Hydrogen Sulfide Market to Reach Valuation of USD 265.0 Million by 2028 –Surge in the Prevalence of Chronic Health Conditions Drives the Market

In terms of revenue, the Global Hydrogen Sulfide Market is expected to reach USD 265.0 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.40% from 2022 to 2028.

Chemicals called Hydrogen Sulfide scavengers are used to get rid of the H2S gas that occurs naturally in crude oil. H2S is a problem in the oil and gas industry at both the upstream and the downstream levels because it is a flammable, toxic, and odorous gas. Sweetening refers to using chemical scavengers to eliminate Hydrogen Sulfide. There are two types of scavengers, those that can regenerate and those that can't. Hydrogen Sulfide scavengers are used to keep natural gas, crude oil, LPG, gasoline, and other petroleum products from rotting in pipelines, ships, and tanks. Hydrogen Sulfide can be used in the sweetening process to prevent H2S corrosion at a low cost. Demand for additives in the oil and gas industry is projected to increase, driving market growth in the coming years.

Key Developments in the Industry

· IISc researchers in December 2021 discovered the most recent application of Hydrogen Sulfide for preventing HIV, as higher concentrations of the gas inhibit viral replication. This development bodes well for the medical industry.

· In February of 2019, Schlumberger Limited and Rockwell Automation announced their intent to launch a joint venture called Sensia, the first company to offer fully integrated automation solutions to the oil and gas industry. Rockwell Automation's integrated control and information solutions and Schlumberger Limited's oil and gas knowledge would be combined in the new joint venture firm.

· With the purchase of Athlon Solutions, LLC in July 2018, Halliburton became the industry's preeminent producer of specialty water and process treatment chemicals and individualized engineering solutions and services. This purchase should bolster Halliburton's ability to supply cutting-edge technical solutions to its clientele. It will also give the company its first chemical manufacturing plant with full reaction and mixing capabilities.

Market Dynamics

The medical and pharmaceutical industries extensively use Hydrogen Sulfide to manufacture a wide range of therapeutic medicines and other medical treatment modalities. A rising middle class, increased drug spending, and an increase in the prevalence of chronic health conditions are all contributing to the rapid expansion of the medical and pharmaceutical sectors. The India Brand Equity Foundation (IBEF) projects that the pharmaceutical industry in India will be worth US$65 billion by 2024, growing to US$120–US$130 billion by 2030. Pharmaceutical market value for EU member nations at ex-factory prices rose from US$147,686 in 2019 to US$253,027 in 2020, as reported by the European Federation of Pharmaceutical Industries and Associations (EFPIA). The International Trade Administration predicted that the global pharmaceuticals market would increase from $ 1 trillion in 2015 to $ 1.3 trillion in 2020. Hydrogen Sulfide production is being propelled by the expanding medical sector, where the use of chalcogen hydride gas in therapies and over-the-counter drugs is increasing.

Fertilizers, insecticides, and other disinfection chemicals benefit greatly from using Hydrogen Sulfide. Fertilizers are made from elemental sulfur, which is created when Hydrogen Sulfide combines with sulfur dioxide. The government's push to encourage agricultural growth, along with other factors like the increased production of grains, cereals, and other food staples, and the increased use of fertilizer and pesticides, have all contributed to the lucrative expansion of the agriculture industry. The IBEF projects that the agriculture industry in India will grow to US$24 billion by 2025, for instance. The Office of National Statistics reports that between 2020 and 2021, the United Kingdom's agricultural output grew by 2.6%, with a 23% increase in cereals output and a 24% increase in crop products. Hydrogen Sulfide's use as an ingredient in pesticides and fertilizers is on the rise in response to rising agricultural productivity, which has increased demand for the chemical and propels the Hydrogen Sulfide Market forward.

During the forecast period, the Hydrogen Sulfide Market in Asia Pacificis anticipated to develop at the quickest rate. Factors contributing to the region's preeminence include the proliferation of chemical companies, growing demand for chemicals, merger and acquisition deals amongst significant businesses, massive investments, and a high rate of research and development. Almost half of all future refinery additions, OPEC says, would be in Asia Pacific, with China and India in the forefront. A growing middle class in the developing world, especially in Asia Pacific, has led to a rise in the availability of oil. The region's oil refineries are being propelled by an increase in GDP, which is increasing the demand for oil. H2S emissions are rising as oil refineries grow in size. This is driving growth in the regional market for Hydrogen Sulfide scavengers.

The Global Hydrogen Sulfide Market is Segmented as follows

• Grade
  • Technical Grade
  • Purified Grade
• Applications
  • Pesticides
  • Dyes
  • Leather
  • Disinfectant
  • Sulfuric Acid Production
  • Other Applications
• End-Use Industry
  • Medical & Pharmaceuticals
  • Chemicals
  • Oil & Gas
  • Metal & Metallurgy
  • Plastics
  • Agriculture
  • Other Industries
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Hydrogen Sulfide Market is

Air Liquide (France), The Linde Group (Germany), Praxair (US), Air Products & Chemicals Inc. (US), Evonik Industries (Germany), Sobegi LACQ (France), Messer Group (Germany), Matheson Tri-Gas (US), Dow Chemical Company (US), Chengdu Taiyu Industrial Gases Co. Ltd. (China)

The Global Hydrogen Sulfide Market Scope can be Tabulated as below