Solid-sulfur market is expected to reach USD 3.78 Billion by 2027, according to a new report by Reports and Data. Growing demand for fertilizers for high crop yield is one of the significant factors influencing the market growth. Fertilizers allow farmers to increase their crop yield by boosting the productivity of the agricultural land, as well as can make an otherwise less productive land produce substantial yields. Fertilizers are formulated to support the yield of certain plants by allowing the plants to absorb the essential macro and micronutrient easily.
The worldwide demand for fertilizers has witnessed a decent pace of growth, with the demand being more than 138 million tons in the year 2000 and rose to around 210 million tons in the year 2019.
Increasing demand for rubber in tire production is one of the significant factors influencing the market growth.
The benefits of natural rubber comprise abrasion resistance and adhesion to metals, thereby making it suitable for making seals, gaskets, and other products. Moreover, certain features of natural rubber, which gives it an advantage over synthetic rubber, comprise vibration dampening and tear resistance, making natural rubber irreplaceable in end-uses like tires for large construction vehicles and airplane tires.
Moreover, the advancement in production technology has transformed the automobile industry, which is expected to experience increased sales in the upcoming years, thus creating an increase in the demand for tires, and in turn, would drive the growth of the market.
The COVID-19 pandemic is having a significant impact on the chemicals & materials industry.
Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change.
The declining demand has pushed the global chemical industry into an oversupply situation. Lack of free movement of the labor force required for the application of fertilizers in the agricultural fields is lacking, thereby hindering the growth of the market in the COVID-19 pandemic.
The restrictions on movement have had a direct and immediate impact, and once the mandatory social distancing ends, the normalcy is expected to be restored.
