The global thiochemical market projection is bound to reach a value of USD 3,423.3 million by the end of 2024, asserts Market Research Future (MRFR) in its extensive report. The market is set to grow steadily at 3.75% CAGR during the forecast period (2018-2024). The market is growing on the back of elevating demand in animal nutrition and oil & gas industry. Increasing demand for oil and gas is also anticipated to drive the market growth in the coming years. Furthermore, escalating demand for thiochemicals in food, agrochemicals, plastic and chemicals industry will boost the demand over the forecast period.
Thiochemicals finds major application in poultry, in the form of methyl mercaptan, which is used in the production of methionine. Methionine is primarily used as a component in animal nutrition feeds for poultry animals. Hence, the growing demand for poultry meat and leanings of consumers towards a healthier lifestyle are factors estimated to drive the thiochemicals market. In addition to this, a few thiochemicals namely thioglycolates and thiolactates are used as active ingredients in the cosmetic industry for hair perms and hair straighteners.
Get a Free Sample [email protected] https://www.marketresearchfuture.com/sample_request/6242
On the flip side, the volatility in the price of raw materials can hamper the global market growth during the forecast period. But keeping in mind the major applications in diverse industries and various researches giving way to new applications, it is safe to say that the global market shows abundant promise in the coming years.
Global Thiochemical Market- Segmental Analysis
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. The increasing use of thiochemicals in the oil & gas industry as a catalyst in the hydrodesulfurization of fuels, as odorants for LPG and natural gas, and as an anti-cocking agent in the cracking of petroleum refineries are most likely to induce product demand. The massive demand in these industries is expected to drive the market growth throughout the assessment period.
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 thiochemicals 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 Market for Thiochemicals: Competitive Dashboard
The key players in the global thiochemicals market include BASF SE (Germany), Merck KGaA (Germany), BRUNO BOCK Chemische Fabrik GmbH & Co. KG (Germany), Zhongke Fine Chemical Co., Ltd. (China), Arkema SA (France), TORAY INDUSTRIES INC. (Japan), Chevron Phillips Chemical Company (U.S.), HEBEI YANUO Bioscience Co., Ltd. (China), Varsal (U.S.), Affon Chemical Co. Ltd. (China), Taizhou Sunny Chemical Co., Ltd (China), Oxon Italia S.p.A. (Italy), SHINYA CHEM (China), Uniwin Chemical Co., Ltd. (China), and Thermo Fisher Scientific (U.S.).
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
COVID-19 Study in Detail: