DUBLIN--(BUSINESS WIRE)--The "Thiochemicals Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global thiochemicals market is expected to grow at a CAGR of 5.39% during the forecast period of 2019-2024.
Rising use of thiochemicals in methionine production, which serves as a major nutrient for the poultry industry is majorly expected to drive the market growth.
- High toxicity of thiochemicals such as isopropylmercaptan and tetrahydrothiophene which are flammable and extremely toxic to aquatic fauna is likely to hinder the growth of the market.
- Increasing market penetration in African economies like South Africa and Kenya is however expected to provide substantial opportunity for thiochemicals market in emerging economies.
Growing Usage in Animal Nutrition
- In the animal nutrition end-use, thiochemicals are majorly used in the form of methyl mercaptan, which is used in the production of methionine. Methionine is mainly used as a dietary supplement for poultry and animal feed. Therefore, the increasing demand for poultry and other 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, which is expected to intensify the demand for poultry meat and eggs, resulting in an increase in consumption for thiochemicals in the industry.
- The industry has witnessed an increase in the production and consumption of beef and veal, pork, and chicken meat in the past few years. This has resulted in an increase in the demand for animal feed as well, driving industry growth.
- Increasing production of feed across Europe, Africa, Asia, Middle East, North America, and Latin America is predicted to witness significant growth, which, in turn, is expected to augment the product demand in the sector.
China to Dominate the Asia-Pacific 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 enormous growth can be explained by the surging demand for animal feed used in the livestock and farming industries. Since the population almost doubled to 1.4 billion people, the country's demand for meat and animal feed has exploded.
- DL-methionine is one kind of safe feed additives, and belongs to the key area supported by China's Key High-tech Industry and Industrial Structure Adjustment Guidelines. Furthermore, the 12th five-year development plan in the feed industry clearly pointed out that China should develop feed products with excellent quality, safety, high-efficiency, as well as new feed additives; this contributes to enhance the capacity of DL-methionine, strengthen the international competitiveness of amino acid in feed grade, and reduce the production cost.
- Methionine manufacturers are expanding production in the country by setting up new plants. This helps the country's animal feed industrial chain to extend upstream, and greatly boost the development of the animal feed processing and breading industries.
- Additionally, growing refining activities in the country and the growing demand for natural gas is expected to significantly support the market growth.
- Such positive factors are expected to drive the market for thiochemicals through the forecast period.
The market studied is a highly consolidated market, where only two players, Arkema Group and Chevron Phillips Chemical Company, hold a lion's share of the market. Some of the other major players operating in the market studied include Hebei Yanuo Bioscience Co, and Daicel Corporation, amongst others.
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rising Demand in Animal Nutrition
4.1.2 Growing Oil & Gas Industry
4.2.1 High Toxicity of Thiochemicals
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Forces Analysis
5 MARKET SEGMENTATION
126.96.36.199 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 Oil and Gas
5.2.2 Animal Nutrition
5.2.3 Polymers and Chemicals
5.2.4 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Arkema Group
6.4.2 Bruno Bock Chemische Fabrik GmbH & Co. KG
6.4.3 Chevron Phillips Chemical Company
6.4.4 Daicel Corporation
6.4.5 Dr. Spiess Chemische Fabrik GmbH
6.4.6 Hebei Yanuo Bioscience Co. Ltd.
6.4.7 Hohhot Guangxin Chemical Trade Co. Ltd.
6.4.8 Merck KGaA
6.4.9 Taizhou Sunny Chemical Co. Ltd.
6.4.10 TCI Chemicals
6.4.11 Toray Fine Chemicals Co. Ltd.
6.4.12 Zhongke Fine Chemical Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Penetration in African Economies like South Africa and Kenya
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