Market Size of Thiochemicals Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
