Thiochemicals Market Size, Share, Growth Analysis, By Type(Mercaptans, Di Methyl Di Sulfide, Di Methyl Sulfoxide, Thioglycolic Acids), By End User(Oil, Gas, Food, Agro-Chemical), By Region - Industry Forecast 2024-2031

Thiochemicals Market size was valued at USD 2.166 billion in 2019 and is poised to grow from USD 2.22 billion in 2023 to USD 2.72 billion by 2031, growing at a CAGR of 2.5% in the forecast period (2024-2031).

Sulfur replaces the oxygen molecule in a class of molecules known as Thiochemicals, or thio-compounds. Thionation is the process used to carry out such reactions in which the oxygen ion is swapped out for the sulfur ion. As a key component, sulfur is utilized to create Thiochemicals such methyl mercaptan, which serve as precursors to the amino acids used in animal nutrition products. Thiochemicals compounds are also employed as polymerization, anti-cocking, and gas leak detection agents, among other uses. Thiochemicals, including methyl mercaptan and other mercaptans, are utilized in the oil and gas sector for applications such as desulfurization, the cracking process, and the detection of natural gas leaks. Thiochemicals are additionally utilized in the chemical, polymer, and plastic industries. Thiochemicals, for instance, are used to create thioglycolic acids, which are then utilized to create PVC heat stabilizers. The Thiochemicals market is fueled by an increase in global oil & gas refining capacity as well as increased natural gas consumption for home and industrial applications.

US Thiochemicals Market is poised to grow at a sustainable CAGR for the next forecast year.