Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Thiochemical Market.
The global thiochemical market is expected to scale to a valuation of USD 3,423.3 Mn at a CAGR of 3.75% by the end of the forecast period of 2018-2024, assets Market Research Future (MRFR) in an in-depth study.
The growth of the global thiochemical market is substantiated by persistent demand from various industry verticals. Thiochemicals find application in diverse use cases across multiple industries such as agrochemical, cosmetics, oil & gas, chemical and plastics, and others and expansion of inter-related end-use industries resonate strong growth within the global thiochemical market.
In the food industry, thiochemicals such as methyl mercaptan is used to produce methionine, widely used sulfur-containing amino acid for animal nutrition (poultry feeding). Augmenting demand for poultry meat is likely to augur the growth of the global thiochemicals market.
The oil & gas industry is a major end user of the global thiochemical market accounting for the maximum demand for the market. Thiochemicals enhance desulfurization processes and gas odorization, and thiochemicals are used as an anti-coking agent to crack the crude oil in the oil & gas industry. Also, regulations such as Euro 5, BS IV, China V, and others to curb elevating levels of air pollution has reflected positively on the growth of the global thiochemical market. Thiochemicals are used to reduce sulfur content lead content, cetane number, and FAME (Fatty Acid Methyl Esters) content due to which they are extensively used in the oil & gas industry.
On the other hand, volatility in the price of raw materials and toxicity concerns surrounding thiochemicals are likely to constrain the growth of the market over the forecast period. Meanwhile, the ban on methyl bromide for soil fumigation has induced incremental demand for thiochemicals within the agrochemical industry which is likely to boost the growth of the market over the forecast period.
The global thiochemical market has been segmented based on product type and end-use industry.
By product type, the global thiochemical market has been segmented into sulfonyls, thioglycolic, sulfides & polysulfides, sulfates & sulfites, mercaptans, and others. The mercaptans segment accounted for the largest share of the global market in 2017 and is expected to expand at a CAGR of 3.42% over the forecast period. Various types of mercaptans find application in diverse end-use industries due to which the segment is witnessing sustained demand. The segment is anticipated to reach USD 1,444.8 Mn by 2024.
By end-use industry, the global thiochemical market has been segmented into oil & gas, animal nutrition, agrochemicals, chemicals, pharmaceuticals, cosmetics & personal care, electrical & electronics, and others. The oil & gas segment accounted for the largest share of 34% in 2017 and is likely to maintain its lead over the forecast period. Thiochemicals are increasingly used as a catalyst in the hydrodesulfurization of fuels, as an anti-cocking agent in the cracking of petroleum refineries, and as odorants for LPG and natural gas. The oil & gas segment is expected to capture a CAGR of 4.21% over the forecast period.
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North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are the key markets for thiochemical.
APAC is the largest market for thiochemical and held a 42% share of the global market in 2017. Prolific growth of end-use industries in the region, increasing petrochemical projects, and expansion of the agrochemical industry is fuelling the growth of the APAC market. The APAC thiochemical market is expected to reach a valuation of USD 1473.2 Mn by 2024.
North America is a significant market for thiochemical and is likely to capture a CAGR of 3.62% over the forecast period. Expanding animal nutrition industry coupled with the expansion of end-use industries such as oil & gas, cosmetics & personal care, and pharmaceuticals in the region can be credited for the growth of the market.
Europe thiochemical market is anticipated to expand at a CAGR of 3.5% over the forecast period. Expansion of production capacity of elemental sulfur along with streamlined supply chain of thiochemical manufacturers in the region triggers the growth of the market in the region.
Rapid industrialization and various chemical manufacturers investing in Latin America and the Middle East & Africa region to tap the opportunities presented by the regions drive the Latin America and MEA thiochemical market.
The notable players in the global thiochemical market include Arkema SA (France), Merck KGaA (Germany), TORAY INDUSTRIES, INC. (Japan), Varsal (U.S.), Chevron Phillips Chemical Company (U.S.), HEBEI YANUO Bioscience Co., Ltd. (China), Affon Chemical Co., Ltd. (China), Uniwin Chemical Co., Ltd. (China), Oxon Italia S.p.A. (Italy), SHINYA CHEM (China), BRUNO BOCK Chemische Fabrik GmbH & Co. KG (Germany), Thermo Fisher Scientific (U.S.), Taizhou Sunny Chemical Co., Ltd (China), Zhongke Fine Chemical Co., Ltd. (China), and BASF SE (Germany).
In September 2018, Arkema, leading specialty chemicals and advanced material company, announced a project to increase its linear mercaptans production capacities to further strengthen its position as a leader in mercaptans. The incremental investment would increase the manufacturing capacity of the Houston (Texas) plant.
In November 2018, Arkema Malaysia Thiochemicals and the Monash University Malaysia (MUM) entered into a partnership to develop more efficient biocatalysts for Arkema's thiochemical business. The partnership is for a period of 3 years during which research on biocatalysts for sulfur molecules would be carried out at the Kerthe plant in Asia.