Polythiols Market: East Asia to account for 2/5th of the global market share by 2029

The polythiols market is forecast to witness a lower single digit growth rate in the coming years, as indicated by a recent intelligence study of Fact.MR. The report opines that polythiols sales will be sustained by continued demand for epoxy curing agents and expansion of end-use industries.

Polythiols have been the key thiochemicals with wide applicability in animal feed sector, oil & gas industry, and paints & coatings industry. However, application of polythiols in curing of epoxy resins and chain transfer reactions will remain key contributors to revenue growth of the polythiols market. Sealants currently account for over 45% of demand for polythiols and will remain the key consumer category in polythiols market.

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Accounting for over 2/5^th of the global polythiols market revenues, East Asia continues to be a lucrative market for stakeholders. Expansion of construction, automotive, and semiconductor industries across the region, particularly in China, Japan, and South Korea, is likely to establish a firm base for sustained adoption of polythiols within the region. While China and India have been high growth markets for construction industry, the smart city initiatives further point to a relatively optimistic outlook of polythiols in the forthcoming years.

Rising Preference for Bio-Based Epoxy Curing Agents Shaping Innovations

One of the raw materials used in manuafcturing of polythiols, 1,8-Dimercapto-3,6-dioxaoctane (DMDO) has recently been gaining momentum in the sealants, coatings, and adhesives landscape. DMDO is highly likley to witness considerably increasing demand owing to attributes, such as less viscosity, reduced gel time, and superior reactivity at lower temperatures. Several manufacturers of polythiols, Arkema being one of the first movers, are preferring DMDO as it allows for generation of new polythiols without ester groups, which is accountable for water resistant abilities of end products.

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In the backdrop of considerably high emission of volatile organic compounds (VOCs) during the production of epoxy resins, manufacturers are embracing the mass shift to bio-based raw materials that can assist a potentially sustainable production of epoxy curing agents. In line with tightening regulatory framework in favor of adopting eco-friendly production process for epoxy curing agents, bio-based raw materials, such as natural polythiols are highly likely to see a heap of new opportunities in market over the course of coming years.

The epoxy curing agents landscape is accelerating its shift to bio-based agents, which is being perceived as a profitable innovation opportunity for stakeholders in the polythiols market. The growth of market will however continue to be restricted by sustained end-use preference to superior alternatives of polythiols. While a majority of the demand for thiochemicals is generated for applications in adhesives, sealants, coatings, animal feed, the report also highlights sustained demand for oil and gas industry related applications. To align the thiochemicals supply with rising demand from various end-use industries, manufacturers operating in thiochemicals industry have been strategizing on production capacity expansion.

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For instance, in 2018, Arkema announced the expansion of its thiochemicals production facility based in its Texas plant. The expansion project specifically targets the increasing demand for liner mercaptans from the electronics and transportation industries. The overall production capacity of Arkema’s newly expanded plants is claimed to be upped by 30%. Earlier, in 2017, Chevron Phillips Chemical Company LLC had also expanded the capacity of its Belgium-based plant by debottlenecking theproduction units of ethyl mercaptan (EM) and tetrahydrothiophene (THT). Additionally, key companies participating in the polythiols industry landscape are relying on strategic mergers, acquisitions, and collaborations for a firmer footprint in global market.

This study on the global polythiols market unleashes the key dynamics, opportunities, and trends shaping the competition landscape of market over the years to come. Between 2019 and 2029, the report expects polythiols market revenues to witness modest growth at 3.6% CAGR.

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