Home Bulk Chemicals Thiochemical Market Size, Value, Industry report, Growth, Forecast by 2031

Thiochemical Market

Thiochemical Market Size, Share & Trends Analysis Report By Product Type (Mercaptans, Dimethyl disulfide (DMDS), Dimethyl sulfoxide (DMSO), Thioglycolic acid and esters, Thiourea, Others), By End-Users (Oil and Gas, Food and Agrochemicals, Chemicals, Plastics, Electrical and Electronics) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2018-2026

Report Code: SRCH238DR
Study Period 2014-2026 CAGR 5.3%
Historical Period 2014-2016 Forecast Period 2018-2026
Base Year 2017 Base Year Market Size USD XX Billion
Forecast Year 2026 Forecast Year Market Size USD 3699.52 Million
Largest Market Asia-Pacific Fastest Growing Market Europe
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Market Overview

The global thiochemical market was size 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.

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.

Market Dynamics

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 2023-2031. 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.

Regional Analysis

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.

Report Scope

Report Metric Details
Segmentations
By Product Type
  1. Mercaptans
  2. Dimethyl disulfide (DMDS)
  3. Dimethyl sulfoxide (DMSO)
  4. Thioglycolic acid and esters
  5. Thiourea
  6. Others
By End-Users
  1. Oil and Gas
  2. Food and Agrochemicals
  3. Chemicals
  4. Plastics
  5. Electrical and Electronics
Company Profiles 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) Langfang Jinshenghui Chemical (China)
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

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.

Market Size By Product Type

Top Key Players

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) Langfang Jinshenghui Chemical (China) Others

Frequently Asked Questions (FAQs)

What is the estimated growth rate (CAGR) of the global athiochemical market?
The global athiochemical market size is growing at a CAGR of 5.3% from 2019–2026.
Asia Pacific has the largest share of the market.
The food and & agrochemicals segment is the leading segment for the market during forecast period.
Key verticals adopting Thiochemical Market include: 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), Langfang Jinshenghui Chemical (China),


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