The 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 gas with an unpleasant odor. It is soluble in most organic solvents and moderately soluble in water. Methanethiol finds application as an agricultural fumigant and fungicide. It is used as a raw material in the production of methionine, an essential amino acid for poultry feed. Methanethiol derivatives are also used in natural gas odorants, plant protection products, rubber additives, and petroleum additives.

Market Dynamics:
The methanethiol market is driven by rising demand from the agricultural sector. Methanethiol is used as a fumigant and fungicide in agriculture to control soil-borne diseases and increase crop yields. It finds application as a soil fumigant for major crops such as fruits, vegetables, pulses, and oilseeds. Increasing population and declining arable land are expected to boost the demand for crop protection chemicals, which bodes well for the market growth. Furthermore, growing demand for natural gas has augmented the use of methanethiol as an odorant that is added to gas utilities for easy detection of leaks. Rising adoption of natural gas for residential and commercial purposes acts as another driver for market growth. However, the toxicity of methanethiol poses health hazards, which is a major challenge. Stringent regulations regarding its manufacture and use also hinder the market expansion.

SWOT Analysis
Strength: Methanethiol's three main application areas of agricultural chemicals, petroleum additive, and polymers provide it stable demand. It is easily produced through hydrogen sulfide and methanol reaction. Methanethiol has high reactivity which allows it to act as an intermediate for various organic chemicals synthesis.

Weakness: Strong unpleasant smell of methanethiol makes its transportation and storage challenging. Strict environment regulations around its production and use due to toxic nature. Supply chain disruptions can impact consistency in meeting the global demand.

Opportunity: Increasing demand for polymeric MD as a monomer feedstock in synthetic rubber industry offers significant opportunity. Growing consumption of natural rubber and its derivatives especially in Asia Pacific provides a supportive environment.

Threats: Presence of alternative chemicals that can replace methanethiol in some of its applications poses competitve threats. Fluctuations in crude oil and natural gas prices affect raw material costs.

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 for agricultural chemicals and polymers. The market size is projected to reach US$ 8.86 Bn by 2023 from US$ 6.73 Bn in 2018.

Regional analysis

Asia Pacific dominates the global methanethiol market, accounting for over 35% of the total demand in 2018. China represents major consumer as well as producer. India is projected to emerge as the fastest growing country owing to expansion of agricultural and specialty chemicals industry. North America and Western Europe also hold significant shares on back of established synthetic rubber sector.

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., Ltd., Arkema Group, Prasol Chemicals Pvt. Ltd., TCI Chemicals (Tokyo Chemical Industry Co., Ltd.), Apollo Scientific Ltd., Sasol Ltd., Merck KGaA, Lanxess AG, Zhejiang Weihua Chemical Co., Ltd and Tokyo Chemical Industry UK Ltd.

Read More: https://www.dailyprbulletin.com/methanethiol-market-trends-growth-and-regional-outlook/