Global Thiochemicals Market - 2023-2030

Global Thiochemicals Market - 2023-2030

Market Overview

Thiochemicals Market is expected to grow at a high CAGR of 6% during the forecasting period (2023-2030).

The oxygen molecule is substituted for sulfur in thiochemicals, also known as the compounds. Thionation carries out such reactions in which the oxygen ion is swapped out for the sulfur ion. As a key component, sulfur is used to create thiochemicals like methyl mercaptan, which serve as precursors to the amino acids used in animal nutrition products. The chemicals are used mainly as chain transfer agents in polymerization processes. The global thiochemicals market is segmented into two segments such as type and end-user.

Market Dynamics

The market for thiochemicals is primarily driven by the rising demand for natural gas in domestic and industrial applications and the expansion of the global oil and gas refining capacity. Due to this, the chemical industry is witnessing increased demand for thiochemicals like Mercaptane and Dimethyl Disulfide. It, in turn, is fueling the market for thiochemicals. Additionally, the market will expand due to the increasing demand for animal nutrition products, the production of which frequently uses thiochemicals. The demand will also be boosted over the forecast period by growing thiochemical demand in the food, agrochemicals, plastic and chemicals industries, among others. Other factors driving the thiochemicals market include strict rules governing the sulfur content of the fuel, new petrochemical projects in the Middle East, Asia and US and the burgeoning use of natural gas.

Demand for thiochemicals in cosmetics and oil & gas units for a variety of uses drives the market growth

The market for thiochemicals is also anticipated to grow during the forecast period due to the rapidly expanding applications of thiochemicals for the desulfurization of gasoline and diesel and their use in gas leakage detection. Some thiochemicals, such as thioglycolates and thiolactates, are used as active ingredients in cold wave formulations for hair perms and hair straighteners in the cosmetics industry.

Increased usage of thiochemicals in animal nutrition boosts the global thiochemicals market growth

The market for thiochemicals is primarily driven by the animal nutrition sector. The main factors driving the thiochemicals market are poultry consumption and population growth. Thiochemicals are primarily used in the form of methyl mercaptan, which is used to make methionine in the animal nutrition end-use. Methionine is primarily used as a dietary supplement in animal and poultry feed. The rising demand for meat, especially poultry, is expected to drive the market for thiochemicals.

In response to an expanding population, which is anticipated to intensify, poultry consumption will rise in Asia, including India and China. Poultry consumption is expected to increase in the Asia-Pacific, like India and China, in response to an expanding population, which is expected to intensify the demand for poultry meat and eggs, increasing the consumption of thiochemicals in the industry. The industry has witnessed increased production and consumption of beef and veal, pork and chicken meat for the past few years. It has also increased the demand for animal feed, driving industry growth.

However, the price of producing thiochemicals and the fluctuating cost of raw materials will probably have the foremost impact on the market for thiochemicals. The market's expansion is also likely to be hampered by the high toxicity of thiochemicals like isopropyl mercaptan and tetrahydrothiophene, which are flammable and extremely toxic to aquatic life.

COVID-19 Impact Analysis

The COVID-19 outbreak significantly affected the oil & gas, chemical and other sectors, which could impact the global chemicals market. However, the supply chain has been severely impacted during the pandemic, which has hurt the manufacturing sector's ability to grow. The global availability of petrochemical production centers has decreased, hurting the petrochemical industry and negatively affecting the organosulfur chemicals market. Demand has decreased due to trade sanctions imposed by countries. The demand for thiochemicals will likely be driven during the forecast period by rising utilization in the poultry and agrochemical industry. Furthermore, the demand for thiochemicals was lowered during the pandemic.

Segment Analysis

The global thiochemicals market is segmented based on type, end-user and region.

Increased usage of mercaptans in applications such as polymerization and desulfurizations bolsters the organosulfur market growth

Methyl mercaptan is used in the oil and gas industry and animal nutrition. In contrast, other mercaptans are used as gas iodizers in gas leaks and as polymerization agents in other industries. Methyl mercaptans are also used in crackers as anticocking agents and to desulfurize fuels in the oil and gas sector. The high usage of this chemical in the production of methionine, which serves as the primary nutrient for the poultry industry, is also anticipated to drive the market for thiochemicals. It is also anticipated that the growth of the targeted market will be boosted by the rising demand for natural gas in industrial settings as well as domestic applications and an increase in consumer numbers. The use of heavy mercaptans as antioxidants agent also supports market expansion.

Geographical Analysis

The global thiochemicals market is segmented based on type, end-user and region.

