Aluminum Sulfide MarketThe Need for Clean and Potable Drinking Water Across the Globe Is Driving the Demand for Aluminum Sulfide.
Aluminum Sulfide Market size is forecast to reach $4.30 billion by 2025, after growing at a CAGR of 5% during 2020-2025, owing to the wide usage of Aluminum Sulfide in water treatment industries. The need for clean and potable drinking water across the globe is driving the demand for aluminum sulfide. The companies are adopting various strategies and investing heavily in R&D to develop technical advancement in the products. However, the pandemic has turned to be the biggest challenge for the market.
Aluminum Sulfide Market Segment Analysis - By Form
Granular Aluminum Sulfide held the largest share in the Aluminum Sulfide Market in 2019. It is widely used in municipal drinking water and waste-water treatment system. Aluminum Sulfide easily hydrolyzes to form insoluble precipitates which aid in removal of tiny particles that cannot be easily filtered and/or are too small to settle via gravity in a useful period. It is a high quality, iron-free and clear solution. The use of granular aluminum sulfide is due to ease of handling, applications, lower cost and better performance in certain conditions.
Aluminum Sulfide Market Segment Analysis - By Application
Aluminum Sulfide are mainly used for water treatment and hence hold the largest share in the year 2019. The rise is mainly due to the growing demand for the clean and potable water worldwide. Due to the use of Aluminum Sulfide the quality of water improves by reducing the turbidity, total organic carbon, sludge and pre and post treatment pH adjustment. The market for clean water is on high demand due to the rise in population. Aluminum based coagulants have become the preferred choice of municipalities and industry for the treatment of potable (drinking) water and plant process water (such as pulp/paper and food/beverage). Also, UN Sustainable Goals states that by 2030, achieve universal and equitable access to safe and affordable drinking water for all. Ensuring universal safe and affordable drinking water involves reaching over 800 million people who lack basic services and improving accessibility and safety of services for over two billion. In 2015, 71% of the global population i.e. 5.2 billion people had managed drinking water but 844 million still lacked in basic drinking water.
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Aluminum Sulfide Market Segment Analysis - By End-Use Industry
Water and Wastewater Treatment dominates the Aluminum Sulfide Market growing at the CAGR of 7.2% during the forecast period. With the growing demand for increase in access for clean drinking water and sanitation, billions of people in rural areas are lacking the basic services. Worldwide, one in three people do not have access to safe drinking water, two out of five people do not have a basic hand-washing facility with soap and water, and more than 673 million people still practice open defecation. According to the World Health Organization, handwashing is one of the most effective actions you can take to reduce the spread of pathogens and prevent infections, including the COVID-19 virus. Yet billions of people still lack safe water sanitation, and funding is inadequate. UN declared 2018-28 as Water Action Decade because world careening for global water crisis.
Aluminum Sulfide Market Segment Analysis - By Geography
Asia-Pacific (APAC) dominated the Aluminum Sulfide market growing at CAGR of 41% followed by North America and Europe. APAC as a whole is set to continue to be one of the largest and fastest growing water treatment markets globally. Large and more developed markets such China, India, Japan, and South Korea are expected to grow more in the coming years. China is driving much of the Aluminum sulfide market demand in Asia-Pacific region followed by India and Japan. Of the five fastest growing regions in wastewater treatment sector, other than U.S. all are Asian countries including China and India who majorly drive the demand for pure water investment in this region. The strong and healthy growth in water treatment sector is associated with growing population and the demand for safe water which tend to drive APAC aluminum sulfide market. The manufacturing and power generation industries have unique water requirements, but their biggest risk is the impact of waste discharge on water quality, with consequences for downstream users and aquatic ecosystems.
Aluminum Sulfide Market Drivers
Economies looking for water treatment technologies
The companies are adopting various growth strategies and investing in R&D extensively to develop technically advanced unique products. The increase in demand is leading towards the new growth. With the world’s population expected to rise from 3 billion to 9 billion by 2050 and continuous industrial growth across the globe, water has become a critical global resource.
Growth of paper industries
Paper use increases year on year and has quadrupled over the past 50 years. The world production for paper and paper board is around 390 tons and is expected to reach 490 tons in the year 2020. Paper & pulp is one of the largest growing industries of the world. India and China are expected to be the key players in the industry.
Aluminum Sulfide Market Challenges
Regulations imposed on Aluminum Sulfide Industry
The strict regulations are being imposed in countries across Europe and North America. There has been a general trend of the manufacturing of aluminum sulfide being shifted to APAC, where regulations have not yet been laid down. Due to the shift there is rise in price due to increasing transportation cost.
The emergence of COVID-19 pandemic
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. According to International Monetary Fund, the global GDP is expected to decline by 3% in 2020. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13% and 32% in 2020 because of the economic impact of COVID-19. The market now must come up with new strategies to deal with pandemic and drive the future growth of the market.
The changing technology and R&D activities are key strategies adopted by players in the aluminum sulfide market. In 2019, the market of aluminum sulfide has been consolidated by the top five players accounting for xx% of the share. Major players in the aluminum sulfide market are BASF, Arkema SA, AkzoNobel, BuckMan Laboratories, Sigma Aldrich, Usalco, and Others.
Asia Pacific region dominates fastest growth rate and accounted for xx% of the aluminum sulfide market owing to the high demand in water and wastewater treatment.
Many Original Equipment Manufacturers (OEMs) in the water treatment industry are constantly challenged to developing new technologies, business models and engineering processes to fulfill the exponentially growing demand.
The other key areas of focus include the various applications and end use industry in Aluminum Sulfide market and their specific segmented revenue.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
Due to the COVID-19 pandemic, most of the countries have gone under lockdown, due to which operations of various industries has been negatively affected, which is hampering the aluminum sulfide market growth.
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