The sulfur dioxide market has been growing at a gradual pace in North America.
Albany, NY -- (SBWIRE) -- 03/01/2017 -- North America Sulfur Dioxide Market: Snapshot
In the past few years, the demand for sulfur dioxide in several industrial applications has witnessed significant growth. Although the primary applications of sulfur dioxide are in the preparation of sulfuric acid, sulfur trioxide, and sulfites, it also finds application as a refrigerant, disinfectant, reducing agent, food preservative, and bleach.
The sulfur dioxide market has been growing at a gradual pace in North America. The market was valued at US$8.2 bn in 2015 and is projected to reach US$16.0 bn by 2024 at a CAGR of 7.8% therein.
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Growing Demand for Processed Food Material Drives Demand for Sulfur Dioxide in F&B Sector
The market for sulfur dioxide in North America has been segmented on the basis of application into sulfuric acid, bleaching agents, refrigerating agents, food preservatives and antioxidants, and others. Sulfuric acid is the leading application segment, followed by refrigerating agents and bleaching agents. Food preservatives is also a prominent application of sulfur dioxide in North America. During the forecast period, the revenue generated by the food preservation application segment is anticipated to rise at a CAGR of 8.4%. The consumption of sulfur dioxide in the food and beverages industry is increasing as the demand for packaged and processed food material is on the rise. The production of sulfur dioxide for the food and beverages sector is projected to display an attractive growth rate by the end of the forecast period.
Chemicals was the leading end-use segment in North America in 2015. The total revenue share of this end-use segment was nearly 60% that year. However, the food and beverages segment is likely to gain much traction in North America between 2016 and 2024. The textile segment is also projected to expand at a steady pace during the forecast period, with the revenue rising at a CAGR of 6.7%.
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Recovering U.S. Economy to Present Unexplored Avenues for Sulfur Dioxide Market
Geographically, the North America sulfur dioxide market has been segmented into the U.S. and Canada. The U.S. was the leading market for sulfur dioxide in 2015 and one of the most significant consumers of sulfur dioxide in the world. The U.S. is a mature national market for sulfur dioxide and as the economy improves, the country is expected to provide previously unexplored avenues for the market to grow. Chemicals formed the leading end-user segment in the U.S. in 2015, followed by textiles and the food and beverages industry. The revenue generated by the food and beverages end-use segment toward the sulfur dioxide market is anticipated to expand at a CAGR of 7.9% during the forecast period.
Canada is another flourishing market for sulfur dioxide in North America, with a revenue share of 37% in 2015. Canada is one of the fastest growing economies in the world and favorable government regulations and the emergence of medium and small enterprises have contributed significantly to the sulfur dioxide market in the country. Sulfuric acid is the most prominent application segment in Canada's sulfur dioxide market. During the forecast period, the sulfuric acid application segment is expected to rise at a steady CAGR of 6.4%, followed by the food preservatives application segment. The total revenue generated by the Canada sulfur dioxide market is anticipated to rise at rapid pace from 2016 to 2024.
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Key players in the North America sulfur dioxide market include Boliden Group, INEOS Group AG, Praxair Technology, Inc., The Linde Group, Kemira Oyj, Chemtrade Logistics Inc., Calabrian Corporation, Grillo-Werke AG, PVS Chemicals Inc., and Esseco Group Srl.
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