Thiochemicals Market CAGR of 4.4% Expected by 2034

Overview

New York, NY – April 21, 2025 – The global Thiochemicals Market is growing steadily, driven by increasing demand across industries like oil & gas, agrochemicals, and pharmaceuticals. Thiochemicals, which are sulfur-based compounds, are widely used in fertilizers, animal feed, and chemical manufacturing. The market is expected to reach USD 2.5 billion by 2034, up from USD 1.6 billion in 2024, growing at a 4.4% CAGR from 2025 to 2034.

Mercaptans led the thiochemicals market in 2024 with a 32.2% share, driven by their use in oil & gas odorization, agrochemicals, and pharmaceuticals. The oil and gas sector held a 37.3% share of the thiochemicals market in 2024, driven by odorization, refining, and corrosion inhibition needs. It will likely remain the top consumer in 2025, supported by energy exploration and regulatory compliance.

The Asia-Pacific (APAC) region dominates the global thiochemicals market, holding a 46.7% share valued at approximately USD 0.7 billion, and is the fastest-growing region. This leadership stems from rapid industrialization, growth in agrochemical and pharmaceutical industries, and rising demand for oil & gas applications. Key contributors include China, India, Japan, and South Korea, leveraging robust chemical manufacturing and increased investments in specialty chemicals. APAC benefits from cost-efficient production, abundant raw materials, and expanding export markets.

Key Takeaways

• The global Thiochemicals Market is projected to reach USD 2.5 billion by 2034, growing at a 4.4% CAGR from 2025 to 2034.
• Mercaptans dominate with a 32.2% market share in 2024, driven by oil & gas odorization and agrochemical uses.
• The oil & gas sector holds the largest share a 37.3%, fueled by refining, odorization, and corrosion inhibition needs.
• Asia-Pacific (APAC) leads with a 46.7% market share of USD 0.7 Bn, supported by industrialization and agrochemical demand.

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Analyst Viewpoint

The Thiochemicals Market in the Asia-Pacific (APAC) region for 2025 and it’s a fascinating space for investors. The APAC region commands a hefty 46.7% of the global thiochemicals market, valued at around USD 0.7 billion, driven by booming industries like oil & gas, agrochemicals, and pharmaceuticals. Investment opportunities are ripe, especially in countries like China and India, where low-cost production and abundant raw materials create a competitive edge.

The rising demand for mercaptans, which held a 32.2% market share in 2024, is a big draw, fueled by their use in natural gas odorization and agrochemical synthesis. For investors, backing companies innovating in high-value thiochemicals or expanding production capacity in APAC could yield solid returns, especially with shale gas exploration and pharmaceutical growth on the rise. However, it’s not all smooth sailing—trade tensions and potential tariffs could disrupt exports, and China’s push for self-sufficiency might squeeze smaller players out. I see a lot of potential, but you’ve got to weigh the risks carefully.

Report Scope

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Key Market Segments

By Type

• In 2024, mercaptans led the thiochemicals market, securing over 32.2% of the share. Their extensive use in oil & gas, agriculture, and chemical industries propelled this demand, particularly for natural gas odorization, where their potent odor serves as a critical safety feature. Applications in agrochemicals and pharmaceuticals further bolstered their growth. In 2025, mercaptans are projected to retain their dominance, driven by expanding shale gas activities and stringent fuel processing safety standards. Despite growth in other thiochemicals, mercaptans remain the top choice for key industrial uses.

By End-Use

• The oil and gas industry dominated the thiochemicals market in 2024, accounting for over 37.3% of the market share. Thiochemicals were widely utilized for natural gas odorization, refining, and corrosion inhibition, fueled by rising shale gas production and strict safety regulations. This sector is expected to continue leading in 2025, supported by ongoing energy exploration and demand for efficient refining processes. Although agrochemicals and pharmaceuticals are expanding, oil and gas remain the primary consumers of thiochemicals due to their critical role in fuel processing and regulatory compliance.

