Global Thiochemicals market: Demand Analysis and Growth Forecast
Thiochemicals are essential for thionation process that produces methyl mercaptans, which is used in the production of methionine. Methionine is mainly used as animal nutrition for poultry animals, and on the back of increased demand for poultry products in Asia-Pacific countries, the thiochemicals market is surging. In addition to that, methyl mercaptans are used in refineries for fuel desulfuring in the oil and gas industry and as well as in crackers as anti-cocking agents. Some of the other types of mercaptans are used as gas iodizers, polymerization agent, and in refineries for desulfurization of fuels in the oil & gas industry. Thiochemicals are also used in the synthesis of thioglycolic acids, which are basic materials for the synthesis of PVC heat stabilizers.
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(2018 - 2023)”
The increasing demands for animal nutrition and the prosperity of the oil and gas industry are two of the major drivers behind the growth of the thiochemicals market. Moreover, increasing awareness regarding animal nutrition and application in gas leakage detection are expected to boost the market growth over the forecast period of 2018 to 2023, according to a recent IndustryARC market research report. On the other hand, stringent regulations on sulfur content are restraining the market progress.
Global Thiochemicals Market: Leading Segments
Based on the type, the thiochemicals market can be classified into thiourea and thiosulphate. End-user-wise, the market can be bifurcated into animal nutrition industry and the oil and gas industry. Geographically, the IndustryARC market research report explores the demand potential of all the important regions including North America, Europe, Asia Pacific (APAC), and others.
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Global Thiochemicals Market: Competitive Landscape
Arkema is one of the world leaders in thiochemicals (sulfur-based chemicals), Sipcam Oxon works in the synthesis, formulation, and commercialization of active ingredients, and chemical intermediates, and Zhongke fine Chemicals Co., Ltd. is one of leading producers on Methyl series products in China. Along with these, Taizhou Sunny Chemical and Langfang Jinshenghui Chemical are the major companies operating in thiochemicals market
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Increased demand for poultry consumption in response to a rapid increase in population in Asia Pacific, primarily in China and India, is expected to drive the market for thiochemicals, which are used in the production of methionine. However, the market is restrained by regulations on sulfur as it is toxic in nature
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