Thiochemicals Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Mercaptan, Dimethyl Sulfoxide (DMSO), Dimethyl disulfide (DMDS), Thioglycolic Acid and Ester, Thiourea, Others), By Application (Animal Nutrition, Oil and Gas, Polymers and Chemicals, Food and Agrochemicals, Automotive and Transportation, Others), By Region and Competition 2018-2028
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationThiochemicals Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Mercaptan, Dimethyl Sulfoxide (DMSO), Dimethyl disulfide (DMDS), Thioglycolic Acid and Ester, Thiourea, Others), By Application (Animal Nutrition, Oil and Gas, Polymers and Chemicals, Food and Agrochemicals, Automotive and Transportation, Others), By Region and Competition 2018-2028
As of 2021, United States is the biggest producer of natural gas in the world with a production of approximately 914 billion cubic meters.
Thiochemicals are a class of organic chemicals that contain sulfur atoms in their molecular structure. These chemicals are widely used in various industrial applications such as pharmaceuticals, agrochemicals, and materials science. Some common examples of thiochemicals include thiol compounds (also known as mercaptans), thioesters, thioureas, and sulfides. Thiol compounds are characterized by their strong sulfur-hydrogen bond, and are often used in the production of pharmaceuticals, flavorings, and rubber. Thioesters are important intermediates in various biochemical pathways, while thioureas are used as catalysts and stabilizers in various industrial processes. Sulfides are used as solvents, additives in lubricants, and in the production of sulfur-containing polymers.
The primary raw material used in the thionation process is Sulphur, which produces methyl mercaptan and other mercaptans after further processing. While other mercaptans are employed as gas iodizers in gas leakages and polymerization agents in the polymerization industries, methyl mercaptan is used in animal nutrition and the oil and gas sectors. Methyl mercaptans are also used in crackers as anti-coking agents and in refineries for the desulfurization of fuels in the oil and gas industry. Thiochemicals are also utilised to create thioglycolic acids, which serve as building blocks in the production of PVC heat stabilisers.
Investments made by companies in the thiochemicals market will go towards acquiring new technologies, obtaining raw materials, maximising efficiency in purchasing and inventory management, bolstering product portfolios, and utilising capabilities to sustain growth in difficult economic times. Thiochemicals’ manufacturers and related businesses are concentrating on country-specific strategies because it is well known that the economic and social issues vary greatly between various markets and countries.
For instance, Invest India reported that in June 2022 compared to June 2021, natural gas production climbed by 1.2 percent in India
Increasing Demand of Refinery Chemicals in Oil and Gas is Driving the Market Growth
The Canadian government reports that compared to August 2020, oil production in Canada grew by 18% in August 2022.
Increasing Demand from Agrochemicals Sector is Driving the Market Growth
The agrochemical sector has a strong demand for thiochemicals. Thiochemicals are a necessary intermediate in the manufacturing of fungicides and insecticides for use in agriculture. The agrochemical industry's thiochemicals market is driven by the widespread use of pesticides and fungicides, which is an effective and economical way to increase product quality and quantity and ensure food security for the world's expanding population.
The US Department of Agriculture reports that the USDA announced an approximately USD 240 million investment to promote cutting-edge fertilisers developed in the US, providing US farmers with more market possibilities. The demand for thiochemicals is likely to increase because of the increase in demand and government spending in thiochemicals around the world. This is expected to drive the market expansion in the thiochemicals sector during the forecast period.
Increasing Demand from Animal Nutrition Segment Will Drive the Market Growth
Thiochemicals are mostly used in the form of methyl mercaptan, as mercaptan which is used to produce methionine in the animal nutrition. Methionine is primarily utilised in livestock and poultry feed as a dietary supplement. Hence, it is anticipated that the market for thiochemicals will be driven by the rising demand for meat, particularly poultry.