Regional Analysis

• The Asia-Pacific (APAC) region dominates the global thiochemicals market, holding a 46.7% share valued at approximately USD 0.7 billion, and is the fastest-growing region. This leadership stems from rapid industrialization, growth in agrochemical and pharmaceutical industries, and rising demand for oil & gas applications.
• Key contributors include China, India, Japan, and South Korea, leveraging robust chemical manufacturing and increased investments in specialty chemicals. APAC benefits from cost-efficient production, abundant raw materials, and expanding export markets.
• Stringent environmental regulations in North America and Europe are driving chemical production to APAC, accelerating market growth. The agrochemical sector, especially in India and China, is a major thiochemicals consumer, fueled by high agricultural demand and advanced crop protection needs.
• The pharmaceutical sector’s growth, driven by rising healthcare spending, boosts thiochemical use in drug synthesis. APAC is poised to sustain its dominance, supported by infrastructure advancements and growing foreign investments in chemical manufacturing. The region’s low-cost production and strong demand from end-use industries reinforce its position as the global leader in the thiochemicals market.

Top Use Cases

• Oil & Gas Industry: Thiochemicals are integral in refining processes, aiding in the removal of sulfur compounds to produce cleaner fuels. They also serve as odorants for natural gas leak detection, enhancing safety measures in gas distribution networks.​
• Animal Nutrition: Methyl mercaptan, a thiochemical, is used to synthesize methionine, an essential amino acid added to animal feed. This supplementation promotes healthier livestock growth, meeting the rising global demand for meat products.​
• Agrochemicals: In agriculture, thiochemicals are utilized in the production of pesticides and herbicides. Their effectiveness in pest control contributes to increased crop yields and supports food security initiatives.
• Personal Care Products: Thioglycolic acid, a thiochemical, is commonly found in hair removal creams and hair treatment formulations. Its ability to break down protein structures makes it effective for these cosmetic applications.
• Polymer and Plastic Industry: Thiochemicals act as stabilizers and modifiers in polymer production, improving the durability and performance of plastic materials used in various consumer and industrial products.

Recent Developments

1. Arkema

• Arkema has been expanding its thiochemicals production capacity to meet growing demand, particularly in agrochemicals and oil & gas applications. The company focuses on sustainable production methods and has introduced new sulfur-based specialty chemicals for industrial use. Arkema is also investing in R&D to develop eco-friendly thiochemical solutions.

2. Bruno Bock GmbH

• Bruno Bock has launched new mercaptan-based thiochemicals for the rubber and polymer industries. The company emphasizes high-purity products for pharmaceuticals and specialty chemicals. Recent investments include upgrading manufacturing facilities to enhance efficiency and reduce environmental impact.

3. Hextar Global Berhad

• Hextar Global has been actively expanding its agrochemical division, incorporating thiochemicals in crop protection products. The company is strengthening its supply chain in Southeast Asia and exploring new applications in water treatment and animal nutrition.

4. Chevron Phillips Chemical Company LLC

• Chevron Phillips has developed advanced sulfur-based chemicals for oil refining and petrochemical processes. The company is focusing on cleaner fuel additives and has introduced new thiochemical formulations to meet stricter environmental regulations.

5. Daicel Corporation

• Daicel has been innovating in thiochemicals for pharmaceuticals and fragrances, with a focus on high-purity mercaptans. The company is expanding its production capabilities in Asia and collaborating with research institutions for new applications.

Conclusion

The Thiochemicals Market is poised for steady growth. This is driven by the essential role of thiochemicals in various industries, including oil and gas, animal nutrition, agriculture, and pharmaceuticals. In the oil and gas sector, thiochemicals are vital for processes like desulfurization and gas leak detection. The animal nutrition industry benefits from thiochemicals in the production of methionine, a crucial amino acid for livestock feed. Additionally, the agriculture sector utilizes thiochemicals in the formulation of pesticides and fertilizers, while the pharmaceutical industry employs them in drug synthesis.​

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