Sulfolane Market to Register 1.5% CAGR and Hit USD 136 MN till 2027

The global Sulfolane market generated revenue of around USD 123 million in 2020 and anticipated to grow at a CAGR of over 1.5% during the forecast period from 2021 to 2027 to reach around USD 136 million in 2027.

Sulfolane is a colourless liquid that is used as a solvent for extraction, distillation and chemical reactions across chemical industry. Moreover, the solution is also used to purify butadiene. These products are used in refineries to extract natural gases, oil and other lubricants. Additionally, Sulfolane is reused multiple times across petrochemical industry owing to its highly stable property.    

Key Trends in Global Sulfolane Market

Increasing demand for sulfolane for purifying gas streams

Rising number of gas extraction centers across the globe is creating new opportunities for the market players. Moreover, the removal of acidic gases form the obtained product is necessary allowing the raw material to be in pure and usable form. Sulfolane is widely used in the purification process during gas extraction. The product is used for the elimination of acid gases such as mercaptans, carbon oxides etc. Furthermore, low solvent flows, low corrosion, low heat loads and high solvent loading property provide extra advantage during the extraction procedure.

Impact of COVID 19 on Global Sulfolane Market

Sulfolane market was negatively impacted during the pandemic outbreak. The refineries and chemical plant extraction and production halted for a while. Declination in the consumption of gas and oil led fuel manufacturers to halt the extraction procedure. This resulted in degradation of sulfolane usage. The restricted mobility across the globe restricted the manforce to be off the production site. Moreover, the limited logistics operations limited the transport of the product to the chemical plants. These factors impacted the industry affecting the demand and growth of sulfolane.

To Understand How Covid-19 Impact Is Covered in This Report –https://www.credenceresearch.com/report/sulfolane-market

Global Sulfolane Market by Type Insights

Anhydrous type and aqueous type are the two major types of global Sulfolane market. Anhydrous type segment accounted for the major share of the total revenue generated by the global Sulfolane market in 2020.   

Global Sulfolane Market by Application Insights

Gas production and oil refining, purifying gas streams, fine chemical field and others are the major categories in the global Sulfolane market. Gas production and oil refining in Sulfolane accounted for the vast majority in the revenue generation of Sulfolane in 2020. It accounted for over 58% share in 2020.

Global Sulfolane Market by Regional Insights

North America accounted the largest market share for Sulfolane in 2020 with over 38% share in total revenue generation. North America has one of the largest network of oil & gas pipeline and power transmission lines. However, Asia Pacific is also expected to exhibit highest CAGR over the forecast period. Rising establishment of onshore and offshore refineries Across the Asia Pacific region will drive the demand for sulfolane in the forecast timeline.

Global Sulfolane Market Competitive Landscape

Most prominent players in the global Sulfolane market include CASIL Industries, Chevron Phillips, Liaoyang Guanghua Chemical, New Japan Chemical, Sumitomo Seika Chemical, Shell, Jinzhou Petrochemical Corporation. The report covers very detailed profiles of these key players.

Get extensive insights into the  “Sulfolane Market” Request sample copy@ https://www.credenceresearch.com/sample-request/60306 

Market Segmentation

Global Sulfolane Market by Type, 2019 – 2027

· Anhydrous Type

· Aqueous Type    

Global Sulfolane Market by Application, 2019 – 2027

· Gas Production and Oil Refining

· Purifying Gas Streams

· Fine chemical Field

· Others

Global Sulfolane Market by Region, 2019 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Sulfolane Market: Key Players

· CASIL Industries

· Chevron Phillips

· Liaoyang Guanghua Chemical

· New Japan Chemical

· Sumitomo Seika Chemical

· Shell

. Jinzhou Petrochemical Corporation

Get extensive insights into the  “Sulfolane Market” Request sample copy@ https://www.credenceresearch.com/sample-request/60306 

DoC: https://issuu.com/robsonspot/docs/sulfolane_market.docx 

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