Massive Dependency on Oil & Gas Hampers Americas Sulphur Recovery Technology Market
The oil & gas industry has faced a global crisis for the last four years, buffeted by a steep drop in crude oil prices. Several oil supermajors have either halted or cancelled their E&P projects that are not very profitable in an era of depressed oil prices, particularly in risk-sensitive regions such as Latin America. Many companies have put their plans in countries such as Brazil, Colombia, and Peru on hold and this could have a detrimental effect on the Americas sulphur recovery technology market. That is precisely why regulatory authorities in these countries seek to create a fair and favourable royalty regime to support the local oil & gas industry. The Americas sulphur technology market is expected to have a value of approx. US$ 115 million in 2017 with Latin America comprising 4/5th of this in terms of market share.
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China to Drive Demand in the APAC Sulphur Recovery Technology Market
China is anticipated to be vital in the APAC sulphur recovery technology market for the foreseeable future. The presence of a large number of refineries in the world’s most populous nation coupled with skyrocketing demand for oil ensures that the prospects for sulphur recovery technology makers are bright. According to estimates, if the average person in China consumes as much oil as an American, the world will need an additional 75 million b/d of oil – an expansion of almost 80% of the present day market. Thus, there is limitless potential for key stakeholders in the China sulphur recovery technology market. The China sulphur recovery technology market is projected to gain a massive 420 BPS over the course of the decade. Along with China, India may increasingly important in the days ahead and demand for sulphur from the industrial and non-acid sectors should spur the sulphur recovery market in this fast-growing continent.
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Upstream Operations Shutting Down in Europe with Drop in Crude Oil Prices
The glut in oil prices has had a detrimental effect on the expansion plans of oil & gas supermajors. The companies have suspended their exploration operations in order to reduce their increasing losses. This is particularly in oil-rich European countries such as Russia in both onshore and offshore fields. On account of this suspension, there has been a disturbance in the supply of crude oil to these refineries. Some refineries have shut shop because of the scarcity of crude oil and this has directly impacted the supply of sulphur. Nonetheless, Russia is likely to maintain its leading position in the Europe sulphur recovery technology market and is on track to witness an exponential CAGR of 11.6% from 2017 to 2027. Only Kazakhstan is predicted to grow faster during this period.
Middle East and Africa El Dorado of the Sulphur Recovery Technology Market
The MEA region accounts for almost 3/5th of the global oil reserves and has a substantial influence on global oil prices, exercised through organizations such as OPEC. Key stakeholders are very positive about the potential of this region and have committed to a number of oil & gas projects here. For e.g. – In 2017, Jacob Engineering Group’s EUROCLAUS sulphur recovery technology was chosen by Tüpra? for its sulphur recovery unit that will be installed at three of the company’s refineries in Turkey. The MEA sulphur recovery technology market may well push past US$ 845 million by end 2027.