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 2/5th 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.
Leading manufacturers
Leading manufacturers in polythiols market, such as Arkema SA are increasingly adopting 1,8-Dimercapto-3,6-dioxaoctane (DMDO) for the production of polythiols, owing to its double SH-functionality that enables formation of new generation compounds with enhanced properties. Furthermore, DMDO leads to the production of new polythiols without ester groups that demonstrate better water resistance as compared to PETMP(PentaErythritolTetraMercaptoPropionate).
Polythiols Market Segmentation
- Source
- Synthetic Polythiols
- Natural Polythiols
- Application
- Adhesives
- Sealants
- Coatings
- End-use industry
- Automotive & transportation
- Consumer goods
- Building & construction
- Electronics and electrical
- Aerospace
- Others
- Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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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.
- 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.
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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.
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.
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.
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