USD 2.166 billion
Report ID: SQMIG15E2126 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 75 | Figures: 75
Thiochemicals Market size was valued at USD 2.166 billion in 2021 and is poised to grow from USD 2.22 billion in 2022 to USD 2.72 billion by 2030, growing at a CAGR of 2.5% in the forecast period (2023-2030).
Sulfur replaces the oxygen molecule in a class of molecules known as Thiochemicals, or thio-compounds. Thionation is the process used to carry out such reactions in which the oxygen ion is swapped out for the sulfur ion. As a key component, sulfur is utilized to create Thiochemicals such methyl mercaptan, which serve as precursors to the amino acids used in animal nutrition products. Thiochemicals compounds are also employed as polymerization, anti-cocking, and gas leak detection agents, among other uses. Thiochemicals, including methyl mercaptan and other mercaptans, are utilized in the oil and gas sector for applications such as desulfurization, the cracking process, and the detection of natural gas leaks. Thiochemicals are additionally utilized in the chemical, polymer, and plastic industries. Thiochemicals, for instance, are used to create thioglycolic acids, which are then utilized to create PVC heat stabilizers. The Thiochemicals market is fueled by an increase in global oil & gas refining capacity as well as increased natural gas consumption for home and industrial applications.
US Thiochemicals Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.166 billion
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The Global Thiochemicals Market is segmented based on the Type, End User, and region. Based on the Type, the Global Thiochemicals Market is segmented as Mercaptans, Di Methyl Di Sulfide, Di Methyl Sulfoxide, Thioglycolic Acids, Thioglycolic Esters, Thiourea, and Others. Based on End Use, the Global Thiochemicals Market is segmented as Oil and Gas, Food and Agro Chemicals, Chemicals, Plastics, Electricals and Electronics, Automotive, Consumer goods, and Others. Based on Region Thiochemicals Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Thiochemicals Market Analysis by Type
Thiochemicals are mostly employed in the form of methyl mercaptan, which is used to make methionine, in the animal nutrition end-use. Methionine is primarily utilized in livestock and poultry feed as a dietary supplement. Therefore, it is anticipated that the market for Thiochemicals will be driven by the rising demand for meat, particularly poultry. For few years, the Thiochemicals market has seen a surge in the production and consumption of beef and veal, hog, and chicken meat. As a result, there is now a higher need for animal feed, which is causing the business to expand. Due to the compound's (Di Methyl Di Sulfide) special sulfiding qualities, which are used in oil refineries, demand for it is expected to rise. In the petrochemical industry, it is employed as an extraction solvent and fuel additive. Over the course of the projection period, this will also support market expansion for dimethyl disulfide globally. In the oil and gas sectors, thioglycolic acid is a corrosion inhibitor used in metals for recovery and transportation. It is utilized in depilatory creams, mining drilling equipment, hair perming, depilatory creams, and to stimulate crude oil flow
Thiochemicals Market Analysis by End User
The global Thiochemicals market has been segmented on the basis of oil and gas, food and agro-chemical, chemicals, plastics, electricals and electronics, automotive, consumer goods, and others. Chemical insecticides, fertilizers, and other agricultural products based on chemicals are widely used across the world. In the manufacturing of insecticides and fungicides, mercaptan is utilized as an intermediate in agricultural applications. In modern agriculture, pesticides and fungicides are widely utilized and are an efficient and affordable techniques to improve product quality and quantity, assuring food security for the world's ever-increasing population. Furthermore, Thiochemicals is used in Metal catalysts in the petrochemical industry, Car cleaning solutions, rim cleaners for automotive wheels, removing hair from the leather surface
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The market for Thiochemicals is dominated by North America due to the region's robust need for these substances in a variety of fields, including the oil and gas sector. The second and third largest markets for Thiochemicals were North America, Europe, and the Asia-Pacific area. According to projections, Asia Pacific would have the quickest development because of the region's rapidly rising industrial base and growing understanding of animal nutrition methods, particularly in developing countries like China and India. The consumption of poultry is anticipated to rise in the Asia-Pacific area, including in China and India, as a result of a growing population. This is anticipated to intensify the demand for poultry meat and eggs and boost industry usage of Thiochemicals. The product's acceptance in the automotive and transportation industries is what's driving the expansion in Europe.
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Thiochemicals Market Driver
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The Global Thiochemicals market is consolidated. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies in order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Thiochemicals Market Top Player's Company Profiles
Thiochemicals Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Thiochemicals Market Analysis, in terms of type, the Mercaptans segment held the largest share and is estimated to maintain a similar trend over the forecast period. In terms of end users, chemicals accounted for a maximum market share followed by food and agro-chemical. With a growing demand for consumption of meat and beef the Thiochemicals industry is likely to witness upswings.
|Market size value in 2021||USD 2.166 billion|
|Market size value in 2030||USD 2.22 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Thiochemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Thiochemicals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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