Market Overview:
The global thiochemical market
projection is bound to reach a value of USD 3,423.3 million by the end of 2024,
asserts Market Research Future (MRFR) in its extensive report. The market is
set to grow steadily at 3.75% CAGR during the forecast period (2018-2024). The
market is growing on the back of elevating demand in animal nutrition and oil
& gas industry. Increasing demand for oil and gas is also anticipated to
drive the market growth in the coming years. Furthermore, escalating demand for
thiochemicals in food, agrochemicals, plastic and chemicals industry will boost
the demand over the forecast period.
Thiochemicals finds major
application in poultry, in the form of methyl mercaptan, which is used in the
production of methionine. Methionine is primarily used as a component in animal
nutrition feeds for poultry animals. Hence, the growing demand for poultry meat
and leanings of consumers towards a healthier lifestyle are factors estimated
to drive the thiochemicals market. In addition to this, a few thiochemicals
namely thioglycolates and thiolactates are used as active ingredients in the
cosmetic industry for hair perms and hair straighteners.
On the flip side, the volatility
in the price of raw materials can hamper the global market growth during the
forecast period. But keeping in mind the major applications in diverse
industries and various researches giving way to new applications, it is safe to
say that the global market shows abundant promise in the coming years.
Global Market for
Thiochemicals: Competitive Dashboard
·
BASF SE
·
Merck KGaA
·
BRUNO BOCK Chemische Fabrik GmbH & Co. KG
·
Zhongke Fine Chemical Co., Ltd.
·
Arkema SA
·
TORAY INDUSTRIES INC.
·
Chevron Phillips Chemical Company
·
HEBEI YANUO Bioscience Co., Ltd.
·
Varsal
·
Affon Chemical Co. Ltd.
·
Taizhou Sunny Chemical Co., Ltd
·
Oxon Italia S.p.A.
·
SHINYA CHEM
·
Uniwin Chemical Co., Ltd.
·
Thermo Fisher Scientific
Global Thiochemical Market-
Segmental Analysis
MRFR’s report states that the
global market is segmented based on product type and end-user.
By product type, global thiochemicals
market is segmented on the basis of mercaptans, sulfides and
polysulfides, sulfonyls, thioglycolics, sulfates and sulfites, and others. The
mercaptans segment claimed the largest market share of 43.2% in 2017. The
segment was valued USD 1149.0 million in 2017. The segment is projected to grow
further at a CAGR of 3.42% during the forecast period to reach USD 1444.6
million by 2024. The increasing use of different types of mercaptans in diverse
applications across a plethora of end-use industries such as oil & gas,
animal nutrition, agrochemicals, chemicals, pharmaceutical, and cosmetics and
personal care, will result in the segment sustaining its peak position throughout
the forecast period.
By end-users, the global
thiochemicals market has been segmented into basis of oil & gas, animal
nutrition, chemicals, pharmaceutical, agrochemicals, electrical and
electronics, cosmetics and personal care, and others. Among these, the oil
& gas segment claimed the largest market share of 34.0% in 2017. The
segment is reported to grow at a CAGR of 4.21% during the forecast period and
will reach the value of USD 1199.8 million by 2024. The increasing use of
thiochemicals in the oil & gas industry as a catalyst in the
hydrodesulfurization of fuels, as odorants for LPG and natural gas, and as an
anti-cocking agent in the cracking of petroleum refineries are most likely to
induce product demand. The massive demand in these industries is expected to
drive the market growth throughout the assessment period.
Regional Outlook
According to the report, the
global thiochemicals market is flourishing in five major regions including Asia
Pacific, North America, Europe, Latin America, and the Middle East &
Africa.
Among all regions, Asia Pacific
is estimated to be the largest and fastest-growing thiochemicals market,
claiming 42.0% share of the total market in 2017. The market is further
projected to reach USD 1473.2 million by 2024. The market growth can be
attributed to the zealous growth of end-user industries in the region and also
the fact that the region is a major hub for industrialization.
The North America market is
expanding at a CAGR of 3.62% and will maintain its phenomenal growth throughout
the forecast period. The presence of established industries in the region such
as agrochemical, oil & gas, cosmetics & personal care, and
pharmaceuticals triggers the market development. Moreover, strong economy and
high disposable income lead to market growth as well.
The Europe market can witness a
decent market growth of 3.5% during the assessment period. The market is
surging ahead on account of a streamlined supply chain of thiochemical
manufacturers coupled with the growing demand from end-user industries such as
food, polymer industry, and poultry sector. Furthermore, increasing production
capacity of elemental sulfur in the region has also triggered the market growth
immensely.
The markets in Latin America and
the Middle East & Africa are projected to expand at CAGRs of 3.27% and
3.14% respectively. Rapid industrialization and a slew of emerging companies
striving to make their mark aids the market growth in the region. The market
players are trying to take advantage of the untapped potential of the regional
and localized market which propels the advancement of the market.
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