Thiochemical 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.
There are many
factors that is driving the growth of the thiochemical market. Some of
these factors as per the Market Research Future (MRFR) report include
increasing need for natural gas both in domestic and industrial
applications, oil and gas’ increasing refining capacity, increasing need
for various animal nutrition products, its growing need in chemicals,
plastic, agrochemicals and food industry, regulations laid by the
government in the developed regions, IMO initiatives to cut down sulfur
content and ban on methyl bromide especially for soil fumigation. On the
contrary, factors such as toxicity concerns and volatility in raw
material prices may constrain the thiochemical market growth.
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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.
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.
Nov 2018-
Arkema Malaysia Thiochemicals has joined hands with Monash University
Malaysia to create highly efficient biocatalysts for its thiochemical
business. This is a 3-year partnership wherein research will be
conducted on biocatalysts for the sulfur molecules in the Kerthe plant,
Asia.
Market Segmentation
Market Research
Future report offers an all-inclusive segmental analysis of the
thiochemical market on the basis of product type and end-use industry.
Based
on product type, it is segmented into mercaptans, sulfates and
sulfites, sulfides and polysulfides, thioglycolic, sulfonyls and others.
Of these, mercaptans will lead the thiochemical market owing to its
wide application in various end-use industries. It is anticipated to
touch USD 1,444.8 million over the forecast period.
Based on
end-use industry, the thiochemical market is segmented into electrical
and electronics, cosmetics and personal care, pharmaceuticals,
chemicals, agrochemicals, animal nutrition, oil and gas and others. Of
these, oil and gas will have maximum market share and is expected to
maintain the lead during the forecast period owing to the increasing use
of thiochemicals as a catalyst as odorants for natural gas and LPG,
anti-cocking agent in crackling of the petroleum refineries and
hydrodesulfurization of fuels. It is predicted to grow at 4.21% CAGR
over the forecast period.
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Regional Analysis
Based
on region, the thiochemical market covers growth opportunities and
latest trends across North America, Latin America, Asia Pacific, Europe
and Middle East and Africa. Of these, the APAC region will have the
maximum share in the thiochemical market owing to the prolific growth of
the region’s end-use industries, rising petrochemical projects as well
as immense growth of the agrochemical industry. The thiochemical market
in North America will have a significant growth and expand at a striking
3.62% CAGR over the forecast period. The factors that can be attributed
for the growth of the market in this region include growing animal
nutrition industry and expansion of some end-use industries namely
pharmaceutical, cosmetics and personal care and oil and gas. In Europe
the thiochemical market is expected to grow at a striking 3.5% CAGR
owing to streamlined supply chain concerning thiochemical manufacturers
and production capacity expansion of elemental Sulphur. The thiochemical
market in Middle East and Africa and Latin America will have a
favorable growth owing to some chemical manufacturers making investments
in this region coupled with rapid industrialization.
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