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 a colorless flammable gas under ambient conditions. It is primarily used to produce methionine, a dietary protein supplement. Methanethiol has a strong, unpleasant odor in low concentrations and smells like rotten cabbage.
Market key trends:
One of the key trends fueling the growth of the global methanethiol market is its increasing demand from the specialty chemical feedstock industry. Methanethiol is a critical building block in the production of various agrochemicals and pharmaceutical intermediates. It is used to synthesize pesticides, herbicides, and pharmaceutical drugs due to its high reactivity and selective addition properties. The growing agrochemicals and pharmaceutical sectors are expected to drive the demand for methanethiol over the forecast period.
Segment Analysis
Methanethiol market can be segmented into form, end-use industry, and region. Based on form, liquid methanethiol accounted for the largest share of around 60% in 2022. Liquid form increases the ease of transportation and storage which has led to its high demand.
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 from agricultural sector.
Regional analysis
Regionally, Asia Pacific accounted for the largest share in the global methanethiol market and is expected to continue its dominance in the coming years. Countries like India and China are the major consumers of methanethiol due to large agricultural base in these countries.
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. These players have large production facilities and supply globally to serve the local demand.
Read More: https://www.ukwebwire.com/methanethiol-market-size-share-and-growth-forecast/
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