Thiochemicals Market Set to Soar Past USD 2.72 Billion by 2030
The global Thiochemicals market size is expected to reach USD 2.72 billion by 2030 and exhibit a CAGR of 2.5% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand for thiochemicals in various end-use industries, growing applications of it in the production of agrochemicals, rising demand for thiochemicals in the oil and gas industry, favorable government regulations supporting the use of thiochemicals, are fueling the Market’s growth.
Westford USA, Aug. 28, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Thiochemicals market, growing demand for eco-friendly and sustainable thiochemical products, increasing focus on research and development of innovative thiochemical applications, rising adoption of thiochemicals in wastewater treatment and environmental remediation, expanding applications of in the mining industry, surging demand for high-performance thiochemicals in specialty chemicals, growing use of thiochemicals as reducing agents and catalysts, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Thiochemicals Market”
- Pages – 242
- Tables – 92
- Figures – 74
Thiochemicals are a class of chemicals that contain sulfur. They are typically made by replacing an oxygen atom in an organic compound with a sulfur atom. Thiochemicals are used in a variety of applications, including rubber and plastics, textiles, agrochemicals, personal care products, pharmaceuticals, and water treatment.
Prominent Players in Thiochemicals Market
- AkzoNobel
- Arkema
- BASF
- Chemours
- Huntsman
- Ineos
- Nippon Shokubai
- Solvay
- The Dow Chemical Company
- Wacker Chemie AG
- Albemarle Corporation
- Daikin Industries
- Momentive Performance Materials
- SI Group
- Tosoh Corporation
- Wanhua Chemical Group
- Yantai Wanhua Polyurethane Co., Ltd.
- Zibo Qixiang Chemical
- Jiangsu Tianze Chemical
- Zhejiang Wanfeng Photovoltaic New Materials
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Mercaptans Demand to Grow Substantially in the Forecast Period
Mercaptans dominated the global market owing to its high performance and efficiency. In addition, they have strong odors and find applications as odorants, chemical intermediates, and additives in sectors such as oil and gas, polymers, and specialty chemicals. Their unique properties and versatile applications have contributed to their prominence in the thiochemicals market. However, it’s important to consider that market dynamics can change, and the dominance of a specific product type may vary over time.
Oil and Gas is the Leading Application Segment
In terms of application, oil and gas is the leading segment due to the increasing exploration. In addition, thiochemicals play a vital role in sulfur recovery units and gas processing facilities. They are utilized to remove hydrogen sulfide (H2S) and other sulfur compounds from natural gas and refinery streams, ensuring compliance with environmental regulations and the production of cleaner fuel.
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Asia-Pacific is the leading Market Due to the Larger Population
Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on clean energy and effective distribution of natural gasses. The region is experiencing rapid industrialization and economic growth may have higher demand for thiochemicals across various industries, contributing to their market dominance. The availability of raw materials and resources necessary for thiochemical production can influence the dominance of a specific region. Regions with abundant sulfur reserves or access to sulfur-rich feedstock may have a competitive advantage in the thiochemicals market.
A recent report thoroughly analyzes the major players operating within the Thiochemicals market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Thiochemicals.
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Key Developments in Thiochemicals Market
- The FDA has granted abbreviated new drug application (ANDA) approval to Milla Pharmaceuticals, a subsidiary of the Alter Pharma Group, for its generic version of magnesium sulphate in water for injection in no polyvinyl chloride, single-patient use containers.
Key Questions Answered in Thiochemicals Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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