Thiochemicals Market Invention Analysis by Size, Share, Supply, Demand, Leading Players, Business Development and Global Forecast 2023
Thiochemical Market, By Product Type (Mercaptans, Sulfide & Polysulfides, Sulfonyls, Thioglycolics, Sulfates & Sulfites, Others), End-use Industry (Oil & Gas, Animal Nutrition, Chemical, Pharmaceutical, Agrochemical, Electrical & Electronics, Cosmetics & Personal Care, Others) and Region – Forecast till 2024
Pune, India – June 20, 2019 /MarketersMedia/ —
Market Analysis:
The global thiochemical market is expected to touch USD 3,423.3 million at a promising 3.75% CAGR over the forecast period (2018-2024). Simply put, thiochemical is a group of chemicals where the oxygen molecule gets replaced by sulfur which is known as the Thio-compound. This form of a reaction where sulfur ion replaces the oxygen ion is performed through a process called thionation. The major compound being sulfur is utilized in thiochemical production such as the methyl mercaptan which serves as a precursor for amino acids that is used further in animal nutrition products.
Besides, thiochemical compounds are used as anti-cocking agent, polymerization agents and also to detect gas leakage. Thiochemicals especially methyl mercaptan along with other mercaptans are used in oil and gas industry for gas leakage detection applications, cracking process and desulfurization. Not only this, it is also used in polymer and plastic industry and chemicals.
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Top Key Players:
Leading players profiled in the thiochemical market include BASF SE (Germany), Zhongke Fine Chemical Co., Ltd. (China), Taizhou Sunny Chemical Co., Ltd (China), Thermo Fisher Scientific (U.S.), BRUNO BOCK Chemische Fabrik GmbH & Co. KG (Germany), SHINYA CHEM (China), Oxon Italia S.p.A. (Italy), Uniwin Chemical Co., Ltd. (China), Affon Chemical Co., Ltd. (China), HEBEI YANUO Bioscience Co., Ltd. (China), Chevron Phillips Chemical Company (U.S.), Varsal (U.S.), TORAY INDUSTRIES, INC. (Japan), Merck KGaA (Germany), Arkema SA (France) and others.
Competitive Analysis:
The thiochemicals market is extremely consolidated. The key manufacturers are laying emphasis to improve their footprint in the market by expanding the manufacturing facilities to suffice the growing need of thiochemicals the world over.
Regional Outlook:
According to the report, the global thiochemicals market is flourishing in five major regions including Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Among all regions, Asia Pacific is estimated to be the largest and fastest-growing Thiochemical Market, claiming 42.0% share of the total market in 2017. The market is further projected to reach USD 1473.2 million by 2024. The market growth can be attributed to the zealous growth of end-user industries in the region and also the fact that the region is a major hub for industrialization.
The North America market is expanding at a CAGR of 3.62% and will maintain its phenomenal growth throughout the forecast period. The presence of established industries in the region such as agrochemical, oil & gas, cosmetics & personal care, and pharmaceuticals triggers the market development. Moreover, strong economy and high disposable income lead to market growth as well.
The Europe market can witness a decent market growth of 3.5% during the assessment period. The market is surging ahead on account of a streamlined supply chain of thiochemical manufacturers coupled with the growing demand from end-user industries such as food, polymer industry, and poultry sector. Furthermore, increasing production capacity of elemental sulfur in the region has also triggered the market growth immensely.
The markets in Latin America and the Middle East & Africa are projected to expand at CAGRs of 3.27% and 3.14% respectively. Rapid industrialization and a slew of emerging companies striving to make their mark aids the market growth in the region. The market players are trying to take advantage of the untapped potential of the regional and localized market which propels the advancement of the market.
Global Thiochemical Market Segments:
MRFR’s report states that the global market is segmented on the basis of product type and end-user.
By product type, global thiochemicals market is segmented on the basis of mercaptans, sulfides and polysulfides, sulfonyls, thioglycolics, sulfates and sulfites, and others. The mercaptans segment claimed the largest market share of 43.2% in 2017. The segment was valued USD 1149.0 million in 2017. The segment is projected to grow further at a CAGR of 3.42% during the forecast period to reach USD 1444.6 million by 2024.
The increasing use of different types of mercaptans in diverse applications across a plethora of end-use industries such as oil & gas, animal nutrition, agrochemicals, chemicals, pharmaceutical, and cosmetics and personal care, will result in the segment sustaining its peak position throughout the forecast period.
By end-users, the global thiochemicals market has been segmented into basis of oil & gas, animal nutrition, chemicals, pharmaceutical, agrochemicals, electrical and electronics, cosmetics and personal care, and others. Among these, the oil & gas segment claimed the largest market share of 34.0% in 2017. The segment is reported to grow at a CAGR of 4.21% during the forecast period and will reach the value of USD 1199.8 million by 2024.
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Table Of Contents
FIGURE 1 GLOBAL THIOCHEMICALS MARKET: MARKET STRUCTURE
FIGURE 2 RESEARCH PROCESS OF MRFR
FIGURE 3 TOP-DOWN & BOTTOM-UP APPROACH
FIGURE 4 GLOBAL THIOCHEMICALS MARKET DYNAMICS
FIGURE 5 GLOBAL OIL & GAS PRODUCTION BY VOLUME (MILLION METRIC TONS)
FIGURE 6 GLOBAL POULTRY MEAT PRODUCTION BY VOLUME (MILLION METRIC TONS)
FIGURE 7 GLOBAL POULTRY CONSUMPTION REGIONWISE IN KG/PERSON/YEAR (2017)
FIGURE 8 GLOBAL AGROCHEMICAL INDUSTRY BY VALUE (USD BILLION)
FIGURE 9 SUPPLY CHAIN ANALYSIS OF GLOBAL THIOCHEMICALS MARKET
FIGURE 10 PORTER’S FIVE FORCES ANALYSIS OF GLOBAL THIOCHEMICALSS MARKET
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