Reports - Thiochemical Market
Thiochemical Market Size, Share & Trends Analysis Report by Product Type (Mercaptan, Dimethyl Sulfoxide (DMSO), Dimethyl Disulfide (DMDS), Thioglycolic Acid and Ester, Thiourea, Others) by Application (Oil & Gas, Food & Beverages, Chemicals, Electrical & Electronics, Automotive & Transportation, Others) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2018 - 2023) & Forecast (2024 - 2032)
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2035
4.4%
North America
Asia Pacific
2019 - 2023
2023 - 2035
The final deliverable will encompass both quantitative and qualitative data, providing a comprehensive analysis of the market. The scope is customizable.
The global Thiochemical Market is valued at USD 1160.2 Million in 2022 and is projected to reach a value of USD 1856.8 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 4.4% between 2023 and 2030.
Premium Insights
A substantial increase in global production and consumption of animal feed boots the growth of Thiochemical market especially in agricultural. For instance, The OECD-FAO Agricultural Outlook 2022–2031 anticipates a rise in protein content in chicken, pig, cow, and sheep meat by 16%, 17%, 8%, and 16% respectively by 2031. Furthermore, it is projected that chicken will account for 47% of all meat-based protein, followed by pig, sheep, and bovine. In terms of poultry meat, consumption is estimated to reach 153,849.67 million tons in 2031. As a result, poultry meat will continue to drive the 16% growth in global meat production by 2031.
Economic Insights
Over the past five years, the Thiochemical market has shown remarkable growth, with an impressive CAGR. This expansion can be credited to various factors, such as the rising global population, which has led to an increased demand for essential resources like oil, food, and clean water, driving a 7% growth. Moreover, the market has experienced a surge of 15% in demand from the oil and gas industry due to its wide range of applications, while the food and beverage sector has seen a 10% rise in thiochemical usage. However, there are still challenges in the industry, including a 20% increase in R&D costs and tough competition from low-cost Asian manufacturers.
Top Market Trends
Market Segmentation
Thiochemical {{Segmentation_Ext}}
Based on Type
Mercaptans holds the largest share
The Thiochemical market is expected to be led by mercaptans, also known as thiols, due to their wide range of applications in various industries. These versatile organic compounds, characterized by a sulfur-hydrogen bond (SH), are utilized in key sectors like oil and gas, where they effectively remove odor from natural gas and protect pipelines from corrosion. They also play a crucial role in the food and beverage industry as both flavorings and preservatives. Additionally, mercaptans have significant uses in water and wastewater treatment, aiding in the removal of heavy metals and contaminants.
Based on Application
Oil and Gas will dominate the market during Forecast Period
The Thiochemical market is anticipated to be dominated by the Oil and Gas application segment due to its extensive and essential utilization of thiochemicals in various applications within the oil and gas industry. A crucial thiochemical component, mercaptans, plays a vital role in odorization by adding a distinct odor to natural gas for the purpose of leak detection, as well as in corrosion inhibition to protect pipelines and equipment. Furthermore, mercaptans are instrumental in drilling fluids, facilitating lubrication of drill bits and removal of cuttings, and they are also pivotal in refining processes such as desulfurization and hydrocracking.
Based on Region
North America will lead the market
North America is expected to dominate the Thiochemical market. The regions strong presence in the oil and gas industry demonstrates a significant demand for these compounds. Moreover, the growing need for thiochemicals in the food and beverage as well as water and wastewater treatment sectors within North America is becoming increasingly apparent. Additionally, the regions agricultural and chemical industries are recognizing the numerous advantages of thiochemicals, further enhancing their prominence. North America benefits from established manufacturers, a skilled workforce, and government support for industry development, which greatly contributes to its Thiochemical market.
Competitive Landscape
The global Thiochemical market is fragmented, including a diverse array of the presence of several key players including well-known chemical manufacturers, both global and specialized, who cater to the diverse needs of industries such as oil and gas, food and beverage, water and wastewater treatment, and chemicals. The competition mainly revolves around product innovation, cost-effectiveness, and the creation of environmentally-friendly thiochemical solutions to comply with strict environmental regulations. Leading companies maintain their positions through strategic partnerships, mergers and acquisitions, and expanding their presence in different regions. Meanwhile, smaller players differentiate themselves by focusing on niche markets and specialized applications of thiochemicals.
The players in the global Thiochemical market include Arkema S.A. among others.
Recent Market Developments
Segmentation of the Global Thiochemical Market
Source: www.vantagemarketresearch.com
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
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