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(MoneyNewsWire.Net, July 17, 2018 ) The global thiochemicals market is expected to register a moderate CAGR during the forecast period of 2018-2023. The market is driven by rising demand in animal nutrition and the growing oil & gas industry. However, the market is restrained by regulations on sulfur.
Key Leading Major Players: Arkema Group, Hebei Yanuo Bioscience Co. Ltd, Chevron Phillips Chemical Company, Bruno Bock Chemische Fabrik GmbH & Co. KG, Toray Fine Chemicals Co. Ltd, amongst others.
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Rising Demand in Animal Nutrition Driving the Market
In poultry, thiochemicals are majorly used in the form of methyl mercaptan, which is used in the production of methionine. Methionine is mainly used as animal nutrition for poultry animals. Therefore, the increasing demand for poultry meat is expected to drive the thiochemicals market. Poultry consumption is expected to increase in Asia-Pacific countries like India and China, in response to an expanding population and a rapidly expanding middle class, which is spurring the demand for poultry meat and eggs. According to USDA's Foreign Agricultural Service (FAS), China's broiler production is expected to increase by 700,000 metric ton to 11.7 million metric ton in 2018, in response to the resurging consumer demand after years of decline.
Paints & Coatings - The Fastest Growing Application
Based on end-user industry, food and agrochemicals is the dominant end user and accounts for approximately 30% of the market share. However, the oil & gas segment is expected to register the fastest growth, in response to the growing oil and petrochemical refineries in Asia-Pacific and Middle Eastern economies, such as India and Saudi Arabia, thus spurring the demand for thiochemicals. The Indian government has finalized 55 million metric ton of brownfield refinery expansion at existing refineries, in addition to a new 9 million metric ton unit planned at Barme.
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North America Accounts for the Largest Share
North America accounted for the largest share of the thiochemicals market, in 2017. The United States is the largest segment in North America and is expected to register healthy growth during the forecast period, owing to the increasing demand for methyl mercaptan in the oil & gas, animal nutrition, and other industries. In the United States, the growing meat production in line with the growing middle class population is expected to increase the demand for animal nutrition, thereby driving the thiochemicals market. According to the US Department of Agriculture, in 2017, farmers and meatpackers produced a record 99.7 billion lbs. of red meat and poultry.
Notable Developments
Nov 2017: Arkema announced a project to double its methyl mercaptan production capacity at its Kerteh site in Malaysia, to support the robust growth of the animal feed, petrochemical, and refining markets in Asia and strengthen its world-leading position in high-value-added sulfur derivatives.
May 2017: Chevron Phillips Chemical Company LLC expanded its plant in Tessenderlo, Belgium, by debottlenecking its production unit for Ethyl Mercaptan (EM) and Tetrahydrothiophene (THT). This expansion has resulted in an increase of 65% in production capacity.
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