Sulphur Market

Driven by increasing worldwide demand, the sulphur market is projected to grow with a CAGR of +2.6% in volume and +4.2% in value from 2022 to 2030. China leads in consumption and production, while the United Arab Emirates tops in exports. Import prices have shown significant growth, with Zambia and the United States having the highest and lowest prices respectively.

Market Forecast

Driven by increasing demand for sulphur worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.6% for the period from 2022 to 2030, which is projected to bring the market volume to 110M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $32.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sulphur

In 2022, consumption of sulphur decreased by -2.3% to 90M tons, falling for the third year in a row after eight years of growth. Overall, consumption, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the consumption volume increased by 4.8%. Over the period under review, global consumption hit record highs at 98M tons in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

The global sulphur market value stood at $23.2B in 2022, remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a relatively flat trend pattern. Global consumption peaked at $25.4B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The country with the largest volume of sulphur consumption was China (30M tons), comprising approx. 33% of total volume. Moreover, sulphur consumption in China exceeded the figures recorded by the second-largest consumer, the United States (7.7M tons), fourfold. The third position in this ranking was taken by Morocco (6.3M tons), with a 7.1% share.

In China, sulphur consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-1.8% per year) and Morocco (+3.8% per year).

In value terms, China ($11.4B) led the market, alone. The second position in the ranking was held by the United States ($1.2B). It was followed by Morocco.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. The remaining consuming countries recorded the following average annual rates of market growth: the United States (-2.3% per year) and Morocco (+5.4% per year).

The countries with the highest levels of sulphur per capita consumption in 2022 were Morocco (167 kg per person), Saudi Arabia (105 kg per person) and Chile (79 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by South Korea (with a CAGR of +14.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Sulphur

In 2022, production of sulphur was finally on the rise to reach 92M tons after two years of decline. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 4.3%. Over the period under review, global production reached the peak volume at 97M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, sulphur production contracted modestly to $26.7B in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by 9.8%. Over the period under review, global production attained the maximum level at $29.7B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

China (22M tons) remains the largest sulphur producing country worldwide, comprising approx. 24% of total volume. Moreover, sulphur production in China exceeded the figures recorded by the second-largest producer, the United States (8M tons), threefold. The third position in this ranking was held by Russia (6.6M tons), with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +1.3%. In the other countries, the average annual rates were as follows: the United States (-1.2% per year) and Russia (+0.2% per year).

Imports

World Imports of Sulphur

Global sulphur imports contracted modestly to 31M tons in 2022, dropping by -2.3% on the previous year's figure. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when imports increased by 8.1% against the previous year. Global imports peaked at 34M tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, sulphur imports skyrocketed to $10B in 2022. Overall, imports, however, posted a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

In 2022, China (7.6M tons) and Morocco (6.3M tons) were the major importers of sulphuracross the globe, together achieving 44% of total imports. Indonesia (2M tons) took a 6.4% share (based on physical terms) of total imports, which put it in second place, followed by Brazil (6.2%) and India (4.9%). The United States (1,338K tons), Australia (813K tons), Tunisia (774K tons), Zambia (605K tons), Democratic Republic of the Congo (589K tons), Belgium (563K tons), Senegal (563K tons) and Israel (495K tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Democratic Republic of the Congo (with a CAGR of +28.2%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest sulphur importing markets worldwide were China ($2.3B), Morocco ($1.8B) and Brazil ($667M), with a combined 48% share of global imports. Indonesia, India, Zambia, Democratic Republic of the Congo, the United States, Tunisia, Australia, Israel, Senegal and Belgium lagged somewhat behind, together accounting for a further 32%.

Democratic Republic of the Congo, with a CAGR of +35.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average sulphur import price stood at $318 per ton in 2022, jumping by 119% against the previous year. In general, the import price recorded resilient growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Zambia ($645 per ton), while the United States ($244 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+10.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sulphur

In 2022, shipments abroad of sulphur increased by 7.7% to 33M tons, rising for the second consecutive year after two years of decline. In general, exports continue to indicate a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, sulphur exports soared to $9.9B in 2022. Overall, exports saw a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports By Country

In 2022, the United Arab Emirates (6.1M tons), distantly followed by Kazakhstan (3.4M tons), Canada (3.3M tons), Saudi Arabia (2.9M tons), Qatar (2.6M tons), Russia (2M tons), the United States (1.7M tons) and India (1.5M tons) represented the key exporters of sulphur, together creating 70% of total exports. The following exporters - South Korea (1.4M tons), Japan (1.1M tons), Iran (1M tons), Kuwait (0.9M tons) and Oman (0.8M tons) - together made up 16% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +30.9%), while the other global leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($2B), Qatar ($1B) and Saudi Arabia ($923M) constituted the countries with the highest levels of exports in 2022, together accounting for 39% of global exports. Kazakhstan, Canada, the United States, India, South Korea, Kuwait, Oman, Russia, Japan and Iran lagged somewhat behind, together accounting for a further 45%.

Oman, with a CAGR of +39.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average sulphur export price amounted to $298 per ton, rising by 151% against the previous year. Over the period under review, the export price continues to indicate a buoyant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Oman ($390 per ton), while Russia ($141 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+11.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform