Thioester is an organic compound which is formulated after the esterification of carboxylic acids and thiols. Thioesters fall under the category of auxiliary antioxidants. It helps in slowing down the rate of oxidation and improves the operating life of the end products. Thioesters possess properties like high solubility and higher degree of antioxidant properties especially adopted in the protection of rubber, synthetic fiber, plastics and petroleum products.
They are also referred as esters of thiodipropionic acid which are further widely adopted as auxiliary stabilizers for polypropylene, polyethylene, and synthetic rubbers to promote long-term ambient aging properties. Global sales revenue for Thioester is estimated to reach US$ 102.9Mn by 2018 end which is expected to expand at a value CAGR of 4.6% over the forecast period (2018-2028) to reach a value of US$ 161.1Mn by the end of 2028.
Factors influencing the global Thioester market growth
Thioester is a chemical compound that possess numerous potential attributes such high solubility and higher degree of antioxidant properties especially in the protection of rubber, synthetic fiber, plastics and petroleum products. The demand of rubber both synthetic as well as natural is skyrocketed in the last few years and the same roadmap is expected to follow in the next few years. The demand of synthetic rubber was generated predominantly from two end use industries i.e. Automobile & footwear Industry.
With this expansion the demand for thioesters as an additive in rubber processing is expected to gain momentum & earn substantial market value over the forecast period. One of the major application of thioesters is their use as a raw material for the processing of synthetic plastic and plastic composites. Plastic based products and polymer composites are gaining popularity for their applications in automotive and aerospace applications due to their stiffness, strength and light weight.
Increasing adoption of plastic products in automotive industry for weight reduction, to improve vehicle performance and to meet emission standard is expected to drive the demand for different additives such as antioxidants, heat stabilizers, flame retardant to name a few. This drives the demand for Thioester. With changing lifestyle, food preferences and inclination towards the packaged food is driving the demand for innovative food packaging solutions worldwide.
Good packaging solution provide protection against harmful chemical as well as can improve the shelf life of the food products keeping their nutrition value intact on the same time, due to which there has been considerable demand generated for Thioester as a raw material. Apart from the above said applications, there has been considerable demand generated form fuel and lubricants industry due to rise demand for high performing lubricants for high performing machines and engines.
One of the major challenge faced by the global Thioester market is the availability of low cost alternative antioxidants at commercial level. Also, processing of thioesters is associated with severe ill effects along with it, which is further classified as a dangerous material if not processed and handled properly which may further dent the Thioester market
Global Thioester market segmentation and forecast
The global Thioester market is segmented on the basis of thioester material type, application and region. On the basis of material type the Thioester market is segmented into DLTDP, DTTDP and DSTSP thioester type. Based on its adoption in different application the market is segmented into rubber processing, plastic processing, fuel and lubricants additive, food & feed and others. Key regions covered in the report includes North America, Latin America, Western Europe, Eastern Europe, China, MEA, Japan, India and South East Asia (SEA) and Other APAC
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Global Thioester market analysis, by material type
On the basis of material type DSTDP, Thioester type is projected to hold relatively higher share throughout the forecast period. This segment is estimated to hold a share of 59.9 % in 2018 and is expected to expand at a CAGR of 4.8 % over the forecast period.
Global Thioester market analysis, by application
Among applications, Rubber processing segment where Thioester is an integral additive or antioxidant for various ruber products such as natural rubber, synthetic rubber and elastomers is projected to register sound growth over the forecast period. This segment is projected to reach a value of US$ 87.9 Mn by the end of 2028.
Global Thioester market analysis, by region
From a regional perspective, China is projected to dominate the global Thioester market holding a share of 30 % by 2018 end. Regions such as Western Europe and North America collectively accounts for more than 41.2 % share in the global Thioester market. South East Asian countries and India are anticipated to show high growth owing to growing chemical synthesis industries
Key players dominating the global Thioester market
Some of the key players reported in this study of the global Thioester market include:
Songwon Industrial Co. Ltd, Addivant USA LLC., Reagens SPA, Trigon Antioxidants Pvt. Ltd, Bioray Chemical Co. Ltd, Double Bond Chemical Ind. Co. Ltd, Mayzo. Inc, ZX Chemtech amongst others.
Global Thioesters Market Segmentation
To understand and assess opportunities in the global Thioester Market, we have divided the report into three sections based on market segmentation as under:
- Rubber Processing
- Plastic Processing
- Fuel and Lubricants
- Food and Feed
- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA and APAC
- MEA and Africa