Polythiols Market: Latest Trends and Forecast Analysis up to 2029

Polythiols Market in Numbers:

• Polythiols market recorded a CAGR of nearly 5% between 2014 and 2018.
• Global sales of polythiols were nearly US$ 200 Mn in 2018, and the market is estimated to record a CAGR of about 4.0% through 2029.
• East Asia will continue to lead the polythiols market, upheld by growing demand for epoxy curing agents for the development of light-weight compositions for different components in the automotive & transportation industry.

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Competitive Landscape

According to Fact.MR study, the polythiols market is witnessing passive growth owing to the limited number of active players in the industry and the availability of better alternatives. The polythiols market is led by two key players Arkema SA and Toray Industries Inc., and they collectively command nearly. Other market players, including BRUNO BOCK Chemische Fabrik GmbH & Co. KG and Chevron Phillips Chemical Co., LP collectively hold nearly 30% to 35% share, whereas unorganized and small players account for the rest of miniscule share.

As industry players stare at an uncertain future, tilting more toward bearish rather than bullish, Production expansion is another significant strategy of market goliaths, who envision higher adoption and better valuation of polythiols in near future. For instance, Arkema, one of the leaders in the global specialty chemicals, recently expanded its chemicals global manufacturing capacity for linear mercaptans due to the growing demand of polymers for transportation and electronics market. Another market forerunner, Toray Industries, Inc. is investing considerably in the R&D that creates avenues for new products. For instance, Toray is building a R&D center in Seoul to identify novel growth engines in company’s efforts to reinforce its presence in the Korean market.Unique strategies based on innovation, an increased presence in emerging markets, and targeted acquisitions remain the key strategies of the leading stakeholders in the polythiols market.

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Key Challenges Faced by Stakeholders in Polythiols Market

• Polythiols sales are declining drastically due to the growing availability of numerous thiochemicals and epoxy curing agents, such as amines & polyamides anhydrides, and imadazoles. On the back of superior chemical properties, these agents are increasingly replacing polythiols in coatings, adhesives, and sealants applications.
• Growing prices of sulfur, which is the key raw material used in the production of polythiols, continue to pose cost-related challenges. As companies eye novel manufacturing processes that are based on low cost raw materials, polythiols suppliers are hard-pressed to develop low-cost variants to stave off the threat of alternatives.

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• It is not only the functional properties of polythiols but also the aesthetic limitations that are impeding adoption – polythiols have a pungent odor, which is influencing end-users to look for alternatives with milder odors.