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, also known as methyl mercaptan, is a flammable, colorless gas naturally present in crude petroleum and natural gas. It has a strong, unpleasant odor and is used as an intermediate in the production of various chemicals, pesticides, and polymers. It provides odor to natural gas for the purpose of leakage detection. Methanethiol is required for the manufacturing of methionine, an essential amino acid used as nutritional supplements for livestock.
Market key trends:
The global methanethiol market is expected to witness significant growth, owing to increasing demand from the pesticides industry. Methanethiol acts as an important intermediate in the manufacturing of several pesticides such as metham sodium and metham potassium. According to FAO, the global pesticide market was valued at US$ 58.9 billion in 2020 and is projected to grow at a CAGR of 3% during 2020-2025. Rising pesticide consumption for boosting crop yield will augment the demand for methanethiol over the forecast period. Methanethiol also finds application as a corrosion inhibitor, polymerization catalyst, and anti-oxidant. Increasing use of methanethiol across various end-use industries is expected to propel the market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the methanethiol market is moderate. While the demand for methanethiol is growing, high capital requirement for plant installation acts as a barrier.
Bargaining power of buyers: The bargaining power of buyers in the methanethiol market is high. Buyers can negotiate for better prices and quality due to availability of numerous suppliers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are a limited number of raw material suppliers for methanethiol production. However, easy availability of raw materials keeps the power in check.
Threat of new substitutes: The threat of new substitutes is low as methanethiol has unique properties and limited alternatives for its applications in pesticides, pharmaceuticals and petrochemical industries.
Competitive rivalry: The competitive rivalry is high among the top players to gain major market share through investments, expansions and new product launches.
SWOT Analysis
Strengths: High demand from agrochemicals and pharmaceuticals industries. Methanethiol has unique properties and limited substitutes.
Weaknesses: Toxic nature of methanethiol requires stringent manufacturing and transport regulations. Fluctuations in raw material prices impact production costs.
Opportunities: Growing agrichemical and pharmaceutical sectors in Asia Pacific provide new growth avenues. Development of improved production technologies can boost supply.
Threats: Stringent environmental norms can restrict operations. Supply chain disruptions due to geo-political issues affect prices and availability.
Key Takeaways
The global Methanethiol Market Size is expected to witness strong growth at a CAGR of 5.5% over the forecast period owing to increasing consumption in agrochemical applications. Methanethiol acts as an important building block in the manufacture of various pesticides and is projected to drive the market growth.
Regionally, the Asia Pacific methanethiol market accounted for the largest share of over 35% in 2023. China dominates the regional as well as global production and consumption of methanethiol due to presence of leading agrichemical producers. South East Asian countries are projected to be the fastest growing markets during the forecast period.
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., 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 intense competition among these players revolves around expansion, new product launches
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