The industry of animal nutrition dominates the market for thiochemicals. The market for thiochemicals is primarily driven by population growth and chicken consumption. The most common form of thiochemical is methyl mercaptan, which is used to produce methionine for use in animal nutrition. Other than methionine, cysteine is another type of thiochemical which is primarily utilised in poultry feed to improve the growth and health of animals. The market for thiochemicals is anticipated to be driven by the increased demand for meat, particularly poultry.
In Asia, especially India and China, poultry consumption will increase because of the growing population, which experts predict, will intensify. This would heighten the demand for poultry meat and eggs and raise the industry's use of thiochemicals. Throughout the past few years, the business has seen an increase in the production and consumption of hog, poultry, and beef and veal meat. Also, it has raised the need for animal feed, spurring industry expansion.
It is anticipated that the production of feed would increase significantly across Europe, Asia, the Middle East and Africa, North America, and South America. This, in turn, is anticipated to increase product demand in the industry.
Environmental Hazard and Risk Assessment Regarding Thiochemicals are Major Challenges to the Thiochemicals Market
A significant barrier to the expansion of the thiochemicals market is the high toxicity of combustible thiochemicals such as tetrahydrothiophene and isopropyl mercaptan, which are exceedingly hazardous to the environment and human health. The chemical mercaptan has a potent odor and activates the central nervous system. This means that Mercaptan is flammable when employed in industrial settings, and high doses can result in headaches, nausea, eye irritation, and respiratory distress. Furthermore, it poses significant environmental concerns when exposed continuously.
Some illustrious firms were obliged to cease their industrial operations due to the substantial human casualties at the scene. Thiochemicals demand is constrained by consumer preferences that favor food produced using natural processes over those produced using synthetic chemicals. The thiochemicals business thus faces a significant problem as a result of variables like environmental risks and risk assessment associated with thiochemicals.
Recent Developments
On April 26, 2022, Chevron Phillips Chemical (CPChem) began its construction on a new hydrodesulfurization unit in Tessenderlo, Belgium. The Tessenderlo facility has been producing mercaptans for more than 40 years. These sulfur-based chemicals have a wide range of uses, including as additives, antioxidants, and gas odorants. CPChem is committed to developing products that enhance quality of life in a sustainable manner. The new HDS unit will promote circularity by turning sulphur, which is now a waste stream at the Tessenderlo facility, into hydrogen sulphide, a feedstock used locally to make mercaptans. Also, it will create fuel for a brand-new cogeneration unit that powers the facility's steam and electricity, lowering SO2 emissions and enhancing its dependability. The new HDS unit is scheduled to start commercial production by the end of 2023.
Market Segmentation
Global Thiochemicals Market
Market Players
Arkema SA, Chevron Phillips Chemical Co. LLC, BASF SE, Bruno Bock GmbH, Daicel Corporation, Dr. Spiess Chemische Fabrik GmbH, TCI Chemicals (India) Pvt. Ltd, Toray Fine Chemicals Co. Ltd., Merck KGaA, Hohhot Guangxin Chemical Trade Co. Ltd., are some of the key players of the Global Thiochemicals Market.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR for 2018-2022 and 2023-2028 |
| Report coverage | Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends |
| Segments covered | Product Type Application |
| Regional scope | North America, Europe, Asia Pacific, South America, Middle East & Africa |
| Country scope | United States, Mexico, Canada, France, Germany, United Kingdom, Spain, Italy, China, India, South Korea, Japan, Singapore, Brazil, Argentina, Colombia, South Africa, Saudi Arabia, UAE |
| Key companies profiled | Arkema SA, Chevron Phillips Chemical Co. LLC, BASF SE, Bruno Bock GmbH, Daicel Corporation, Dr. Spiess Chemische Fabrik GmbH, TCI Chemicals (India) Pvt. Ltd, Toray Fine Chemicals Co. Ltd., Merck KGaA, Hohhot Guangxin Chemical Trade Co. Ltd., are some of the key players of the Global Thiochemicals Market. |
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