japan, South Korea, and Australia. As of 2021, the Asia-Pacific region is one of the significant regions in the global Sulphur recovery technologies market and is likely to continue its dominance during the forecast period, owing to the rapid growth in energy-intensive industries like refineries in the region.
- In 2021, China is the world's 2nd largest oil consumer but the 6th largest oil producer. The country imports nearly 50% of its hydrocarbon demand to reduce dependence on imports and improve energy security. China has been trying to maximize its shale potential by exploiting its domestic reserves across various inland shale basins, such as the Sichuan basin. The shale gas development in China has increased steadily in the past few years, growing 21% annually since 2017. In 2021, shale gas production totaled about 2.2 Billion cubic feet per day (Bcf/d), below the government target of 2.9 Bcf/d by 2020.
- The shale revolution in China has resulted in unprecedented petrochemical capacity creation and expansion. As a result, China has made significant investments in refining and petrochemical infrastructure to placate domestic demand and reduce the petrochemical process for domestic industries. Due to an ever-rising demand for plastics and other petrochemicals from food packaging, clothing, cosmetics, and fertilizers, refining capacity must be increased to handle the growing demand.
- China has accepted the new IMO guidelines and is expected to further aid the growth of sulphur recovery technologies by increasing its investments into the modernization of the refining sector. Also, China is also building new refineries and upgrading and adding capacity in older refineries. As of 2021, nearly 1.8 million bpd of new refining capacity is under construction in China, with most expected to come online in 2022. In addition, expansion and upgradation operations are ongoing at multiple refineries in the country.
- Further, in mid-2022, PetroChina launched a USD 4.52 billion programs to expand a subsidiary refinery in southern China into an integrated petrochemicals complex. The country's second-largest state refiner is expected to keep crude oil refining capacity at the Guangxi Petrochemical plant unchanged while adding 14 major petrochemical units. Such investments are expected to boost the demand for sulphur recovery technologies in the coming years.
- Moreover, in March 2022, Thermax Ltd, an Indian multinational engineering conglomerate, has concluded an order of USD 149.02 million from an Indian public sector refinery to set up their sulphur recovery block on LSTK basis. The sulphur recovery block will be a part of the customer's ongoing refinery expansion project. This landmark project is being pursued as a part of the government of India's North East Hydrocarbon Vision 2030.
- Hence, the Asia-Pacific region is expected to dominate the market due to its large oil and gas refining sector and increasing demand for cleaner fossil fuel.
Sulphur Recovery Technologies Industry Overview
The Sulfur Recovery Technologies Market is moderately fragmented. Some of the key players in this market (not in particular order) include Enersul Limited Partnership, WorleyParsons Limited, Shell Plc, Bechtel Corporation, and Fluor Corporation, amongst others.
Sulphur Recovery Technologies Market Leaders
Enersul Limited Partnership
WorleyParsons Limited
Bechtel Corporation
Fluor Corporation
Shell Plc
*Disclaimer: Major Players sorted in no particular order
Sulphur Recovery Technologies Market News
- September 2022: Indian Union Minister of State for Petroleum and Natural Gas commissioned a USD 68.75 new sulphur recovery unit at the Chennai Petroleum Corporation Ltd (CPCL) refinery. The facility will convert Hydrogen Sulphide gas generated by the refinery to elemental sulphur and reduce the amount of sulphur compounds released into the atmosphere.
- December 2021: Hyundai Engineering was awarded a super-large gas plant construction project worth about USD 1.7 billion from Saudi Arabia's state-run oil company Aramco. The project involves building facilities for processing gas and sulphur recovery. The gas comes from the Jafurah gas field, located 150km southwest of Dammam.
Sulphur Recovery Technologies Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Refinery Installed Capacity, till 2021
4.4 Allowed Sulphur Content in Refined Products in Million tons per year, till 2023
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 Porter's Five Forces Analysis
4.9.1 Bargaining Power of Suppliers
4.9.2 Bargaining Power of Consumers
4.9.3 Threat of New Entrants
4.9.4 Threat of Substitutes Products and Services
4.9.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Refineries
5.1.2 Gas Processing Plants
5.1.3 Power Plants
5.1.4 Others
5.2 Geography
5.2.1 North America
5.2.2 Asia-Pacific
5.2.3 Europe
5.2.4 South America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Enersul Limited Partnership
6.4.2 WorleyParsons Limited
6.4.3 Shell Plc
6.4.4 Bechtel Corporation
6.4.5 Fluor Corporation
6.4.6 Sulfur Recovery Engineering Inc.
6.4.7 Ortloff Engineers, Ltd.
6.4.8 Air Liquide S.A.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Sulphur Recovery Technologies Industry Segmentation
Sulphur recovery refers to converting Hydrogen Sulphide (H2S) to elemental sulphur. Hydrogen Sulphide is a by-product of processing natural gas and refining high-sulfur crude oils. In today's world, several sulfur recovery technologies are available for different applications in the market.
The Sulphur Recovery Technologies Market is segmented by application. By application, the market is further classified into refineries, gas processing plants, power plants, and others. The report also covers the market size and forecasts for the Sulphur Recovery Technologies Market across the major region or countries .The market size and forecast for each segment is based on USD billion.
| Application | |
| Refineries | |
| Gas Processing Plants | |
| Power Plants | |
| Others |
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Sulphur Recovery Technologies Market Research FAQs
What is the current Sulphur Recovery Technologies Market size?
The Sulphur Recovery Technologies Market is projected to register a CAGR of greater than 2.33% during the forecast period (2024-2029)
Who are the key players in Sulphur Recovery Technologies Market?
Enersul Limited Partnership, WorleyParsons Limited , Bechtel Corporation , Fluor Corporation and Shell Plc are the major companies operating in the Sulphur Recovery Technologies Market.
Which is the fastest growing region in Sulphur Recovery Technologies Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Sulphur Recovery Technologies Market?
In 2024, the Asia Pacific accounts for the largest market share in Sulphur Recovery Technologies Market.
What years does this Sulphur Recovery Technologies Market cover?
The report covers the Sulphur Recovery Technologies Market historical market size for years: 2023. The report also forecasts the Sulphur Recovery Technologies Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Sulphur Recovery Technologies Industry Report
Statistics for the 2024 Sulphur Recovery Technologies market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sulphur Recovery Technologies analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
