Thiochemicals Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thiochemicals Market Analysis
During the time frame of the forecast, the thiochemicals market is expected to register a CAGR of over 5%.
The COVID-19 pandemic had both short- and long-term effects on the market. The weakening oil and gas industry, as well as a brief halt in polymer and chemical activity owing to the pandemic lockdown, had a detrimental impact on thiochemicals market demand. However, demand for thiochemicals has expanded dramatically during the post-pandemic era and is expected to continue on the same path.
- The rising use of thiochemicals in methionine production, which serves as a major nutrient for the poultry industry, is expected to drive market growth.
- However, the high toxicity of thiochemicals, such as isopropyl mercaptan and tetrahydrothiophene, which are flammable and extremely toxic to aquatic fauna, is likely to hinder the growth of the market.
- The increasing market penetration in African economies, like South Africa and Kenya, is expected to provide a substantial opportunity for the thiochemicals market in emerging economies.
- The Asia-Pacific region dominated the market for thiochemicals and is forecast to be the largest market for thiochemicals during the forecast period as well.
Thiochemicals Market Trends
Growing Usage in Animal Nutrition
- In animal nutrition, thiochemicals are mostly used in the form of methyl mercaptan, which is used to make methionine. Methionine is primarily utilized in livestock and poultry feed as a dietary supplement.
- According to the Alltech Agri-Food Forecast for 2023, Europe and North America made the most pet food in the world in 2022. Together, they made more than 11 million metric tons.With a production volume of roughly 8.86 million metric tons, Latin America came in third.
- Alltech also says that the United States has the largest pet food market in the world. In 2021, pet food sales in the United States will bring in nearly USD 44 billion.It was also noteworthy that most of the leading pet food companies around the globe are based in the United States, like Mars Petcare Inc., Nestlé Purina PetCare, and J.M. Smucker.
- Due to a growing population, people all over the world are likely to eat more chicken. This is expected to increase the demand for chicken meat and eggs and increase the use of thiochemicals in the industry.
- The OECD-FAO Agricultural Forecast 2022-2031 predicts that the world's meat production will rise by 5% to 339 MT in 2021. This is mostly due to a 34% rise in China's pig meat production, which follows two years of sharp drops caused by an outbreak of African Swine Fever (ASF).Global meat imports were estimated to reach 40 MT in 2021, with imports of chicken taking the lead. Most of this increased demand for meat imports came from the top exporters, such as Brazil, the European Union, and the United States.
- The OECD-FAO Agricultural Outlook 2022-2031 also said that by 2031, the amount of protein in chicken, pig, cow, and sheep meat would rise by 16%, 17%, 8%, and 16%, respectively.Compared to the period between 2019 and 2022, it is expected that 47% of all meat-based protein will come from chicken, followed by pig, sheep, and bovine.
- The projection also said that the world would eat 133,996.62 million tons of poultry meat in 2021 and 153,849.67 million tons of poultry meat in 2031.By 2031, poultry meat will still be the main reason why global meat production will have grown by 16%.
Increasing production and consumption of animal feed across Europe, Asia, the Middle East, Africa, North America, and Latin America is predicted to witness significant growth, which, in turn, is expected to augment product demand in the sector.
China to Dominate the Asia-Pacific Regional Market
- China's thiochemicals demand for methionine production is rising faster than the global average, due to the rising demand for meat products from China's wealthy middle class. The huge growth can be explained by the fact that the livestock and farming industries are using more and more animal feed.
- Methionine manufacturers are expanding production in the country by setting up new plants. This helps the country's animal feed industrial chain extend upstream and greatly boosts the development of the animal feed processing and breeding industries.
- The OECD-FAO Agricultural Outlook 2022-2031 stated in its report that the total production of poultry meat in China in the year 2021 was 21,448 thousand tons, which is expected to reach 24,448 thousand tons in 2031. On the other side, the total consumption of poultry meat in China in 2021 was about 22,318 thousand tons, which is also expected to increase at a gradual rate due to the shift towards more protein-rich animals in recent years.
- Moreover, according to the China Feed Industry Association, the total industrial feed output in China during the first half of 2022 is estimated to be around 136 million tons.
- Also, growing refining operations in the country and higher demand for natural gas are expected to help market growth a lot.