The higher chemical manufacturing processing in the region supports the growth of Asia-Pacific thiochemicals market

Due to the rising demand for thiochemicals like mercaptan and DMDS in the chemical manufacturing industry, the Asia-Pacific (APAC), particularly China, currently holds a significant market share in the world for Thiochemicals. In addition, the APAC region will see an increase in demand for thiochemicals due to the significant growth of the food and agrochemical industries, as well as rising production capacity and demand for animal feed. Additionally, throughout the forecast period, the market for thiochemicals will accelerate its growth due to the increased production capacity of sulfur compounds in the APAC. Due to the escalating demand for meat products from China's relatively wealthy middle class, the country's thiochemicals demand for methionine production is growing faster than the global average. China is therefore anticipated to dominate the Asia-Pacific thiochemicals market.

Additionally, global thiochemicals manufacturers are focusing on expanding their manufacturing facility across Untapped markets in emerging nations. For instance, Arkema, a global chemical manufacturer, has expanded its capacity of producing thiochemicals (methyl mercaptans) by doubling the production. It is keeping with the region's strong growth in the petrochemical, refining and animal feed industries and its continued global leadership in high-value sulfur derivatives.

Competitive Landscape

To develop effective technologies and increase production rates to meet market demand, manufacturers are making several strategic decisions in the global thiochemicals market. The primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are Chevron Phillips Chemical Company, Arkema Group, Bruno Bock Chemische Fabrik GmbH & Co. KG, HEBEI YANUO Bioscience Co. Ltd., Zhongke Fine Chemical Co. Ltd, Dr. Spiess Chemische Fabrik GmbH, Toray Fine Chemicals Co., Ltd., Noah Chemicals, WeylChem and Southern Ionics Incorporated.

Chevron Phillips Chemical Company

Overview:Petrochemicals are manufactured and distributed by Chevron Phillips Chemical Company LLC. Chevron Corporation and Phillips jointly own the petrochemical business known as Chevron Phillips Chemical Company, LLC. On July 1, 2000, Chevron Corporation and Phillips Petroleum Company's chemical operations were combined to form the company. The company serves end-use industries such as automotive, energy & chemical, home & electronics, food & agriculture, medical & pharmaceutical, recreational, personal care and other industries. Its product solution includes aromatics, drilling specialties, olefins, normal alpha olefins, performance pipe, polyalphaolefins, polyethylene and specialty chemicals. The company operates in Europe, North America, South America, The Middle East and Asia. The company has manufacturing facilities in Texas, Belgium, Saudi Arabia, Singapore, Qatar and Mississippi. The company offers organosulfur compounds or chemicals under the specialty chemicals section.

Product Portfolio:

Sulfole 90 Mercaptan: The raw materials used to make this product are derived from petroleum. Its synthesis does not involve animal products, nor are any substances made from animal products processed on the production machinery. Chevron Phillips Chemical Company has not made any attempts to certify this product as Kosher or Halal compliant, even though neither its formulation nor its production uses animal-derived materials. Its product is envisioned to be free of bovine spongiform encephalopathy (BSE) and other transmissible spongiform encephalopathies because it contains no materials derived from animals (TSE). Its product is free of phthalates and lead. Therefore, the Consumer Product Safety Improvement Act of 2008's pertinent sections is managed to meet it. The ""Challenge"" Substance Batches published by CEPA do not list any high-priority chemical substances in this product. Its product is not made of nanomaterials.

Key Development:On April 26, 2022, In Tessenderlo, Belgium, Chevron Phillips Chemical breaks ground on a new hydrodesulfurization unit. Mercaptans, chemicals made from sulfur and used in many applications, including gas odorants, additives and antioxidants, have been produced at the Tessenderlo facility for over 40 years. The goods that improve quality of life are necessary and CPChem is dedicated to sustainably making them. By converting sulfur, which is currently a waste stream at the Tessenderlo plant, into hydrogen sulfide, a feedstock used locally to produce mercaptans, the new HDS unit will contribute to circularity. Additionally, it will produce fuel for a new cogeneration unit that generates steam and electricity for the facility, reducing SO2 emissions and strengthening the dependability of our facility. The HDS unit starts scheduled in 2023.

Why Purchase the Report?
• To visualize the global thiochemicals market segmentation based on type, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global thiochemicals market by analyzing trends and co-development.
• Excel data sheet with numerous data points of thiochemicals market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.

The global thiochemicals market report would provide approximately 53 tables, 56 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies