Global Thiochemicals Market

Global Thiochemicals Market Size, Share, Growth Analysis, By Type(Mercaptans, Di Methyl Di Sulfide), By End User(Oil, Gas) - Industry Forecast 2023-2030


Report ID: SQMIG15E2126 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 75 | Figures: 75

Global Thiochemicals Market Insights

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.

Market snapshot - 2023-2030

Global Market Size

USD 2.166 billion

Largest Segment

Mercaptans

Fastest Growth

Mercaptans

Growth Rate

2.5% CAGR

Global Thiochemicals Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Thiochemicals Market Size By Type, 2021-2028 ($ Bn)
Global Thiochemicals Market Size By Type, 2021-2028 (%)

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Global Thiochemicals Market Segmental Analysis

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

Global Thiochemicals Market By Type , 2021(%), 2021 (%)

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Global Thiochemicals Market Regional Insights

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.

Global Thiochemicals Market By Geography, 2021 - 2028, 2023-2030
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Global Thiochemicals Market Dynamics

Thiochemicals Market Driver

  • Since methionine is a key nutrient for the poultry industry, it is expected that the significant usage of this chemical in methionine production will drive the market for Thiochemicals. Thiochemicals are widely used in many different industries as a result of the rising demand for natural gas in home and industrial applications as well as the expanding capacity of oil and gas refining globally.
  • The rising demand for animal nutrition products, the expansion of Thiochemicals applications for the desulfurization of diesel and gasoline, their extensive use in gas leakage detection, the rise in global poultry consumption, rising consumer numbers, and a number of untapped emerging markets are all anticipated to positively impact the target market's expansion. Additionally, the Thiochemicals market will experience rapid growth during the forecast period due to the expanding application scope of Thiochemicals in a variety of use cases across several industries, including cosmetics, oil and gas, chemical, plastics, agrochemical, and others.

Thiochemicals Market Restraint

  • The caustic and unstable character of the solution and raw materials is the main obstacle preventing the market for thioglycolic acid from expanding. Direct skin contact can result in serious harm, chemical burns, and deadly injuries to the eyes, skin, respiratory system, or digestive system. Thioglycolic acid is dangerous to use because of how poisonous it is. The expensive expense of changing the right formula further restrains the Thiochemicals market.
  • Mercaptan use is hazardous to both the environment and human health. The chemical mecaptan stimulates the central nervous system and has a potent odor. Mercaptan is combustible when used in industrial settings, and large concentrations can result in headaches, nausea, eye discomfort, and respiratory distress. Through inhalation, it can be quickly absorbed, but only slightly through the skin and eye contact. It also poses serious environmental risks when exposed continuously. Some prominent corporations had to shut down their manufacturing operations owing to the major life damage inflicted at the location. Consumer preferences favors organically cultivated food products over those produced with synthetic chemicals, which limits the market's demand for Thiochemicals.

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Global Thiochemicals Market Competitive Landscape

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

  • Chevron Phillips Chemical Company
  • Akzo Nobel N.V.
  • BASF SE
  • Toray Fine Chemicals Co., Ltd.
  • Arkema S.A.
  • Toray Industries Inc.
  • Solvay S.A.
  • Lanxess AG
  • Evonik Industries AG
  • E. I. du Pont de Nemours and Company
  • Eastman Chemical Company
  • Jubilant Life Sciences Limited
  • Chevron Corporation
  • Merck KGaA
  • Sumitomo Chemical Co. Ltd.
  • Mitsui Chemicals, Inc.
  • Orica Limited
  • Tokyo Chemical Industry Co. Ltd.
  • Thermo Fisher Scientific Inc.
  • W. R. Grace & Co.

Thiochemicals Market Recent Developments

  • In Jan 2022, The FDA has granted abbreviated new drug application (ANDA) approval to Milla Pharmaceuticals, a subsidiary of the Alter Pharma Group, for its generic version of magnesium sulphate in water for injection in no polyvinyl chloride, single-patient use containers.
  • In May 2022, Arkema announce the launch of TippoxTM 2028 stabilizer, the optimized stabilizer solution for the growing base of customers in PMMA production around the globe. TippoxTM 2028 stabilizer offers a new approach to traditionally utilized methods of handling thermal degradation.

Global Thiochemicals Key Market Trends

  • Ethyl mercaptan serves as a beginning & intermediate material in various industries, the plastic manufacturing industries also contribute significantly to output. Additionally, because it solves the problem of plastic waste, it is anticipated that the growing popularity of plastic furniture will have a good effect on the rate of production.
  • Thiourea is also known as the dry-cleaning agent, and is used in light sensitivity photocopy papers. In addition, increase in the number of investments in metallurgy industries globally is one of the major trends in Thiochemicals market.

Global Thiochemicals Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 2.166 billion
Market size value in 2030 USD 2.72 billion
Growth Rate 2.5%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Mercaptans, Di Methyl Di Sulfide, Di Methyl Sulfoxide, Thioglycolic Acids, Thioglycolic Esters, Thiourea, Others
  • End User
    • Oil, Gas, Food, Agro-Chemical, Chemicals, Plastics, Electricals, Electronics, Automotive, Consumer Good, Others
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)
Companies covered
  • Chevron Phillips Chemical Company
  • Akzo Nobel N.V.
  • BASF SE
  • Toray Fine Chemicals Co., Ltd.
  • Arkema S.A.
  • Toray Industries Inc.
  • Solvay S.A.
  • Lanxess AG
  • Evonik Industries AG
  • E. I. du Pont de Nemours and Company
  • Eastman Chemical Company
  • Jubilant Life Sciences Limited
  • Chevron Corporation
  • Merck KGaA
  • Sumitomo Chemical Co. Ltd.
  • Mitsui Chemicals, Inc.
  • Orica Limited
  • Tokyo Chemical Industry Co. Ltd.
  • Thermo Fisher Scientific Inc.
  • W. R. Grace & Co.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Thiochemicals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Thiochemicals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Thiochemicals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Thiochemicals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

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).

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. 'Chevron Phillips Chemical Company', 'Akzo Nobel N.V.', 'BASF SE', 'Toray Fine Chemicals Co., Ltd.', 'Arkema S.A.', 'Toray Industries Inc.', 'Solvay S.A.', 'Lanxess AG', 'Evonik Industries AG', 'E. I. du Pont de Nemours and Company', 'Eastman Chemical Company', 'Jubilant Life Sciences Limited', 'Chevron Corporation', 'Merck KGaA', 'Sumitomo Chemical Co. Ltd.', 'Mitsui Chemicals, Inc.', 'Orica Limited', 'Tokyo Chemical Industry Co. Ltd.', 'Thermo Fisher Scientific Inc.', 'W. R. Grace & Co.'

Since methionine is a key nutrient for the poultry industry, it is expected that the significant usage of this chemical in methionine production will drive the market for Thiochemicals. Thiochemicals are widely used in many different industries as a result of the rising demand for natural gas in home and industrial applications as well as the expanding capacity of oil and gas refining globally.

Ethyl mercaptan serves as a beginning & intermediate material in various industries, the plastic manufacturing industries also contribute significantly to output. Additionally, because it solves the problem of plastic waste, it is anticipated that the growing popularity of plastic furniture will have a good effect on the rate of production.

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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