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Thiochemical Market- Regional AnalysisBased on region, the thiochemical market covers growth opportunities and latest trends across North America, Latin America, Asia Pacific, Europe and Middle East and Africa. Of these, the APAC region will have the maximum share in the thiochemical market owing to the prolific growth of the region’s end-use industries, rising petrochemical projects as well as immense growth of the agrochemical industry. The thiochemical market in North America will have a significant growth and expand at a striking 3.62% CAGR over the forecast period. The factors that can be attributed for the growth of the market in this region include growing animal nutrition industry and expansion of some end-use industries namely pharmaceutical, cosmetics and personal care and oil and gas. In Europe the thiochemical market is expected to grow at a striking 3.5% CAGR owing to streamlined supply chain concerning thiochemical manufacturers and production capacity expansion of elemental Sulphur. The thiochemical market in Middle East and Africa and Latin America will have a favorable growth owing to some chemical manufacturers making investments in this region coupled with rapid industrialization.
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Competitive Analysis
The thiochemicals market is extremely consolidated. The key manufacturers are laying emphasis to improve their footprint in the market by expanding the manufacturing facilities to suffice the growing need of thiochemicals the world over.
Key Players
Leading players profiled in the thiochemical market include BASF SE (Germany), Zhongke Fine Chemical Co., Ltd. (China), Taizhou Sunny Chemical Co., Ltd (China), Thermo Fisher Scientific (U.S.), BRUNO BOCK Chemische Fabrik GmbH & Co. KG (Germany), SHINYA CHEM (China), Oxon Italia S.p.A. (Italy), Uniwin Chemical Co., Ltd. (China), Affon Chemical Co., Ltd. (China), HEBEI YANUO Bioscience Co., Ltd. (China), Chevron Phillips Chemical Company (U.S.), Varsal (U.S.), TORAY INDUSTRIES, INC. (Japan), Merck KGaA (Germany), Arkema SA (France) and others.
Nov 2018- Arkema Malaysia Thiochemicals has joined hands with Monash University Malaysia to create highly efficient biocatalysts for its thiochemical business. This is a 3-year partnership wherein research will be conducted on biocatalysts for the sulfur molecules in the Kerthe plant, Asia.
Market Analysis
The global thiochemical market is expected to touch USD 3,423.3 million at a promising 3.75% CAGR over the forecast period (2018-2024). Simply put, thiochemical is a group of chemicals where the oxygen molecule gets replaced by sulfur which is known as the Thio-compound. This form of a reaction where sulfur ion replaces the oxygen ion is performed through a process called thionation. The major compound being sulfur is utilized in thiochemical production such as the methyl mercaptan which serves as a precursor for amino acids that is used further in animal nutrition products. Besides, thiochemical compounds are used as anti-cocking agent, polymerization agents and also to detect gas leakage. Thiochemicals especially methyl mercaptan along with other mercaptans are used in oil and gas industry for gas leakage detection applications, cracking process and desulfurization. Not only this, it is also used in polymer and plastic industry and chemicals.
There are many factors that is driving the growth of the thiochemical market. Some of these factors as per the Market Research Future (MRFR) report include increasing need for natural gas both in domestic and industrial applications, oil and gas’ increasing refining capacity, increasing need for various animal nutrition products, its growing need in chemicals, plastic, agrochemicals and food industry, regulations laid by the government in the developed regions, IMO initiatives to cut down sulfur content and ban on methyl bromide especially for soil fumigation. On the contrary, factors such as toxicity concerns and volatility in raw material prices may constrain the thiochemical market growth.
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Market Segmentation
Market Research Future report offers an all-inclusive segmental analysis of the thiochemical market on the basis of product type and end-use industry.
Based on Product Type, it is segmented into mercaptans, sulfates and sulfites, sulfides and polysulfides, thioglycolic, sulfonyls and others. Of these, mercaptans will lead the thiochemical market owing to its wide application in various end-use industries. It is anticipated to touch USD 1,444.8 million over the forecast period.
Based on End-Use Industry, the thiochemical market is segmented into electrical and electronics, cosmetics and personal care, pharmaceuticals, chemicals, agrochemicals, animal nutrition, oil and gas and others. Of these, oil and gas will have maximum market share and is expected to maintain the lead during the forecast period owing to the increasing use of thiochemicals as a catalyst as odorants for natural gas and LPG, anti-cocking agent in crackling of the petroleum refineries and hydrodesulfurization of fuels. It is predicted to grow at 4.21% CAGR over the forecast period.
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