The Latest Thiochemical Industry Statistics Explained
The global thiochemical market is expected to reach about US$2.7 Billion by 2026, expanding at a CAGR of around 3.5% during the forecast period 2017 to 2026.
This statistic indicates that the global thiochemical market is projected to grow significantly over the forecast period from 2017 to 2026, with an estimated value of around US$2.7 billion by 2026. The compound annual growth rate (CAGR) of approximately 3.5% suggests a steady expansion in the market size. This growth can be attributed to various factors such as increasing industrial applications of thiochemicals, advancements in thiochemical production technologies, and rising demand across different end-user industries. Overall, the statistic highlights a positive outlook for the thiochemical market, with potential opportunities for businesses operating in this sector.
The thiochemical industry is driven by increasing demand from oil and gas industries.
The given statistic suggests that the thiochemical industry is experiencing growth due to a rise in demand from the oil and gas sectors. Thiochemicals, which are sulfur-based compounds, are widely used in various applications within the oil and gas industries such as drilling fluids, corrosion inhibitors, and gas purification processes. The increasing demand from these sectors indicates a need for thiochemical products to support their operations and infrastructure. This relationship highlights the interdependency between the thiochemical industry and the oil and gas industries, with growth in one sector leading to opportunities and expansion in the other.
Among thiochemicals, the demand for methyl mercaptan is high, contributing to the significant share of the market.
This statistic suggests that within the category of thiochemicals, the demand for methyl mercaptan is notably high, thereby playing a significant role in the overall market. Methyl mercaptan is a specific type of thiochemical that appears to be in particularly high demand compared to other chemicals in the category. This could be due to various factors such as its unique properties, wide range of applications, or superior performance in certain industries. The high demand for methyl mercaptan likely leads to it holding a substantial share of the market compared to other thiochemicals, implying that it is a key product in this specific sector.
In 2018, the Asia Pacific region dominated the global thiochemical market.
The statement “In 2018, the Asia Pacific region dominated the global thiochemical market” suggests that in the year 2018, the Asia Pacific region had the largest market share in the thiochemical industry compared to other regions worldwide. This implies that a significant portion of thiochemical production, consumption, and trade activities occurred in countries within the Asia Pacific region during that period. Factors contributing to this dominance could include strong demand for thiochemical products, favorable market conditions, competitive pricing, advanced technological capabilities, and well-established supply chains within the region. The statistic highlights the importance of the Asia Pacific region as a key player in the global thiochemical market during the specified year.
References
0. – https://www.www.acumenresearchandconsulting.com
1. – https://www.www.globenewswire.com
2. – https://www.www.transparencymarketresearch.com
