Thiochemical Market Size and Growth Rate:
The global thiochemical market size is expected to touch USD 3,423.3 million by 2024 and is predicted to experience a 3.75% CAGR during the assessment period of 2018-2024.
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Thiochemical Market Overview:
Gas iodizers to control gas leakage is likely to catapult the segment growth over the forecast period. Oil & gas, animal nutrition, agrochemicals, chemicals, pharmaceuticals, electrical & electronics, cosmetics & personal care, and others constitute as major market end-users.
Sulphur is the key raw material that is operated in the thionation process, which on further processing gives methyl mercaptan and other mercaptans. Methyl mercaptan is utilized in animal nutrition as well as in the oil & gas industries while other mercaptans are used usually as gas iodizers in gas leakages, polymerization agent in the polymerization industries. Methyl mercaptans are also used in refineries for desulfurization of fuels in the oil & gas industry and in crackers as anti-cocking agents.
The substantial growth of food & agrochemicals industry coupled with growing production capacity and rising demand for animal feed in the region will lead to an increase in demand for thiochemicals in the Asia Pacific region.
Thiochemical Market Growth Drivers and Restraints:
Thiochemicals are also used in the fusion of thioglycolic acids that are basic materials for the synthesis of PVC heat stabilizers. The emergence of dimethyl di-sulphide as a viable substitute which adheres to regulations outlined in the Montreal Protocol can open up novel opportunities for market growth over the forecast period.
Government rules in developed regions as well as IMO initiatives aim to reduce sulphur content owing to which there has been a significant rise in the production of elemental sulphur. Surplus production of sulphur will lead to a drop-in price, which may disturb the growth of thiochemicals market.
The ban on methyl bromide for the manufacture of soil fumigants also provides a practical niche for the market to tap into. The emergence of dimethyl di-sulfide as a viable alternative which adheres to regulations outlined in the Montreal Protocol can open up novel opportunities for market growth over the forecast period.
Thiochemical Market Geographical Segmentation:
North America, followed by Europe, are also major consumer markets. In the U.S., especially, increasing raw material capacity and growing demand from end-use industries, such as oil & gas, food and polymer industry, agrochemicals, among others, will also help to drive the demand for the market. North America and Europe markets are, therefore, likely to grow with significant CAGR over the forecast period.
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Key players of the Thiochemical Market:
Some of the chief manufacturers of the thiochemical compounds include Arkema S.A., Chevron Philips and Toray Fine Chemicals Co., Ltd.
Thiochemical Market Segmentation:
By Product Type:
· Dimethyl disulfide (DMDS)
· Dimethyl sulfoxide (DMSO)
· Thioglycolic acid and esters
By End User:
· Oil and Gas
· Food and Agrochemicals
· Electrical and Electronics
· Automotive and Transportation
· Consumer Goods
· North America
· South America
· Asia Pacific
· Middle East and Africa
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