- According to the BP Statistical Review of World Energy 2022, China produced the most oil in the Asia-Pacific region in 2021. It produced close to 200 million tons of oil, which is 2.5% more than it did the year before.
- Accounting for one-third of the natural gas market in 2021, China was also the region's largest natural gas producer. Around 210 billion cubic meters of natural gas were produced in China overall in that period.
The market for thiochemicals is expected to grow during the forecast period because of all the good things that are happening in the country.
Thiochemicals Industry Overview
The theochemicals market is highly consolidated in nature. The major players in the market include (in no particular order) Arkema, Daicel Corporation, Chevron Phillips Chemical Company LLC, Hebei Yanuo Bioscience Co., Ltd., and Toray Fine Chemicals Co., Ltd., among others.
Thiochemicals Market Leaders
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Daicel Corporation
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Chevron Phillips Chemical Company LLC
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Hebei Yanuo Bioscience Co., Ltd.
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Toray Fine Chemicals Co. Ltd.
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Arkema
*Disclaimer: Major Players sorted in no particular order
Thiochemicals Market News
- Recent developments pertaining to the market studied will be covered in complete report.
Thiochemicals Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Use of Thiochemicals in Methionine Production
4.1.2 Other Drivers
4.2 Restraint
4.2.1 High Toxicity of Thiochemicals
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1 Type
5.1.1 Mercaptan
5.1.1.1 Dimethyl Disulfide (DMDS)
5.1.2 Dimethyl Sulfoxide (DMSO)
5.1.3 Thioglycolic Acid and Ester
5.1.4 Other Types
5.2 End-user Industry
5.2.1 Animal Nutrition
5.2.2 Oil and Gas
5.2.3 Polymers and Chemicals
5.2.4 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Spain
5.3.3.6 Rest of Europe
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Arkema
6.4.2 Bruno Bock
6.4.3 Chevron Phillips Chemical Company LLC
6.4.4 Daicel Corporation
6.4.5 Dr. Spiess Chemische Fabrik GmbH
6.4.6 Hebei Yanuo Bioscience Co. Ltd.
6.4.7 Merck KGaA
6.4.8 Taizhou Sunny Chemical Co. Ltd.
6.4.9 TCI Chemicals
6.4.10 Toray Fine Chemicals Co. Ltd.
6.4.11 Zhongke Fine Chemical Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Penetration in African Economies, like South Africa and Kenya
Thiochemicals Industry Segmentation
Thiochemicals are a type of chemical in which the oxygen molecule is replaced by sulfur, resulting in the formation of a thiocompound. Thionation is a chemical process that occurs when sulfur ions replace oxygen ions. Sulfur is a significant molecule utilized in the manufacture of thiochemicals, primarily methyl mercaptan, which serves as a precursor for the amino acid used in animal feed products. The thiochemicals market is segmented by type, end-user industry, and geography. By type, the market is segmented into mercaptan, dimethyl sulfoxide, thioglycolic acid, ester, and others. By end-user industry, the market is segmented into animal nutrition, oil and gas, polymers and chemicals, and other end-user industries. The report also covers the market sizes and forecasts for the thiochemicals market in 12 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (tons).
| Type | |||
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| Dimethyl Sulfoxide (DMSO) | |||
| Thioglycolic Acid and Ester | |||
| Other Types |
| End-user Industry | |
| Animal Nutrition | |
| Oil and Gas | |
| Polymers and Chemicals | |
| Other End-user Industries |
| Geography | ||||||||
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| Rest of the World |
Thiochemicals Market Research FAQs
What is the current Thiochemicals Market size?
The Thiochemicals Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Thiochemicals Market?
Daicel Corporation, Chevron Phillips Chemical Company LLC, Hebei Yanuo Bioscience Co., Ltd., Toray Fine Chemicals Co. Ltd. and Arkema are the major companies operating in the Thiochemicals Market.
Which is the fastest growing region in Thiochemicals Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Thiochemicals Market?
In 2024, the Asia-Pacific accounts for the largest market share in Thiochemicals Market.
What years does this Thiochemicals Market cover?
The report covers the Thiochemicals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thiochemicals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thiochemicals Industry Report
Statistics for the 2024 Thiochemicals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thiochemicals analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
