Thio refers to a chemical, commonly an ion, where an oxygen atom in the compound is replaced by a sulfur ion. All chemicals where an oxygen ion is replaced by sulfur ion are known as thiochemicals. A reaction in which oxygen is converted to sulfur is called as thiation or thionation. It includes thiourea, thiosulphate etc. It is used as polymerization agents and anti-cocking agents as well as for gas leakage detection, etc. In oil & gas industry, thiochemicals, for instance methyl mercaptan and other mercaptans, are used for cracking process, desulfurization, and natural gas leakage detection applications. Furthermore, it is also used in the polymer & plastic and chemicals industry.
According to study, “Global Thiochemical Market, By Product Type (Mercaptans, Sulfide & Polysulfides, Sulfonyls, Thioglycolics, Sulfates & Sulfites, Others), End-use Industry (Oil & Gas, Animal Nutrition, Chemical, Pharmaceutical, Agrochemical, Electrical & Electronics, Cosmetics & Personal Care, Others) and Region – Forecast till 2024” the key companies operating in the world thiochemical market are BASF SE, Toray Industries, Inc., Daicel Corporation, Hohhot Guangxin Chemical Trade Co. Ltd., Bruno Bock Chemische Fabrik GmbH & Co. KG, HEBEI YANUO Bioscience Co., Ltd., Chevron Phillips Chemical Company, Affon Chemical Co., Ltd., Zhongke Fine Chemical Co., Ltd., TCI Chemicals, Merck KGaA, Arkema SA, Taizhou Sunny Chemical Co., Ltd., Varsal, Oxon Italia S.p.A., Thermo Fisher Scientific, Uniwin Chemical Co., Ltd., Shinya Chem. Major companies are focusing on improving their footprint in the global market through an expansion of manufacturing facilities to provide to the rising demand for thiochemicals across the globe.
Based on product type, thiochemical market is segmented into thioglycolics, sulfates & sulfites, sulfides & polysulfides, sulfonyls, mercaptans, and others. In addition, based on end-user, market is segmented into cosmetics & personal care, animal nutrition, agrochemicals, electrical & electronics, oil & gas, pharmaceutica, chemicals and others.
The thiochemical market is driven by rise in awareness regarding animal nutrition industry, followed by growth in refining capacity of oil & gas industry, increase in the global poultry consumption, untapped emerging countries, stringent regulations on sulfur content in fuel coupled with new petrochemical projects, growth in use of natural gas and rise in population. However, toxicity concerns surrounding thiochemicals and volatility in the price of raw materials may impact the market. Moreover, rise in innovations in thiochemicals is a key opportunity for market.
Based on geography, the Asian-Pacific region holds major share in thiochemical market owing to growth of end-use industries, expansion of the agrochemical industry, increase in petrochemical projects and change in food preferences especially in emerging economies such as China and India in the region. The North-American region is expected to witness substantial growth rate due to growth in animal nutrition industry coupled with rise in end-use industries such as cosmetics & personal care and oil & gas over the forecast period. The European region is also expected to witness higher growth on account of rise in production capacity of elemental sulfur along with efficient supply chain of thiochemical manufacturers over the forecast period. It is anticipated that future of the market will be bright on account of presence of stringent regulations because of the harmful effects of sulfur on the ecology during the forecast period.
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