The global Methanethiol Market is estimated to be valued at US$ 8.86 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Methanethiol, also known as methyl mercaptan, is a colorless gas used widely in natural gas odorization, agricultural processes, smelting processes and industrial processes. It has a strong, unpleasant odor in low concentrations and acts as a warning agent, allowing the detection of gas leaks.
Market key trends:
One of the key trends driving the growth of the Methanethiol market is its increasing usage in the agrochemical industry. Methanethiol acts as an intermediate in the production of methionine, an essential amino acid that is used as animal and poultry feed supplements to enhance growth and productivity. With the rapidly growing population and rising demand for meat and poultry products globally, demand for animal feed additives and supplements has witnessed strong growth over the past few years. This is expected to directly contribute to the increasing consumption of Methanethiol.
SWOT Analysis
Strength: Methanethiol has a wide range of applications in industries like petrochemicals, agrochemicals and polymers due to its chemical properties.
Weakness: Methanethiol has a strong, unpleasant smell even at very low concentrations making it hazardous to handle and transport. Storage and disposal of waste from its production also require careful handling.
Opportunity: Increasing natural gas trade in regions like Asia Pacific is opening new avenues for odorants like Methanethiol. New applications in fields like bioplastics can boost demand.
Threats: Stringent regulatory environment around safety and emissions is a challenge. Dependence on a few key end use industries increases vulnerability to economic cycles.
Key Takeaways
The global Methanethiol Market Size is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from petroleum refining and natural gas trade. The market size for 2023 is estimated to be US$ 8.86 Bn.
Regional analysis: Asia Pacific dominates the global market currently due to large refining capacity and growing natural gas infrastructure in countries like China and India. North America and Europe are also significant producers and consumers driven by petrochemicals and agrochemical sectors.
Key players operating in the Methanethiol market include Chevron Phillips Chemical Company, BASF SE, Evonik Industries AG, Arkema Group, Solvay SA, Taizhou Sunny Chemical Co., Ltd., Arkema Group, Prasol Chemicals Pvt. Ltd., TCI Chemicals (Tokyo Chemical Industry Co., Ltd.), Apollo Scientific Ltd., Sasol Ltd., Merck KGaA, Lanxess AG, Zhejiang Weihua Chemical Co., Ltd., Tokyo Chemical Industry UK Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
