Thiochemicals Market Size, Share & Industry Analysis, By Product Type (Mercaptans, Dimethyl disulfide (DMDS), Dimethyl sulfoxide (DMSO), Thioglycolic acid and esters, Thiourea, Others), By End-Use (Oil & Gas, Food & Agrochemicals, Chemicals, Plastics, Electrical & Electronics, Automotive & Transportation, Consumer Goods, Others) And Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Thiochemicals refers to the chemical, usually an ion, where a sulphur ion replaces the oxygen atom in the compound. The reaction which converts oxygen into sulphur is known as thiation or thionation. The thiochemicals are categorized into mercaptans, dimethyl disulfide, dimethyl sulfoxide, thiourea, and thioglycolic acid & esters. Moreover, the thiochemical compounds are mainly utilized as anti-cocking agents, polymerization agent, as well as for gas leakage detection. The product finds its use in a wide range of applications such as oil & gas, food & agrochemicals, chemicals, plastics, electrical & electronics, automotive & transportation, and consumer goods.
The thiochemicals market is anticipated to witness the highest growth owing to increasing its adoption in the oil & gas and plastic applications. In the oil & gas application, the thiochemicals including methyl mercaptan is mainly used for natural gas leakage detection, cracking process, and desulfurization. Whereas, in the plastic application, the thiochemicals are utilized to produce thioglycolic acids, which are further used in the PVC heat stabilizer synthesis. Hence, the rising use of the product in these applications will contribute to fuel the thiochemicals market growth during the forecast timeline.
However, the thiochemicals such as tetrahydrothiophene and isopropyl mercaptan are highly flammable and toxic to aquatic fauna. This restricts their adoption in various applications. Hence, this іѕ anticipated hindering the market growth.
Key Market Driver -
The rising use of thiochemicals in oil & gas and plastic applications to drive the market growth.
Key Market Restraint -
Toxicity of thiochemicals to restrict the market growth
Market Segmentation:
Based on product type, the thiochemicals market is segmented into mercaptans, dimethyl disulfide (DMDS), dimethyl sulfoxide (DMSO), thioglycolic acid & esters, thiourea, and others. Based on end-use, the market is segmented into oil & gas, food & agrochemicals, chemicals, plastics, electrical & electronics, automotive & transportation, consumer goods, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Players Covered:
The key players in the thiochemicals market include Arkema Group, HEBEI YANUO Bioscience Co., Ltd., Chevron Phillips Chemical Co. LLC, BRUNO BOCK Chemische Fabrik GmbH & Co. KG, and Toray Fine Chemicals Co. Ltd., GABRIEL., Quadrimex Chemical, Chromatotec, BASF SE, Gaylord Chemical, and The PMC Group Building.
Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenarios
- Porters Five Forces Analysis
Regional Analysis:
North America is the leading contributor and anticipated to witness the highest growth in the thiochemicals market. The growth is due to the rising adoption of the thiochemicals such as dimethyl disulphide (DMDS) in the food & agrochemical. Further, increasing the use of the product in the electrical & electronics will fuel the market growth in this region. The rising use of thiourea in the chemical and consumer goods will fuel the market growth in Asia Pacific, in which China and India are the leading countries. In Europe, the growth is due to the adoption of the product in the automotive & transportation. The Middle East & Africa is anticipated to witness significant growth, owing to the high demand for the product in the oil & gas industry.
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Segmentation
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Thiochemicals Industry Developments
- In July 2017, Arkema started its new project in order to double its methyl mercaptan production capacity at its Kerteh site in Malaysia. This company has done this development to support the strong growth of the animal feed, refining, and petrochemical markets in Asia and to strengthen its world leading position in high value added sulfur derivatives. This new project will help the company to expand its business across the world.
- Ongoing
- 2023
- 2019-2022
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