by The 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, commonly known as methyl mercaptan, is a colorless flammable gas with a strong odor similar to that of rotten cabbage or decaying eggs. It is majorly used in agrochemicals such as pesticides and fungicides and as an additive in polymers to impart odor for easy detection of gas leaks. It acts as an intermediate in the production of methionine, an essential amino acid for animals. Methanethiol is also utilized in various end-use industries such as petrochemicals, plastics, and rubber to manufacture intermediates.
Market Dynamics:
Growing agrochemical industry is one of the major drivers of the methanethiol market. According to the Food and Agriculture Organization (FAO), the global agrochemical market was valued at US$ 63 billion in 2020 and is expected to reach US$ 85 billion by 2025, growing at a CAGR of 6%. Methanethiol forms crucial pesticide and fungicide intermediates that are extensively used to protect valuable crops from diseases and enhance agricultural yield. Rising emphasis on sustainability and demand for high-value specialty crops will propel the agrochemical sector, augmenting the market growth of methanethiol over the forecast period. Increasing polymer production, especially plastics and tires, is another key factor fueling the market. Methanethiol serves as an odorant additive in synthetic rubbers and aids in the early detection of gas leaks from polymer pipes and hoses. Surging polymer consumption in the automotive, packaging, and construction industries will continue driving methanethiol demand in the coming years.
Market Segment Analysis
Methanethiol can be segmented into agriculture grade, industrial grade and others. The industrial grade methanethiol segment dominated the market in 2022. Industrial grade methanethiol is majorly used in the production of methionine which is an essential amino acid mainly used as a dietary supplement for animals. The demand for methionine has been increasing from the animal feed industry which is driving the industrial grade methanethiol segment.
PEST Analysis
Political: The regulations regarding the use and production of toxic chemicals are becoming stricter. For example, REACH in Europe has regulations for methanethiol.
Economic: The global economy is recovering post pandemic which is increasing the demand from end use industries like animal feed and pharmaceuticals driving the market growth.
Social: Increased consumption of meat and animal proteins has been increasing the demand for methionine thereby methanethiol from the animal feed industry.
Technological: Manufacturers are focusing on developing cost effective and sustainable production technologies to reduce the environmental impact of methanethiol production.
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 for methionine from the animal feed industry. The market size for 2023 is US$ 8.86 Bn.
The Asia Pacific region is expected to dominate the methanethiol market during the forecast period. This is attributed to the presence of large animal feed industries especially in China and India. Additionally, growth of the pharmaceutical industry in the region will also drive the demand.
Key players operating in the Methanethiol market are Chevron Phillips Chemical Company, BASF SE, Evonik Industries AG, Arkema Group, Solvay SA, Taizhou Sunny Chemical Co., Â Ltd., Arkema Group, Prasol Chemicals Pvt. Ltd., TCI Chemicals (Tokyo Chemical Industry Co., Â Ltd.), Apollo Scientific Ltd., Sasol Ltd., Merck KGaA, Lanxess AG, Zhejiang Weihua Chemical Co., Â Ltd., Tokyo Chemical Industry UK Ltd. The major players are focusing on geographical expansion and new product launches to gain maximum revenue share in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
