Top Companies in Hydrogen Sulfide Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Hydrogen Sulfide Market is projected to reach USD 265 Million by 2028 at a CAGR of 3.5% over the forecast period.
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Market Overview
The Global Hydrogen Sulfide Market is valued at USD 215.6 Million in 2021 and is projected to reach USD 265 Million by 2028 at a CAGR of 3.5% over the forecast period. Hydrogen Sulfide is widely used in the medical & pharmaceutical industries to produce a wide range of therapeutic drugs and other medical treatment approaches. The medical sector's rapid growth scope and production tendency are raising the requirement for this chalcogen hydride gas for therapies and readily available medication, which in turn is strengthening its applicability and promoting the Hydrogen Sulfide industry. Additionally, the agriculture sector is expanding profitably due to growth drivers like increased production of cereals, grains, and other foods, increased demand for pesticides and fertilizer, and government initiatives to support agricultural development.
The increase in fertilizer demand from countries with significant agricultural dependence is the main market driver for the global Hydrogen Sulfide Market. Sulfuric acid, which is then used to make fertilizers, is made from Hydrogen Sulfide.
However, the negative effects of Hydrogen Sulfide on human health are a major market restraint for the global Hydrogen Sulfide Market. Hydrogen Sulfide exposure irritates the eyes, nose, and throat at low concentrations. Long-term exposure to Hydrogen Sulfide can cause a loss of smell. When concentrations are higher, it may cause unconsciousness or death.
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Amidst Exponential Growth in Hydrogen Sulfide Adoption, What Trends Should We Look Forward to?
- One of the key factors propelling the expansion of the Hydrogen Sulfide Market is the growing acceptance of shale gas exploration and production. Before shale gas can be transported through pipelines, Hydrogen Sulfide must be removed from its high concentrations.
- The creation of novel H2S gas production technologies is promoting market expansion. This is because of the need for efficient and cost-effective methods to produce this gas.
- Due to growing exploration and production activities that have increased demand from the oil and gas sector, the market for Hydrogen Sulfide is anticipated to expand at a high rate.
- The manufacture of numerous therapeutic medications and various medical treatments using Hydrogen Sulfide extensively in the medical & pharmaceutical industries. The medical and pharmaceutical sector is expanding rapidly due to market-driving growth factors like increased drug spending, expanding healthcare infrastructure, and a high proportion of chronic health occurrences.
The Hydrogen Sulfide Market is dominated by globally established players such as Air Liquide (France), Praxair (US), The Linde Group (Germany), Air Products & Chemicals Inc. (US), Sobegi LACQ (France), Messer Group (Germany), Evonik Industries (Germany), Matheson Tri-Gas (US), Chengdu Taiyu Industrial Gases Co. Ltd. (China), Dow Chemical Company (US), and others. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Hydrogen Sulfide Market.
Let's Look at the Top 5 Companies That are Taking the Hydrogen Sulfide Market by Storm
The Hydrogen Sulfide Market is expected to grow from USD 215.6 million in 2021 to USD 265 million in 2028 because of the success of the worldwide chemical industry in creating sulfur, sulfuric acid, and other chemicals, among other things. This is impacting the size of the market for Hydrogen Sulfide.
- Air Liquide(France)
Over 3.8 million customers and patients are served by Air Liquide, a leader in technologies, gases, and services for industry and health, which employs about 66,400 people in 75 different countries. Three tiny chemicals are required for life, matter, and energy: oxygen, nitrogen, and Hydrogen Sulfide.
- The Linde Group(Germany)
With projected revenues of $31 billion (€26 billion) in 2021, Linde is a top industrial gas and engineering firm globally. Its goal is to increase productivity worldwide by giving clients access to high-quality products, services, and technologies that help them succeed while preserving and safeguarding the environment. It supplies different gases, including Hydrogen Sulfide, all over the world.
- Praxair(US)
The industrial gases company Praxair, Inc. was based in the United States. Praxair, established in 1907, ranked third globally in revenue and was the biggest industrial gas company in North and South America. The world is supplied with a variety of gases by it, including Hydrogen Sulfide.
- Messer Group(Germany)
An industrial gas supplier is The Messer Group GmbH. 30 nations in Europe and Asia are the main areas of business. The company's main office is in Bad Soden. Gases for industrial use, including oxygen, carbon dioxide, nitrogen, argon, hydrogen, and helium, as well as medical gases, are sold by Messer.
- Dow Chemical Company (US)
The Dow Chemical Company is a division of Dow Inc. and is a worldwide chemical company with headquarters in Midland, Michigan, in the United States. The business is one of the top three global producers of chemicals and gases like Hydrogen Sulfide. Plastics, chemicals, gases, and agricultural products are all produced by Dow.
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