According to Custom Market Insights (CMI), The Global ThiochemicalsMarket, the market was estimated at around USD 980 million in 2021 and is projected to witness a CAGR of 6% during 2022-2030, to reach around USD 1500 million by 2030. The report examines the Thiochemicalsmarket’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Thiochemicalsmarket.
The term “thio” represents a chemical, often an ion, in which a sulfur ion has replaced the oxygen atom. These chemicals are any substances in which the oxygen ion has been changed by sulfur through thiolation or that onion. The global chemical market for biochemicals continues to be quite specialized, and sulfur dominates this market since it is used in the donation process, producing methyl mercaptan and other mercaptans used in the animal feed business. During the study period, it is anticipated that animal nutrition sector demand will continue to be the primary growth driver for biochemicals.
ThiochemicalsMarket: COVID – 19Impact Analysis
A shortage of raw materials for additional products despite high costs resulted from the strong demand for chemicals and supplies necessary to combat the COVID-19 epidemic, affecting the supply chain for biochemicals. Companies rapidly increasing their capacity to meet the short-term COVID-induced demand must exercise caution when interpreting these rare demand patterns.
From 2022 to 2030, the Thiochemicals Market industry’s future will be shaped by social, economic, and political conditions and trade following the pandemic, as well as anticipated changes in environmental legislation. During COVID-19, the biochemicals market reported conflicting findings for several applications and regions. The study examines the pandemic’s segment-specific effects and presents various case studies illustrating the market’s development potential through 2030 for biochemicals.
ThiochemicalsMarket: Growth Drivers
Surging Usage in Animal Nutrition
This chemical is mostly employed in the form of methyl mercaptan, which is used to make methionine in the animal nutrition end-use. Methionine is primarily utilized in livestock and poultry feed as a dietary supplement. Therefore, it is anticipated that the chemical market will be driven by the rising demand for meat, particularly poultry. The consumption of poultry is anticipated to rise in Asia-Pacific, including China and India, due to a growing population. This is anticipated to intensify the demand for poultry meat and eggs and boost industry usage of biochemicals.
Growth in demand from end-user industries
Other factors driving the biochemicals market include strict rules on fuel sulfur content, new petrochemical projects in the Middle East, Asia, and the U.S., and the expanding usage of natural gas. The chemical market is also anticipated to increase during the projected period due to the rapidly expanding uses of chemicals for desulfurizing gasoline and diesel and their use in gas leakage detection. Some biochemicals, such as thioglycolates and thiolates, are employed as active components in the cosmetics sector’s cold wave formulations for hair perms and hair straighteners. Thioglycolic acids are also essential building blocks in producing PVC heat stabilizers.
ThiochemicalsMarket: Segmentation Analysis
The Thiochemicalsmarket is segmented into product type and end-user in our research scope. Sulfonyl, sulfates & sulfites, thioglycolic, sulfides & polysulfides, mercaptans, and other products are included in the biochemical market. By 2030, the mercaptans market is anticipated to overtake all others. Over the forecast period, the segment’s growth is anticipated to be propelled by the demand for gas iodizers to control gas leakage.
Based on application, in 2021, the oil & gas segment will lead the biochemicals market throughout the projected period. Moreover, the pharmaceutical, cosmetics & personal care segment is anticipated to witness noteworthy growth from 2022 to 2030.
|Feature of the Report||Details|
|Market Size in 2021||USD 980 million|
|Projected Market Size in 2030||USD 1500 million|
|CAGR Growth Rate||6% CAGR|
|Prominent Players||Arkema S.A., Bruno Bock GmbH, Chevron Phillips Chemical Company LLC, Daicel Corporation, Dr. SpiessChemischeFabrik GmbH, HebeiYanuo Bioscience Co. Ltd., Hohhot Guangxin Chemical Trade Co. Ltd., Langfang Shinya Chemical Co. Ltd., Merck KGaA, TCI Chemicals (India) Pvt. Ltd, Toray Fine Chemicals Co. Ltd., and Others|
|Key Segment||By Product Type (Sulfonyls, Sulphates& Sulfites, Thioglycolics, Sulphides&Polysulfides, Mercaptans, Others), By End-user (Oil and Gas, Chemicals, Food, and Agrochemicals, Pharmaceuticals, Electrical, and Electronics, Consumer Goods, Automotive and Transportation, Others), and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
- Per the analysis shared by our research analyst, the Thiochemicalsmarket is estimated to grow annually at a CAGR of around 6%over the forecast period (2022-2030).
- In terms of revenue, the theThiochemicalsmarket size was valued at around USD 980 million in 2021 and is projected to reach USD 1500 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The Thiochemicals market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
- The study includes data on the major market drivers, challenges, opportunities, and their effects.
- The study elaborates on the SWOT analysis and Porter’s Five Forces model.
- The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.
- May 2022: Arkema launched TippoxTM 2028 stabilizer, the optimum stabilizer solution for the expanding customer base in PMMA production worldwide. Regarding handling heat degradation, TippoxTM 2028 stabilizer takes a fresh approach.
- June 2018: With its partner Novus International, Inc., Arkema confirms a thorough investment evaluation to quadruple production capacities at Arkema’s Beaumont Thiochemicals location in the United States. This project will contribute to the robust worldwide expansion of the animal feed market and reinforce Arkema’s global leadership position in sulfur derivatives with high-added value.
Due to the rising demand for Thiochemicals like mercaptan and DMDS in the oil and gas industry, the Asia Pacific region (APAC), particularly China, now holds a significant market share worldwide Thiochemicals. In addition, the APAC area will see an increase in demand for Thiochemicals due to the enormous growth of the food and agrochemical industries, as well as increased production capacity and need for animal feed. Additionally, during the projection period, the market for the chemicals will rise more quickly due to the APAC region’s increased production capacity of elemental sulfur. Over the forecast period, the APAC Thiochemicals market is anticipated to experience brisk growth.
Only two companies, Arkema Group, and Chevron Phillips Chemical Company occupy most of the market share in the highly consolidated market under study. Among the other significant players in the market under study are HebeiYanuo Bioscience Co. Ltd. and Daicel Corporation.
List of the prominent players in the global Thiochemicalsmarket:
- Arkema S.A.
- Bruno Bock GmbH
- Chevron Phillips Chemical Company LLC
- Daicel Corporation
- SpiessChemischeFabrik GmbH
- HebeiYanuo Bioscience Co. Ltd.
- Hohhot Guangxin Chemical Trade Co. Ltd.
- Langfang Shinya Chemical Co. Ltd.
- Merck KGaA
- TCI Chemicals (India) Pvt. Ltd
- Toray Fine Chemicals Co. Ltd.
The global Thiochemicals market is segmented as follows:
By Product Type
- Sulphates& Sulfites
- Oil and Gas
- Food and Agrochemicals
- Electrical and Electronics
- Consumer Goods
- Automotive and Transportation
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America