|Forecast Period :||2019-2026|
|Base Year :||2018|
|Leading Market Segments :||Dimethyl Sulfoxide (DMSO)|
|Value in 2018 :||$2447.48 Million|
|Research covered :||100+ Countries|
Global Statistics Representing Thiochemical Market Scenario
Thiochemical is referred as chemical, generally an ion, in which the oxygen atom is substituted by a sulphur ion. Almost all chemicals where the oxygen ion is replaced by the sulphur ion is known as Thiochemical and a reaction is called as thionation or thiation. Additionally, the activity of this market is based on animal nutrition, oil and gas, agrochemicals and speciality intermediates.
The rising demand for oil & gas is expected to be one of the major drivers for the growth of Thiochemical market during the forecast period 2019-2026. Increasing awareness related to animal nutrition is considered to be another key driver for market growth. Additionally, increasing poultry consumption and growing demand from the consumers is likely to fuel the market growth during the forecasted period. The quick growth of market applications for the desulfurization of gasoline and diesel along with its use in gas leakage finding is likely to boost the market growth. Moreover, some of the other Thiochemical such as thioglycolates and thiolactates are used as an active ingredient in cold wave formulations for hair perms and hair straighteners in cosmetic manufacturing. Thioglycolic acids are basic materials for the synthesis of PVC heat stabilizers, which is expected to propel the market growth during the forecasted period. Furthermore, increasing demand for the market in agrochemicals, food, plastic and chemical industry may boost the market growth.
The global thiochemical market was valued at USD 2447.48 million in 2018 and is projected to reach a value of USD 3699.52 million by 2026, registering a CAGR of 5.3 % during the forecast period, 2019–2026.
The global Thiochemical market has been segmented into products type and end-users.
On the basis of product type, the market has been segmented into mercaptans, dimethyl disulfide (DMDS), dimethyl sulfoxide (DMSO), thioglycolic acid & esters, thiourea, and others. DMSO is likely to gain considerable traction in the global thiochemical market during the forecast period 2016-2026. This is majorly attributed to countless applications including pharmaceuticals, agrochemicals, electronic, fine chemicals, coatings, cleaning and others. It is widely used as a reaction solvent in the pharmaceutical sector owing to its effectiveness and favourable toxicological properties.
Based on the end-user, the market has been segmented into oil & gas, food & agrochemicals, chemicals, plastics, electrical & electronics, and others. food and & agrochemicals are expected to hold a considerable share in the global thiochemical market during the forecast period 2019-2026. thiochemical is prominently used in agrochemical and animal feed owing to its chemical properties such as high flash point, excellent toxicological, recyclable, biodegradable and has an ecotoxicological profile. Thus, Global leading players in thiochemicals are partnering with animal feed and agrochemical companies.
For instance, in June 2018, Arkema a speciality chemicals and advanced materials company confirmed with its partner Novus International, Inc. an animal health and nutrition company to double production capacities at Arkema’s Beaumont Thiochemical site in the U.S. It will support the strong growth in the animal nutrition market and further strengthens Arkema’s world-leading position in high value-added sulfur derivatives.
Geographically, the global Thiochemical market has been segmented into major four regions: North America, Europe, Asia Pacific (APAC), and Latin America and the Middle East & Africa (LAMEA).
Asia Pacific (APAC) is expected to have the fastest growing region during the projected period of 2019–2026. This is attributed to the rapidly growing applications into large and expanding industrial base. Increasing food & agrochemicals industry coupled with growing production capacity and increasing demand for animal feed in this region will significantly increase the market growth. According to the India Brand Equity Foundation (IBEF), India is estimated to be the largest contributor to non-OECD petroleum consumption growth across the globe. Additionally, the oil consumption in India grew by 8.3 per cent year-on-year to 212.7 million tonnes in 2016, as compared to the global growth of 1.5%, thereby making it the third largest oil consuming nation in the world.
North America is expected to witness the global thiochemical market during the forecast period 2019–2026. The growing demand for oil & gas industry results to propel the growth of the market in this region.
Europe is estimated to have sluggish growth owing to the presence of stringent regulations by the government. A growing number of oil & gas industries is further likely to propel the market growth in the coming years.
LAMEA is expected to have considerable growth during the forecasted period owing to the increasing awareness regarding the thiochemicals, lack of technological developments, and less government support in the African region. However, the Middle East is considered to be the world’s largest oil-producing region. According to BP p.l.c., it is estimated that in 2017 energy consumption increased by 3.4%. Growth was particularly strong in Iran.
Some of the prominent players operating in the global thiochemical market are Arkema S.A. (France), Chevron Phillips (U.S.), Toray Fine Chemicals Co. (Japan), BASF (Germany), Sipcam Oxon (Italy), Dexing Zhongke Fine Chemical (China), Taizhou Sunny Chemical (China), and Langfang Jinshenghui Chemical (China)
Thiochemical Market Segmentation
By Product Type