Report ocean publicizes a new report on the THIOCHEMICAL market. the THIOCHEMICAL market report contains numerous information about factors, such as market restrains, drivers, and opportunities. in addition, the report provides an in-depth review of industry developments and trends in the market that are influencing the THIOCHEMICAL market growth. additionally, the database analyzes and estimates the THIOCHEMICAL market both globally and regionally.
The global thiochemical market is expected to grow at CAGR of 3.75% during forecast period of 2019-2024 and expected to reach USD 3,423.3 million by 2024.
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the THIOCHEMICAL market also experienced a slowdown. Statista estimates that the THIOCHEMICAL total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the THIOCHEMICAL generated revenues of US$ 5.4 trillion at a record high.
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Thiochemicals are the group of chemicals involving sulfur atoms. The process wherein oxygen atoms are replaced by sulfur atoms is called as thionation. Thiochemicals include mercaptans (such as methyl mercaptans, ethyl mercaptans, n-dodecyl mercaptan, lauryl mercaptan, polythiols, and others), sulfides & polysulfides (such as dimethyl disulfide (DMDS), dimethyl sulfide (DMS), Di-tert-dodecyl Polysulfide (TDPS), Di-tert-nonyl Polysulfide, and others), sulfonyls (such as dimethyl sulfoxide (DMSO), methane sulfonic acid (MSA), methane sulfonic chloride (MSC), methane sulfonic anhydride, stannous methanesulfonate, lead methanesulfonate, copper methanesulfonate, and others), thioglycolics (such as thioglycolic acid (TGA) and 2-ethylhexyl thioglycolate (2-EHTG), and others), sulfates & sulfites (such as sodium metabisulfite, sodium sulfite, potassium metabisulfite, and others), mithionine, thioacetic acid, thiophene, thioglycerol, thiolactic acid, thioacetic acid, thiourea, thioethers, thiosynates, sulfolanes and others. Thiochemicals find wide applications across various end-use industries such as oil & gas, animal nutrition, agrochemical, healthcare, cosmetic, chemical (polymer, rubber, paints & coatings, fine chemistry, ink & dyes, and others), electrical & electronics, home care industry and others.
The global thiochemical market is expected to grow at CAGR of 3.75% during forecast period of 2019-2024 and expected to reach USD 3,423.3 million by 2024. The global thiochemical market is majorly driven by the rising demand of it from the oil & gas and animal nutrition industry. Additionally, growing agrochemical industry is likely to showcase major growth opportunity to the product market owing to the use of thiochemical such as dimethyl disulfide after the ban of methyl bromide for soil fumigation applications during the forecast period. Furthermore, key players are majorly investing in R&D & technological innovations to uplift the product market. For instance, Arkema has made a joint venture with CJ CheilJedang of South Korea to start the production of bio-methionine, a biobased alternative to the methionine which is widely consumed as a food supplement in animal nutrition products. However, high production due to volatile raw material prices to likely to hamper the market growth to some extent.
Global Thiochemical Market Share, by Application, 2018 (%)
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Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five regions studied for the global thiochemical market. Asia-Pacific is the fastest and the largest growing region across the globe and is accounting for 42.0% value share of the overall market due to the most aggressive growth in the end user industry (oil & gas, animal nutrition, chemical, pharmaceutical, agrochemicals, electrical & electronics and cosmetics & personal care) in the region. The growing use of thiochemicals in oil & gas industry as odorants for natural gas and as an integrated solutions to enhance the efficiency of operation of steam crackers and refineries in the region is one of the major factor for the region to dominate across the globe. The region can showcase a CAGR of 4.12% in the coming year.
North America accounted for second largest market share in global market. Increasing use of thiochemicals as animal nutrition chemical in US is expected to boost demand of market in North America region. North America region registers a CAGR of 3.62% during the assessment period.Europe accounted for third largest market share in the global thiochemical market and register a CAGR of 3.50% during the forecast period. Latin America and Middle east & Africa accounts for single digit market share because of less development of end user industries such as animal nutrition, chemical, pharmaceuticals in the regions. Latin America and Middle east & Africa registers the CAGR of 3.27% and 3.14% respectively.
The global Thiochemical market has been segmented on the basis of type, end user industry and region.
Based on product type, the market comprises sulfates & sulfites, thioglycolics, sulfonyls, mercaptans, sulfides & polysulfides and others. Among these segments, mercaptans accounted for the largest market share in 2017 by generating 43.2% of the total market revenue.
Based on end-user industry, the market includes cosmetics & personal care, agrochemicals, animal nutrition, electrical & electronics, pharmaceutica, oil & gas, chemicals and others. Among these end user industry, oil & gas segment accounted for largest market share and witness remarkable growth in near future.
The global thiochemical market has been studied with respect to five regions?Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
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The geographic regions covered in the report are stated as below:
> North America
o The U.S.
o Rest of Europe
o Rest of Asia Pacific
> Latin America
o Rest of Latin America
> Middle East & Africa
o Rest of Middle East & Africa
According to Report Ocean global thiochemical market is projected to grow at a CAGR of 3.76% over the review period, to reach USD 3423.3 million by 2024. Oil & Gas segment accounted for the largest share of 34.0% in 2017, with a market value of USD 905.0 million and is projected to grow at the highest CAGR of 4.21% during the forecast period owing to growing application of thiochemical in oil & gas industry as a catalyst activator specially in the desulfurization process of gasoline and diesels to meet the growing regulation relating to the sulfur content of fuels across various countries to keep controlled check on emission levels.
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Some of the major players in global thiochemicals market are BASF SE (Germany), Arkema SA (France), Merck KGaA (Germany), TORAY INDUSTRIES, INC. (Japan), BRUNO BOCK Chemische Fabrik GmbH & Co. KG (Germany), Chevron Phillips Chemical Company (U.S.), HEBEI YANUO Bioscience Co., Ltd. (China) , , Zhongke Fine Chemical Co., Ltd. (China), Affon Chemical Co., Ltd. (China), Taizhou Sunny Chemical Co., Ltd (China), Oxon Italia S.p.A. (Italy), Varsal (U.S.), Thermo Fisher Scientific (U.S.), SHINYA CHEM (China), Uniwin Chemical Co., Ltd. (China), and others.
> Thiochemical manufacturers
> Mercaptants manufacturers
> Traders and distributors of Thiochemical
> Research and development institutes
> Potential investors
> Raw material suppliers
> Nationalized laboratories
> Sulfides & Polysulfides
> Sulfates & Sulfites
Table of Content:
- Market Definition and Overview
- Research Method and Logic
- Market Competition Analysis
- Product and Service Analysis
- Strategies for Company to Deal with the Impact of COVID-19
- Market Segment by Type, Historical Data and Market Forecasts
- Market Segment by Application, Historical Data and Market Forecasts
- Market by by Region, Historical Data and Market Forecasts
- Market Dynamic Analysis and Development Suggestions
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Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
The following customization options are available for this report:
> Trends for other verticals including retail’ travel’ and hospitality
> Country-specific trends and market analysis
> Rest of the World (RoW) Region-specific market analysis
> Additional company profiles
Apart from the existing market analysis’ Reportocean can also offer a wide array of custom-tailored studies as per the company’s specific needs.
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