According to Custom Market Insights (CMI), The Global ThiochemicalsMarket, 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.
These chemicals are substances where the oxygen ion has been replaced with an ion of sulfur. The need for sulfur derivatives, employed in numerous industries, may increase the chemical demand. Due to their application in the oil and gas and animal feed industries, the demand for these substances is expected to soar throughout the projected period for the biochemical market. A market niche is opened by the ban on using methyl bromide in the production of soil fumigants. Dimethyl disulfide’s debut as a practical substitute that complies with the Montreal Protocol’s regulations may provide new opportunities for market growth during the coming years.
Browse the full “Thiochemicals Market Size, Trends and Insights 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 By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at ReportURL.
One of the major factors influencing the growth of the biochemical industry over the forecast year is the rising demand for oil and gas. Over the next six years, rising consumer awareness of animal nutrition is anticipated to be another important element driving market expansion. This chemical market growth is anticipated to be fueled by expanding consumer numbers, increasing global poultry consumption, and unexplored new markets like the Middle East. Other factors boosting market demand include strict rules on gasoline sulfur content, new petrochemical projects in the Middle East, Asia, and the United States, and the expansion of natural gas consumption.
The biochemicals market is bifurcated into product type and end-user. These chemical compounds are employed as polymerization agents, gas leak detection agents, anti-cocking agents, etc. These chemicals, including methyl mercaptan and other mercaptans, are utilized in the oil and gas sector for applications such as cracking, desulfurization, and detecting natural gas leaks.
These chemicals are additionally utilized in the chemical, polymer, and plastic industries. These chemicals, for instance, are used to create thioglycolic acids, which are then utilized to create PVC heat stabilizers.
In 2021, the Asia Pacific region was estimated to hold the dominant position in the market, with China occupying most of the Region’s market share. Due to the escalating demand for meat products from China’s affluent middle class, the country’s biochemical demand for methionine production is growing faster than the global average.
The massive growth can be attributed to the soaring demand for animal feed utilized in the farming and livestock sectors. The nation’s demand for meat and livestock feed has skyrocketed since the population nearly doubled to 1.4 billion people. DL-methionine is a category of secure feed additives supported by China’s Key High-technology Industry and Industrial Structure Adjustment Guidelines.
In addition, China should develop feed products that are of the highest quality, safety, and efficiency, as well as new feed additives, according to the 12th Five-Year Development Plan for the Feed Industry. Doing so will increase the capacity of DL-methionine, boost the competitiveness of amino acids in feed grade on the global stage, and lower production costs.
|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.|
Competitive Landscape/Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Thiochemicals market. Our analysts overview each player’s financial statements, product benchmarking, and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of globally mentioned competitors.
Some of the 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.
The global Thiochemicals market is segmented as follows:
By Product Type
- Sulfates & 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