ID: MRFR/CnM/9333-CR | April 2022 | Region: Global | 100 pages
The global mercaptan market size was valued at USD 1,649.96 million in 2020 and is projected to reach USD 2,693.57 million by 2030 at a CAGR of 5.35%.
Mercaptan is the class of organic compounds, composed of an aryl or alkyl group and a thiol group. Mercaptan is also known as methanethiol and is a harmless but pungent-smelling gas that has been described as having the stench of rotting cabbages or smelly socks. It is often added to natural gas, which is colorless and odorless, to make it easier to detect. It is an organic substance made of carbon, hydrogen, and sulfur. It is found naturally in living organisms, including the human body, where it is a waste product of normal metabolism. It is one of the chemicals responsible for the foul smell of bad breath and flatulence.
COVID-19 Impact on the Mercaptan Market:
The outbreak has significantly impacted the chemicals & materials supply chains, international trade, and manufacturing operations across the world. Mercaptan production declined amidst the COVID-19 pandemic as market players had to shut production facilities or operate the facilities below the optimal production capacities to avoid the spread of the novel coronavirus. Additionally, the lack of availability of raw materials owing to supply disruptions due to border and trade restrictions have impacted the production of mercaptan. However, some large market players have continued operations at their production facilities. Furthermore, the declining prices of raw materials and low demand from the end-use industries have resulted in surplus stocks and, thus, reduced production.
The primary raw materials used to manufacture mercaptan are hydrogen sulfide, ethylene, methanol, and propene. The outbreak caused a huge impact on the supply of raw materials. The chemical industry was badly hit by the global COVID crisis, which affected the price margins of raw materials as well as end products. Thus, the outbreak has resulted in the disruption of the supply-demand of raw materials, which affected the production of chemicals to a huge extent.
Mercaptan occupies a small but lucrative niche of the global chemical industry, a closely interlinked market that depends on supply dependability.
Extensive areas of China have ground to a halt due to quarantine protocols, which have forced worker shortages, market shutdowns, and even raw material shortages. The logistics of managing the bottlenecks of regional border checkpoints has also become an aspect concerning the global supply of mercaptan.
The use of chemical fertilizers, pesticides, and other chemical-based agricultural products is a widespread global phenomenon. Mercaptan is used in agricultural applications as an intermediate in the production of pesticides and fungicides. Pesticides and fungicides are extensively used in modern agriculture and are an effective and economical way to enhance the yield quality and quantity, thus ensuring food security for the ever-growing population around the globe
The usage of mercaptan poses environmental and human health hazards. Mercaptan is a central nervous system stimulant and also a strong odor-causing chemical. When used in industrial settings, mercaptan is flammable and can cause headaches, nausea, eye irritation, and respiratory distress at high doses. It can be absorbed rapidly through inhalation and minimally through the skin and eye exposure. The continuous exposure to it causes severe environmental hazards too. Some big firms had to shut down their manufacturing units owing to the major life damage caused at the facility. Many consumers prefer organically grown food supplies rather than the ones grown using synthetic additives, causing the restraints for the mercaptan market demand.
Mercaptan is used in the plastic industry as a moderator for free-radical polymerizations. Blended or alone, mercaptans are commonly used as coupling agents in conjunction with diene rubbers and as additives in the manufacturing process of several thermoplastics, elastomers, or acrylic polymers. Such facilities are normally large and are visually similar to oil refineries, with sprawling pipework running throughout. The large size of these plants allows them to exploit economies of scale. The mercaptans in plastic impart a distinctive odor and do not undergo chemical change in their composition when heated and thus can be molded repeatedly. Plastics are typically made through human industrial systems. Most modern plastics are derived from fossil fuel-based chemicals like natural gas or petroleum.
Hydrogen sulfide is used as a source of sulfur for manufacturing different types of thiochemicals, including mercaptan. The hydrogen sulfide is obtained either by separating from sour gas (natural gas with high content of H2S) or by treating hydrogen with molten elemental sulfur, where hydrogen is derived from hydrocarbons. However, there observed a high fluctuation in crude oil prices in the recent past, affecting the raw material availability and, thereby, the pricing index.
The Asia-Pacific market accounted for the largest share, by value and volume, followed by the North America and Europe markets in 2020. The market in Asia-Pacific offers opportunities for growth to manufacturers and is slated to register the highest CAGR. This growth can be mainly attributed to the increase in government investments, expansion of production capacity, a collaboration of key players in the region, and high demand from end-use industries. Further, China emerged as one of the largest producers and consumers of agrochemicals, which further attributed to the growth of mercaptan in the country.
North America accounted for the second-largest market. The growth in the North America mercaptan market is mainly attributed to the growing chemical industry in the US. Chemical industries will lead consumption of mercaptan in North America due to their increased consumption for the synthesis of specialty chemicals and leaks identification. Furthermore, a large number of global companies are planning to expand and build new facilities in the region. The growth in Europe can be mostly attributed to technological advancements, and well-developed mercaptan industry.
The global mercaptan market is expected to showcase healthy growth throughout the forecast period. The global market represents strong numbers in terms of consumption and is expected to grow year on year. The global mercaptan market is highly fragmented, with a majority presence of tier-1 players. Some of the key players operating in the global mercaptan market are Chevron Phillips Chemical Company LLC., ARKEMA, Huntsman International LLC., Evonik, TORAY FINE CHEMICALS CO., LTD., and Jiande Xingfeng Chemical Co., Ltd.
Some of the key developments include:
The mercaptan market is segmented by type, application, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global mercaptan emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: USD 2,693.57 Million|
|CAGR||5.35% CAGR (2021-2030)|
|Forecast Units||Value (USD Million) & Volume (KiloTons)|
|Report Coverage||Revenue Forecast, Competitive Landscape, and Growth Factors|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa|
|Key Vendors||Chevron Phillips Chemical Company LLC., ARKEMA, Huntsman International LLC., Evonik, TORAY FINE CHEMICALS CO., LTD., and Jiande Xingfeng Chemical Co., Ltd.|
|Key Market Opportunities||• Increasing prevalence of mercaptan in plastics production to create lucrative opportunities|
|Key Market Drivers||• Growing agrochemicals industry boosting the sales of mercaptan based pesticides, fungicides intermediates • Increasing mercaptan demand in oil & gas industry|
Frequently Asked Questions (FAQ) :
The global mercaptan market would register a growth of 5.35%.
The pesticides application will play a prominent role in taking the market forward.
Increasing health and environmental concerns could restrain the market.
Asia-Pacific would enjoy the upper hand in the mercaptan market.
China, as the largest consumer, would set the trend.