July 19, 2024
Methanethiol Market

High Demand From End-Use Industries To Propel Growth Of The Methanethiol Market

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 an organosulfur compound with the formula CH3SH. It naturally occurs in crude petroleum and is released by algae and cyanobacteria. Methanethiol is a colorless gas with extremely strong and unpleasant odor resembling that of rotten cabbage or rotten eggs. It is highly flammable and toxic in nature. Methanethiol finds widespread applications as an intermediate for organic synthesis, agricultural chemicals, pharmaceuticals, and polymer industries. It acts as a building block for rubber additives, soil fumigants, pharmaceuticals, agrochemicals, dyes and pigments.

Market key trends:

Methanethiol demand is primarily driven by its use as an intermediate in the production of methyl methacrylate and methionine. Methyl methacrylate is used to produce polymethyl methacrylate (PMMA) resins and acrylic sheets. Growing PMMA polymer industry is expected to boost the consumption of methanethiol in the coming years. Methanethiol is also utilized in the manufacture of methionine, an essential amino acid used as a feed supplement for poultry and livestock. Increasing meat consumption across the globe is anticipated to fuel the demand for methionine and subsequently methanethiol during the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirement and easy access to raw materials has led to threat of new entrants in the market. However, established companies have benefit of economies of scale.

Bargaining power of buyers: Large buyers have significant bargaining power due to the varied end-use applications of methanethiol. Buyers can negotiate on price and contract terms.

Bargaining power of suppliers: Key raw materials for methanethiol production are readily available. Suppliers have limited bargaining power due to availability of substitutes.

Threat of new substitutes: Substitutes like methanol and dimethyl disulfide have been gaining popularity in some applications. Continuous R&D may lead to new substitutes threatening demand.

Competitive rivalry: The global methanethiol market is a highly competitive space with presence of numerous regional and global players. Intense price wars and new product innovations have increased competitive rivalry.

Key Takeaways

The global Methanethiol Market Size is expected to reach US$ 8.86 Bn by 2023, expanding at a CAGR of 5.5% during the forecast period. Increasing demand from pesticide industry is a major factor driving the market.

Regional analysis: Asia Pacific dominates the global methanethiol market, accounting for over 35% of the overall demand in 2023. China is the largest producer and consumer of methanethiol globally. North America and Europe also offer substantial growth opportunities for market players.

Key players: 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. Premier players are focused on capacity expansion plans and new product launches to gain competitive advantage.

*Note:
1.            Source: Coherent Market Insights, Public sources, Desk research
2.            We have leveraged AI tools to mine information and compile it