Thiochemical Sales Market

The global Thiochemical Sales Market is valued at USD 2235 Million in 2022 and is projected to reach a value of USD 2716 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 2.6% between 2023 and 2030.

Premium Insights

A substantial increase in global production and consumption of animal feed boots the growth of Thiochemical Sales 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.

• The Thiochemical Sales market is being driven by the thriving oil and gas industry for odorization and corrosion inhibition. Additionally, the global focus on water and wastewater treatment, driven by environmental concerns, is expected to boost thiochemical demand.
• North America generated more than 40.30% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• Mercaptans segment accounted for the largest market growth. It contributed over 35.2% of the total revenue share in 2022
• Oil and Gas segment revealed the most significant market growth, contributing more than 40.5% of the total revenue share in 2022

Economic Insights

Over the past five years, the Thiochemical Sales 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.

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

Top Market Trends

• Rising Need for Specialized Thiochemicals: The thiochemicals industry is witnessing a surge in demand for specialty chemicals, driven by sectors like agriculture, pharmaceuticals, and petrochemicals. These niche thiochemical products, such as pesticides, pharmaceutical intermediates, and oilfield chemicals, were highly sought-after due to their unique and targeted uses.
• Shifting Focus towards Sustainable and Eco-Friendly Thiochemicals: The market for Thiochemical Sales witnessed a surge in demand for specialty products, driven by various industries such as agriculture, pharmaceuticals, and petrochemicals. Notably, there was a significant shift towards sustainable and environmentally friendly thiochemicals, prompting manufacturers to invest in research and development.
• Technological Advancements: The recent advancements in technology have resulted in significant improvements in efficiency and cost-effectiveness in thiochemical production processes.
• Rising Demand for Agrochemicals: Thiochemicals are playing a crucial role in supporting the agriculture industry, mainly in the production of pesticides and fertilizers. With the world's population on the rise and a growing need for enhanced agricultural productivity, the demand for agrochemicals is increasing, resulting in a significant impact on thiochemical sales.

Market Segmentation

Thiochemical Sales The global Thiochemical Sales market can be categorized into Type, Application, Region. The Thiochemical Sales market can be categorized into Mercaptans, Dimethyl Sulfoxide (DMSO), Dimethyl Disulfide (DMDS), Thioglycolic Acid and Ester, Thiourea, Others based on Type. The Thiochemical Sales market can be categorized into Animal Nutrition, Oil and Gas, Polymers and Chemicals, Food and Agrochemicals, Automotive and Transportation, Consumer Goods, Plastics, Others based on Application. The Thiochemical Sales market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Type

Mercaptans holds the largest share

The Thiochemical Sales 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 Sales 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 Sales market. The region's 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 region's 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 Sales market.

Competitive Landscape

The global Thiochemical Sales 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 Sales market include Arkema S.A., Bruno Bock GmbH (Bruno Bock Holding GmbH & Co. KG), Chevron Phillips Chemical Company LLC, Daicel Corporation, Dr. Spiess Chemische Fabrik GmbH (GECHEM GmbH & Co KG), Hebei Yanuo Bioscience Co. Ltd., Hohhot Guangxin Chemical Trade Co. Ltd., Langfang Shinya Chemical Co. Ltd., Merck KGaA, TCI Chemicals (India) Pvt. Ltd and Toray Fine Chemicals Co. Ltd. (Toray Industries Inc.) among others.

Recent Market Developments

• April 2022: Chevron Phillips Chemical has commenced the construction of a new hydrodesulfurization unit in Tessenderlo, Belgium. For more than four decades, the Tessenderlo facility has been producing mercaptans, which are essential chemicals derived from sulfur and utilized in various applications such as gas odorants, additives, and antioxidants. CPChem is committed to producing these life-enhancing products in a sustainable manner. To contribute to circularity, the new HDS unit will convert the currently discarded sulfur waste stream at the Tessenderlo plant into hydrogen sulfide, a local feedstock for producing mercaptans. Furthermore, it will generate fuel for a new cogeneration unit that will supply steam and electricity, reducing SO2 emissions and enhancing the reliability of our facility. The HDS unit is scheduled to commence operation in 2023.

Segmentation of the Global Thiochemical Sales Market