(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The "thiochemicals market - global industry size, share, trends, opportunity, and forecast, 2018-2028f segmented by product type, by application, by region and competition" report has been added to ResearchAndMarkets.com's offering.
Global Thiochemicals market is expected to grow impressively through 2028 due to the growing demand for refinery chemicals in the oil and gas industry and increasing demand for animal nutrition products.
The primary raw material used in the thionation process is Sulphur, which produces methyl mercaptan and other mercaptans after further processing. While other mercaptans are employed as gas iodizers in gas leakages and polymerization agents in the polymerization industries, methyl mercaptan is used in animal nutrition and the oil and gas sectors. Methyl mercaptans are also used in crackers as anti-coking agents and in refineries for the desulfurization of fuels in the oil and gas industry. Thiochemicals are also utilized to create thioglycolic acids, which serve as building blocks in the production of PVC heat stabilizers.
Investments made by companies in the thiochemicals market will go towards acquiring new technologies, obtaining raw materials, maximizing efficiency in purchasing and inventory management, bolstering product portfolios, and utilizing capabilities to sustain growth in difficult economic times. Thiochemicals' manufacturers and related businesses are concentrating on country-specific strategies because it is well known that the economic and social issues vary greatly between various markets and countries.
Thiochemicals are widely used in a wide range of industries because of the rising demand for natural gas in both industrial and home uses, along with the expanded capacity of oil and gas refining globally. For instance, Invest India reported that in June 2022, compared to June 2021, natural gas production climbed by 1.2 percent in India.
Due to limited manufacturing, a broken supply chain, logistical challenges, and a decline in demand, the COVID-19 pandemic had a significant influence on the thiochemicals business. Nonetheless, the thiochemicals market size is predicted to expand quickly throughout the forecast period due to strong expansion and thriving applications across key sectors such as automotive, electrical & electronics, and others.
Increasing Demand for Refinery Chemicals in Oil and Gas is Driving the Market Growth
Thiochemicals are employed in the oil and gas sector for tasks like desulfurization and gas leak detection. The market for thiochemicals is being driven by a rise in natural gas consumption for industrial applications as well as an expansion in the capacity of the world's oil and gas refineries. Since the price of fuel and chemicals is having an effect on many other market segments, the fluctuating crude oil prices of up to USD 60 per barrel in a year are becoming a major issue for the thiochemicals industry.
The Canadian government reports that compared to August 2020, oil production in Canada grew by 18% in August 2022. Production from oil sands increased by 21.1 percent year over year, while production from conventional oil increased by 6.2 percent. As a result, the market for thiochemicals is expanding due to the huge increase in the oil and gas sector.
Increasing Demand from Agrochemicals Sector is Driving the Market Growth
The agrochemical sector has a strong demand for thiochemicals. Thiochemicals are a necessary intermediate in the manufacturing of fungicides and insecticides for use in agriculture. The agrochemical industry's thiochemicals market is driven by the widespread use of pesticides and fungicides, which is an effective and economical way to increase product quality and quantity and ensure food security for the world's expanding population.
The US Department of Agriculture reports that the USDA announced an approximately USD 240 million investment to promote cutting-edge fertilizers developed in the US, providing US farmers with more market possibilities.
The demand for thiochemicals is likely to increase because of the increase in demand and government spending on thiochemicals around the world. This is expected to drive market expansion in the thiochemicals sector during the forecast period.
Increasing Demand from Animal Nutrition Segment Will Drive the Market Growth
Thiochemicals are mostly used in the form of methyl mercaptan, as mercaptan, which is used to produce methionine in animal nutrition. Methionine is primarily utilized in livestock and poultry feed as a dietary supplement. Hence, it is anticipated that the market for thiochemicals will be driven by the rising demand for meat, particularly poultry.
The industry of animal nutrition dominates the market for thiochemicals. The market for thiochemicals is primarily driven by population growth and chicken consumption. The most common form of thiochemical is methyl mercaptan, which is used to produce methionine for use in animal nutrition. Other than methionine, cysteine is another type of thiochemical that is primarily utilized in poultry feed to improve the growth and health of animals. The market for thiochemicals is anticipated to be driven by the increased demand for meat, particularly poultry.
In Asia, especially India and China, poultry consumption will increase because of the growing population, which experts predict will intensify. This would heighten the demand for poultry meat and eggs and raise the industry's use of thiochemicals. Throughout the past few years, the business has seen an increase in the production and consumption of hog, poultry, beef, and veal meat. Also, it has raised the need for animal feed, spurring industry expansion.
It is anticipated that the production of feed will increase significantly across Europe, Asia, the Middle East and Africa, North America, and South America. This, in turn, is anticipated to increase product demand in the industry.
Environmental Hazard and Risk Assessment Regarding Thiochemicals are Major Challenges to the Thiochemicals Market
A significant barrier to the expansion of the thiochemicals market is the high toxicity of combustible thiochemicals such as tetrahydrothiophene and isopropyl mercaptan, which are exceedingly hazardous to the environment and human health. The chemical mercaptan has a potent odor and activates the central nervous system.
This means that Mercaptan is flammable when employed in industrial settings, and high doses can result in headaches, nausea, eye irritation, and respiratory distress. Furthermore, it poses significant environmental concerns when exposed continuously.
Some illustrious firms were obliged to cease their industrial operations due to the substantial human casualties at the scene. Thiochemicals demand is constrained by consumer preferences that favor food produced using natural processes over those produced using synthetic chemicals. The thiochemicals business thus faces a significant problem as a result of variables like environmental risks and risk assessment associated with thiochemicals.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in Global Thiochemicals market.
Arkema SA Chevron Phillips Chemical Co. LLC BASF SE Bruno Bock GmbH Daicel Corporation Dr. Spiess Chemische Fabrik GmbH TCI Chemicals (India) Pvt. Ltd Toray Fine Chemicals Co. Ltd. Merck KGaA Hohhot Guangxin Chemical Trade Co. Ltd.
Report Scope:
Thiochemicals Market, By Product Type:
Mercaptan Dimethyl Sulfoxide (DMSO) Dimethyl disulfide (DMDS) Thioglycolic Acid and Ester Thiourea Others
Thiochemicals Market, By Application:
Animal Nutrition Oil and Gas Polymers and Chemicals Food and Agrochemicals Automotive and Transportation Others
Thiochemicals Market, By Region:
North America United States Mexico Canada Europe France Germany United Kingdom Spain Italy Asia-Pacific China India South Korea Japan Singapore South America Brazil Argentina Colombia Middle East & Africa South Africa Saudi Arabia UAE
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