Thiochemicals Market

Thiochemicals Market-Size (2023-2028)

The Thiochemicals Market share value is expected to grow at a CAGR of 3% during the forecast period 2023-2028 to reach US $ 2.65 billion by 2028. 

Thiochemicals Market Overview:

Thiochemicals are those in which the oxygen is replaced by a sulfur molecule which results in the formation of a thio compound. This reaction is known as Thionation. A compound named methyl mercaptan consists of thiochemicals and is involved in the production of animal nutrition products. Other applications of thiochemicals are seen in industries like, oil and gas, polymers and chemicals, food and agrochemicals, automotive and transportation, plastic, and also FMCG (Fast Moving Consumer Goods) products.

Thiochemicals Market Drivers:

Thiochemicals are base ingredients in the production of animal nutrition or animal feed. In dietary supplements, methyl mercaptan is an essential ingredient used. Increasing demand for poultry birds and animal meat is leveling up the shares of the thiochemicals market.

Methyl mercaptan is not only used in animal feed but also in the oil and gas industry. During gas leakage, thiochemicals are used as gas iodizers. Also, one of the important use of thiochemicals in the oil and gas industry is that it is used for the desulfurization of fuel. 

The rising demand for fuel, either in liquified or gaseous form, increases, and the usage of thiochemicals increases, which impacts the positive market growth rate.

Thiochemicals Market Restraints:

Changes in trade regulations are slowly degrading the thiochemicals market shares. The high cost of raw materials and disruptions in the supply chain are also restraining the market growth rate. 

Apart from this, the thiochemicals market has harsh effects on the environment as well. Many of the thiochemicals like isopropyl mercaptan and tetrahydrothiophene are causing serious damage to aquatic life due to discharge in water bodies. This factor is also likely to limit the shares of the market. 

Thiochemicals Market Opportunities:

Various applications of thiochemicals in different industries.

The thiochemicals market has widespread in oil and gas, animal feed, agricultural and food industry, plastic industry, and also in a variety of FMCG products industry, but it has also can be applied in the cosmetic industry. More investment in Research and development can help the thiochemicals market to produce cost-effective and better-quality products.

Regarding the hazardous impact the thiochemicals market has on the environment, awareness about the production and usage of the compound as per the safety standards can improve the deteriorating effects of thiochemicals on the environment.

These are the opportunities that the thiochemicals market has to achieve consistent growth.

COVID-19 Impact on the thiochemicals market:

The covid-19 pandemic had a negative impact on the thiochemicals market, and the main concern was the delayed shipping of final produced material and also the shortage of raw materials at the same time.

As the global supply chain got distorted during the covid-19 lockdown, there was a reduction in the production rate. Also, due to similar and other conditions, businesses that depend upon the thiochemicals market, like chemical manufacturing, oil, and gas treatment plants, etc., had to shut down, and thus demand thiochemicals decreased in 2020.   

Also, as the usage of products changed during the pandemic, the demand for thiochemicals in various industries altered. So, it can be said that the covid-19 pandemic has impacted the thiochemical market in a very pernicious way. However, the demand started to rise at a higher rate once the world was set into pre- COVID stage. 

THIOCHEMICALS MARKET REPORT COVERAGE:

Thiochemicals Market Segmentation:

By Type: 

• Mercaptan 

• DMDS (Dimethyl Sulfoxide)

• DMSO (Dimethyl Sulfide)

• Thioglycolic acid 

Among all the types of thiochemicals, Mercaptans are leading the thiochemicals market. Mercaptans are used in the production of methionine which is essential for producing animal nutrition. 

DMDS (Dimethyl Sulfoxide) has applications in the oil and gas industry, mostly during the refining process. It also has uses in pharmaceutical and fragrance manufacturing.

DMSO (Dimethyl Sulfide) is used in labs as a solvent for various kinds of compounds. In industry, it is used during the production of paints, coats, and adhesives. Dimethyl Sulfide is also used to reduce pain, heal wounds, and also for reducing inflammation in animals.

Thioglycolic acids are used in the production of hair care products. It also has uses in dermatology for the treatment of acne and scars.

By Usage:

• Animal nutrition industry
• Oil and gas industry
• Polymers and chemicals
• FMCG (Fast Moving Consumer Goods)
• Plastic 
• Food and agricultural industry

The oil and gas industry is leading the thiochemicals market amongst all the industries where it is being used. In oil and gas, its major use is for refining petroleum and associated products.

The animal nutrition/ animal feed industry follows after the oil and gas industry in terms of usage. As the global population is increasing day by day, the need for meat and poultry animals is also increasing, and this ultimately increases the consumption of thiochemicals for the same.

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle east and Africa 

North America has held the largest market share in the thiochemicals market in recent years due to its high consumption of oil and gas and increasing oil fields. Also, the consumption of thiochemicals for animal feed adds to the growing market share in the region. It is also the largest market for pet food across the world.

Europe is holding the highest CAGR with the growing demand for the manufacturing of animal feed.

The Asia Pacific region can be said as the biggest opportunity for producers as Asia, especially China, is considered the fastest-growing market in the world due to its growing demand for poultry animals.

In Middle East & Africa region is expected to have a steady growth rate with the increasing consumption rate of animal feed products. 

Key players in the thiochemicals market:

• Chevron Phillips Chemical Company LLC
• Daicel Corporation
• Arkema
• Hebei Yanuo Bioscience Co., Ltd.
• TCI Chemicals Pvt. Ltd.