According to the latest report by IMARC Group, titled "Thiochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global thiochemicals market reached a value of US$
1038.6 Million in 2022. Thiochemicals are a group of organic chemical compounds mainly referred to as sulfur analogs of alcohols containing a sulfur atom in the place of the oxygen atom. The replacement of atoms caused by the reaction is known as thionation or thiation. Since the association of molecules in thiochemicals happen through hydrogen bonding, they exhibit lower boiling points and are less soluble in water. Besides this, they are also characterized by a strong odor that resembles the scent of garlic and onions. They find extensive applications in the production of animal nutrition, agrochemicals, polymers, consumer goods and plastics.
Global Thiochemicals Market Trends:
The global market is primarily driven by the increasing product demand from the poultry industry. This is supported by the growing utilization of thiochemicals in the production of methionine, that serves as an essential dietary supplement in the development of poultry animals. Apart from this, the growing investments by public and private agencies in the construction of new chemical plants and improving the existing infrastructure are creating a positive market outlook. Moreover, the widespread adoption of thiochemicals across the oil and gas sector for detecting gas leakage is impacting the market favorably. Furthermore, the rising product utilization in the manufacturing of thioglycolic acids that are widely used as a synthesizing agent for polyvinyl chloride (PVC) heat stabilizers is significantly supporting the demand for thiochemicals on the global level. Other factors, including rapid industrialization, continuous improvements in the chemical industry, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$
1,432.1 Million by 2028, exhibiting a CAGR of
5.3% during 2023-2028.
- On the basis of product type, the market has been segmented into mercaptan, dimethyl sulfoxide (DMSO), dimethyl disulfide (DMDS), thioglycolic acid and ester, thiourea and others.
- Based on the application, the market has been segregated into animal nutrition, oil and gas, polymers and chemicals, food and agrochemicals, automotive and transportation, consumer goods, plastics and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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.).
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