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The global thiochemicals market reached a value of US$ 982.61 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1,383.62 Million by 2027, exhibiting a CAGR of 5.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Thiochemicals refer to a set of chemicals, wherein the oxygen molecules present in the compound are replaced by sulfur ions through thitation or thionation reaction. They consist of mercaptans or methanethiols, which are extensively used as an odorant for desulfurization and natural gas leakage detection purposes. Apart from this, theochemical compounds are further employed to produce methyl mercaptans and utilized as an anti-cocking and polymerization agent in the polymer industry. On account of these properties, thiochemicals find extensive applications across several industrial verticals. At present, they are commercially available in varying types, such as dimethyl, sulfoxide, thioglycolic acid and ester.
The increasing need for animal feed to improve poultry health and fuel the production of various agricultural and animal-based products, including eggs, milk, veal, and chicken, are some of the key factors primarily driving the market growth. Thiochemicals are widely used for formulating methionine that is later incorporated in feeds as a dietary supplement. This is further supported by rising consumption of livestock meat across the globe due to growing health consciousness and awareness regarding their several nutritional properties. In line with this, rapid industrialization has prompted the extensive deployment of thiochemicals in the oil and gas industry for detecting gas leakage and desulfurization of gasoline and diesel, which, in turn, is acting as a major growth-inducing factor. Additionally, the increasing demand for thiochemicals can also be attributed to the rising environmental concerns, which have led governments of various nations to promote the uptake of natural gasses in ongoing petrochemical projects. Apart from this, strategic collaborations amongst key players and significant investments in research and development (R&D) activities to further intensify the effective usage of thiochemicals across sectors are creating a positive outlook for the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global thiochemicals market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type and application.
Breakup by Product Type:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.).
|Base Year of the Analysis||2021|
|Segment Coverage||Product Type, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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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