KPC one of key players in global sulfur market

KUWAIT CITY, Oct 30: A report issued by “Fortune Business Insights” under the title “Global Sulfur Market 2021-2028” stated that the Kuwait Petroleum Corporation is among the major players in the global sulfur market, like other Gulf oil companies such as Saudi Aramco, not to mention the global petroleum companies, reports Al-Anba daily.

The report said the size of the global sulfur market was $5.40 billion in 2020, and is expected to rise from $5.61 billion in 2021 to $6.98 billion in 2028, at a compound annual growth rate of 3.3% during the period between 2021 and 2028. The growth is attributable to the increasing demand for fertilizers, which is a major area in the use of sulfur and its derivatives.

The report says sulfur is one of the most important raw materials in the chemical industry, as it is mainly used as a derivative in the form of sulfuric acid (H2SO4) in many chemical and industrial processes, and this substance is also necessary in the production of phosphate fertilizers.

Other notable areas of uses for sulfur are rubber processing, medicine, and cosmetics, and is of great importance worldwide, due to its association with industrial economies and relative ease of transport, and is produced during the extraction of tar sands, petroleum refining, oil and natural gas processing, coke operations, and mining operations.

The report said that the trade restrictions imposed during the spread of the epidemic impeded the growth of the market, as it affected the production of refineries directly and the supply of liquid sulfur, and the supply was also affected by factors such as the conversion of factories for the purpose of moving towards sweeter crude, and the depletion of continuous production from German natural gas resources.