Apr 19, 2024 (MENAFN via COMTEX) --
(MENAFN - Straits Research) Thiochemicals is stated as a group of chemicals, where oxygen molecules are substituted by sulfur. The reactions where the oxygen ion is replaced by the sulfur ion is carried through thionation. Sulfur is considered as one of the major compound used in the production of thiochemicals. Additionally, these compounds are used as polymerization agents, anti-cocking agents as well as for gas leakage detection, and others. It is also used in the chemicals and polymer & plastic industry.
Government rules in developed regions, as well as IMO initiatives, aim to reduce sulfur content due to which there has been a substantial rise in the production of elemental Sulphur.
Some of the major applications of Thiochemical are in the animal nutrition industry and oil & gas industry. Sulphur is a major raw material which is used in the thionation process, which gives methyl mercaptan and other mercaptans. Methyl mercaptans are mostly used in refineries for fuel de-sulfuring in the oil & gas industry as well as in crackers as anti-cocking agents.
Regional Insights
Geographically, the global thio-chemical market has been segmented into major four regions: North America, Europe, Asia Pacific (APAC), and Latin America and the Middle East & Africa (LAMEA).
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North America is expected to dominate the global thiochemical market during the forecast period 2019-2026. The market is mainly driven by increasing demand for thiochemical in an extensive range of applications such as oil & gas industry in this region. Additionally, especially in the U.S. the rising raw material capacity, and increasing demand from end-user industries such as agrochemicals, food & polymer industry, and others will propel the market growth during the forecasted period.
Asia Pacific (APAC) is expected to have the fastest growth owing to the rapidly growing applications into large and expanding industrial base. Additionally, the increasing awareness about animal nutrition practices, especially in China and India is likely to boost the market growth in this region. The increasing demand for thiochemical such as mercaptan and DMDS in the oil & gas industry in China is driving the growth of the market in the APAC region. Moreover, the increase of food & agrochemicals industry coupled with growing production capacity and increasing demand for animal feed in this region will significantly increase the market growth. Furthermore, the growing production capacity of elemental sulfur will also lead to market growth. According to BP p.l.c, it is estimated that gas consumption in China is increased by 15% in 2017. Additionally, China is considered the world's largest energy consumer accounting for 23.2% of global energy consumption.
Europe is estimated to have sluggish growth owing to the presence of stringent regulations due to the harmful effect of sulfur on the oncology. A growing number of oil & gas industries is likely to propel the market growth in the coming years.
LAMEA is expected to have steady growth during the forecasted period owing to the lack of awareness regarding the thiochemicals, lack of technological developments, and less government support.
Segmental Insights
The global Thiochemical market has been segmented into products type, end-users, and region.
On the basis of product type, the market has been segmented into mercaptans, dimethyl disulfide (DMDS), dimethyl sulfoxide (DMSO), thioglycolic acid & esters, thiourea, and others. Mercaptans segment is expected to drive the market growth during the forecast period 2019-2026. Mercaptan is mainly used as gas iodizers in gas leakages, polymerization agent in the polymerization industries. The increasing demand for gas iodizers to control gas leakage is expected to propel the market growth.
Based on the end-user, the market has been segmented into oil & gas, food & agrochemicals, chemicals, plastics, electrical & electronics, and others. Oil & gas segment is expected to have the fastest growth owing to the increasing oil and petrochemical refineries in the Asia Pacific region
For instance, in May 2017, Global refiners had new refinery additions to existing operations from 2017 to 2021 that would add nearly 7 million barrels per day (bpd), far exceeding projected global petroleum demand growth of less than 5.5 million bpd during the same period.
Thiochemical Market Segmentation
By Product Type
Mercaptans
Dimethyl disulfide (DMDS)
Dimethyl sulfoxide (DMSO)
Thioglycolic acid and esters
Thiourea
Others
By End-Users
Oil and Gas
Food and Agrochemicals
Chemicals
Plastics
Electrical and Electronics
Others
Regions Covered:
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
MEA
Saudi Arabia
South Africa
UAE
Rest of LAMEA
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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