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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81 pages of Research Report developed on Thiochemical Market @ https://www.researchcosmos.com/reports/thiochemical-market/309199083
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:
·
Mercaptans
·
Dimethyl disulfide (DMDS)
·
Dimethyl sulfoxide (DMSO)
·
Thioglycolic acid and esters
·
Thiourea
By End User:
·
Oil and Gas
·
Food and Agrochemicals
·
Chemicals
·
Plastics
·
Electrical and Electronics
·
Automotive and Transportation
·
Consumer Goods
By Region:
·
North America
·
South America
·
Europe
·
Asia Pacific
·
Middle East and Africa
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