Albany, New York, May 4, 2017: Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Sulfur Dioxide Market – North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024.” Sulfur dioxide is primarily used for manufacture of sulfuric acid. Besides, sulfur dioxide finds application in winemaking, in biochemical and biomedical processes, as a reducing agent, and as a solvent in laboratories. Globally, the soaring demand from the chemicals manufacturing industry has majorly boosted the global sulfur dioxide market.
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Currently Asia Pacific is the most lucrative market for sulfur dioxide. Markets in Europe and North America, which took a hit from the 2008 economic meltdown, are also recovering steadily. The market for sulfur dioxide in North America, in particular, has been treading on a healthy growth path. Expanding at a CAGR of 7.8% it is expected to attain a value of US$16.0 bn by 2024 from US$8.2 bn in 2015.
Bleaching Applications Drive Market in North America
The market growth in North America has been facilitated by a number of factors. The most prominent growth drivers include robust demand in bleaching and manufacture of sulfuric acid (H2SO4). Besides, sulfur dioxide is also being increasingly used in food preservation in the burgeoning food and beverage industry in North America. The pulp and paper industry also holds out a promise for sulfur dioxide as the paper recycling process needs bleaching, which in turn requires sulfur dioxide.
Depending upon the end use segments, the market in North America has been divided into food and beverages, chemicals, and textiles, among others. Chemicals, among them, is the dominant end use segment in North America and it accounted for a whopping 60% market share in 2015. Going forward, however, the food and beverages segment is predicted to expand at a maximum pace. The textile segment is also slated to clock steady growth in the years to come.
Application-wise again, the market for sulfur dioxide in North America has been further segmented into bleaching agent, sulfuric acid, refrigerating agent, food preservative and antioxidant, and other applications. Among them, sulfuric acid is one of the dominant application segments along with food preservatives.
A Stabilizing Economy Slated to Propel U.S. Market Further
Depending upon geography, the key segments of the sulfur dioxide market in North America are the U.S. and Canada. Among the two, the U.S. dominates in terms of market share and also vis-à-vis consumption. The U.S. is considered to be a mature market for sulfur dioxide and as its economy improves further, the demand for the compound will rise further. Chemicals is the leading end-use segment in the U.S. It is followed by textiles and food and beverages.
Canada is also a key market in North America that has been bolstered primarily by a fast-expanding economy, proliferation of small and medium enterprises, and supportive policies of the government. Sulfuric acid is the leading application segment in the Canada market and is predicted to expand at a CAGR of 6.4% from 2016 to 2024. The food and preservatives application segment would likely follow it in terms of growth.
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