Market Size of Thiochemicals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Thiochemicals Market Analysis
During the time frame of the forecast, the thiochemicals market is expected to register a CAGR of over 5%.
The COVID-19 pandemic had both short- and long-term effects on the market. The weakening oil and gas industry, as well as a brief halt in polymer and chemical activity owing to the pandemic lockdown, had a detrimental impact on thiochemicals market demand. However, demand for thiochemicals has expanded dramatically during the post-pandemic era and is expected to continue on the same path.
- The rising use of thiochemicals in methionine production, which serves as a major nutrient for the poultry industry, is expected to drive market growth.
- However, the high toxicity of thiochemicals, such as isopropyl mercaptan and tetrahydrothiophene, which are flammable and extremely toxic to aquatic fauna, is likely to hinder the growth of the market.
- The increasing market penetration in African economies, like South Africa and Kenya, is expected to provide a substantial opportunity for the thiochemicals market in emerging economies.
- The Asia-Pacific region dominated the market for thiochemicals and is forecast to be the largest market for thiochemicals during the forecast period as well.
Thiochemicals Industry Segmentation
Thiochemicals are a type of chemical in which the oxygen molecule is replaced by sulfur, resulting in the formation of a thiocompound. Thionation is a chemical process that occurs when sulfur ions replace oxygen ions. Sulfur is a significant molecule utilized in the manufacture of thiochemicals, primarily methyl mercaptan, which serves as a precursor for the amino acid used in animal feed products. The thiochemicals market is segmented by type, end-user industry, and geography. By type, the market is segmented into mercaptan, dimethyl sulfoxide, thioglycolic acid, ester, and others. By end-user industry, the market is segmented into animal nutrition, oil and gas, polymers and chemicals, and other end-user industries. The report also covers the market sizes and forecasts for the thiochemicals market in 12 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (tons).
| Type | |||
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| Dimethyl Sulfoxide (DMSO) | |||
| Thioglycolic Acid and Ester | |||
| Other Types |
| End-user Industry | |
| Animal Nutrition | |
| Oil and Gas | |
| Polymers and Chemicals | |
| Other End-user Industries |
| Geography | ||||||||
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| Rest of the World |
Thiochemicals Market Size Summary
The thiochemicals market is poised for significant growth, driven by its increasing application in methionine production, a crucial nutrient for the poultry industry. This demand is further bolstered by the rising consumption of chicken and eggs globally, which is expected to enhance the use of thiochemicals in animal nutrition. The market's expansion is also supported by the growing penetration in emerging economies, particularly in Africa, with countries like South Africa and Kenya presenting substantial opportunities. Despite the challenges posed by the high toxicity of certain thiochemicals, the market is anticipated to maintain a positive trajectory, especially in the Asia-Pacific region, which currently dominates the market.
The post-pandemic recovery has seen a resurgence in thiochemicals demand, overcoming the initial setbacks caused by the COVID-19 pandemic's impact on the oil and gas industry and chemical activities. The market's growth is further fueled by China's increasing demand for methionine, driven by its affluent middle class and expanding livestock industry. This has led to the establishment of new production facilities, enhancing the animal feed industrial chain. The market is characterized by a high level of consolidation, with major players such as Arkema, Daicel Corporation, and Chevron Phillips Chemical Company LLC leading the industry. As refining operations and natural gas demand rise, the thiochemicals market is expected to experience robust growth during the forecast period.
Thiochemicals Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Use of Thiochemicals in Methionine Production
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1.1.2 Other Drivers
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1.2 Restraint
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1.2.1 High Toxicity of Thiochemicals
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Type
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2.1.1 Mercaptan
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2.1.1.1 Dimethyl Disulfide (DMDS)
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2.1.2 Dimethyl Sulfoxide (DMSO)
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2.1.3 Thioglycolic Acid and Ester
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2.1.4 Other Types
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2.2 End-user Industry
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2.2.1 Animal Nutrition
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2.2.2 Oil and Gas
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2.2.3 Polymers and Chemicals
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2.2.4 Other End-user Industries
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Spain
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2.3.3.6 Rest of Europe
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2.3.4 Rest of the World
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Thiochemicals Market Size FAQs
What is the current Thiochemicals Market size?
The Thiochemicals Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Thiochemicals Market?
Daicel Corporation, Chevron Phillips Chemical Company LLC, Hebei Yanuo Bioscience Co., Ltd., Toray Fine Chemicals Co. Ltd. and Arkema are the major companies operating in the Thiochemicals Market.
