The global thiochemicals market is expected to grow over the forecast period owing to its increasing demand in animal nutrition and oil & gas industry. Increasing demand for oil & gas is anticipated to be one of the key drivers for the growth of the thiochemical market over the forecast year. In addition, increasing awareness regarding animal nutrition is expected to be another key factor driving market growth over the next six years. An increase in global poultry consumption, a rising number of consumers, and untapped emerging regions such as the Middle East are likely to drive thiochemicals market. Furthermore, stringent regulations on sulfur content in fuels coupled with new petrochemical projects in the Middle East, Asian countries, the U.S., and the growing use of natural gas are some other parameters augmenting market demand. Fast-growing applications of thiochemicals for the desulfurization of gasoline and diesel along with its use in gas leakage detection is likely to fuel the growth of thiochemicals market over the forecast period.
Sulfur is the key raw material that is utilized in the thionation process, which on further processing gives methyl mercaptan and other mercaptans. Methyl mercaptan is utilized in animal nutrition as well as in the oil & gas industries while other mercaptans are used as gas iodizer in gas leakages, polymerization agent in the polymerization industries. Methyl mercaptans are also utilized in refineries for desulfurization of fuels in the oil & gas industry and in crackers as anticocking agents. Thiochemicals are also used in the synthesis of thioglycolic acids that are basic materials for the synthesis of PVC heat stabilizers.
North America was the major market for thiochemicals in 2013. Demand for thiochemicals is likely to increase in the coming years on account of a growing number of oil & gas fields. The thiochemical market in Europe is anticipated to witness sluggish growth due to the presence of stringent regulations owing to the harmful effects of sulfur on the ecology. An increasing number of oil & gas fields is likely to boost the thiochemicals market over the next six years. Demand for thiochemicals in Asia Pacific is anticipated to witness high growth owing to the change in food preferences especially in emerging economies such as India and China. The cost of production of thiochemicals and volatile raw material prices are expected to hamper market growth over the forecast period. Key manufacturers of the thiochemcal compounds include Arkema S.A., Chevron Philips, and Toray Fine Chemicals Co., Ltd.
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Disruptions in chemical manufacturing activities due to the COVID-19 pandemic shall have a considerable influence on the growth patterns of enzymes and other catalysts. Key players across the value chain are also expected to realign their supply channels to cater to the demand for catalysts in specific areas of the chemical industry which are witnessing an unusual level of activity allied with pharmaceuticals and biotechnology. The report will account for Covid19 as a key market contributor.