The global thiochemicals market is expected to reach US$ 2.72 billion by 2030, growing at a CAGR of 2.5% from 2023 to 2030. This growth is driven by increasing demand for thiochemicals in various applications, including oil and gas, animal nutrition, polymers and chemicals, and other industries.

Dimethyl sulfoxide (DMSO) is the most widely used thiochemical, accounting for over 50% of the market share. DMSO is used in a variety of applications, including pharmaceuticals, personal care products, and industrial solvents. Other important thiochemicals include thioglycolic acid and esters, which are used in the production of plastics, rubber, and other materials.

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The Thiochemicals market is witnessing significant growth, driven by increased demand across diverse industries such as petrochemicals, pharmaceuticals, and agriculture. Thiochemicals play a crucial role in various applications, including catalysts, mining, oil and gas, and water treatment. As industries continue to embrace sustainable practices, the demand for eco-friendly thiochemicals is also on the rise.

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Thiochemicals are a broad class of chemical compounds that contain sulfur. They are used in a wide variety of applications, including:

• Food and agriculture: Thiochemicals are used in the production of fertilizers, pesticides, and herbicides. They are also used to make food additives, such as preservatives and flavorings.
• Pharmaceuticals: Thiochemicals are used to make a variety of drugs, including antibiotics, antifungal drugs, and anti-inflammatory drugs.
• Personal care products: Thiochemicals are used in the production of soaps, shampoos, and cosmetics.
• Industrial products: Thiochemicals are used in the production of rubber, plastics, and textiles. They are also used in the production of lubricants, coolants, and adhesives.

Key Takeaways:

• The global thiochemicals market is projected to reach US$ 2.72 billion by 2030, growing at a CAGR of 2.5% from 2023 to 2030.
• The growth of the market is driven by increasing demand from various applications such as oil and gas, animal nutrition, polymers and chemicals, and others.
• Dimethyl sulfoxide (DMSO) is the largest type of thiochemicals, accounting for over 40% of the market share.
• Asia Pacific is the largest market for thiochemicals, followed by North America and Europe.

Regional Outlook:

• Asia Pacific is expected to remain the largest market for thiochemicals throughout the forecast period, driven by strong demand from China, India, and Japan.
• North America is expected to be the second-largest market, driven by the growing demand from the oil and gas industry.
• Europe is expected to be the third-largest market, driven by the demand for thiochemicals in various industrial applications.

Key Players:

• Arkema Group (France)
• Bruno Bock Chemische Fabrik GmbH & Co. KG (Germany)
• Chevron Phillips Chemical Company (USA)
• Daicel Corporation (Japan)
• Dr. Spiess Chemische Fabrik GmbH (Germany)
• Hebei Yanuo Bioscience Co. Ltd. (China)
• Hohhot Guangxin Chemical Trade Co. Ltd. (China)
• Merck KGaA (Germany)
• Taizhou Sunny Chemical Co. Ltd. (China)
• TCI Chemicals (Japan)
• Toray Fine Chemicals Co. Ltd. (Japan)
• Zhongke Fine Chemical Co. Ltd. (China)

Segmentation:

The global thiochemicals market is segmented by type, application, and region.

By Type:

• Dimethyl sulfoxide (DMSO)
• Thioglycolic acid and ester
• Others

By Application:

• Oil and gas
• Animal nutrition
• Polymers and chemicals
• Others

By Region:

• Asia Pacific
• North America
• Europe
• South America
• Middle East and Africa