Sodium Methanethiolate Market Size, Share, Growth, and Industry Analysis, By Type (Liquid and Solid), By Application (Agrochemical, Pharmaceuticals and Dyestuff), Regional Forecast To 2028

Updated On: 15 May 2023

REPORT OVERVIEW

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The global sodium methanethiolate market size is expected to be USD 210.2 million in 2022 and the market is projected to touch USD 261.4 million by 2028, exhibiting a CAGR of 3.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the sodium methanethiolate market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Sodium methanethiolate is chemical compound with a chemical formula of (CH3SNa, MeSNa). It is a sodium conjugate base of methanethiol that is commercially accessible as a white solid in markets. It’s also popularly called as Sodium thiomethoxide. It is soluble in water and has a molar mass of 70.085 g/mol. It hydrolysis in moist air to produce methanethiol, which has a low odor threshold and a noxious fecal smell. It appears as a colorless and transparent liquid having a bad smell of a strong alkaline liquid. Furthermore, it is a powerful nucleophile that can be used to prepare methylthioethers. It is used to make a varied range of large scale and fine chemicals.

Sodium methanethiolate is excessively used as a raw material for the production of medicines and dye intermediates, and an antidote to hydrogen sulfide poisoning. As for agrochemical being the lead industry (36.76%) for the use of sodium methanethiolate because it is required to produce several types of pesticides, fertilizers, and other agricultural chemical manufacturing products. It can be used Sodium methyl mercaptan is the sodium salt of methyl mercaptan with the chemical formula CH3SNa. It can be oxidized by iodine to dimethyl disulfide (CH3SSCH3) and analyzed accordingly. It is flammable and acutely toxic. It is also corrosive in nature, capable of causing severe skin burns and eye damage. Hence, it is likewise advised to handle with care and follow strict measures when it is to be used.

COVID-19 Impact: Disruption in Product Supply Causes Market Deformation

The chaos and mayhem brought into our lives due to the coronavirus outbreak, started out in beginning of 2019, has undoubtedly been a total game changer. Be it medical sector, machinery sectors, and even chemical industry were badly hit from this sudden outburst.

Nevertheless, chemicals that are used in pharmaceutical or healthcare sectors for medical purposes or sterilizing functions did experience a huge rise in demand, leading to increased production.  And, hence, pharmaceutical industry being the third biggest user of sodium methanethiolate, after agrochemical and dyestuff, witnessed a booming uplift in product sales all over world. As of now 2019, out of the total application of sodium methanethiolate, 30.31% belongs to pharmaceutical industry.

LATEST TRENDS

Rise in Demand for Product Inclines Towards Market Elevation

The sodium methanethiolate market is anticipated to experience a surge in product sales in forthcoming years. As of present analysis period between 2022-2028, sodium methanethiolate market is bound to grow at a respectable CAGR of ~4%, with increase in demand from regions all over the globe. Furthermore, this era of technological advancement is just like an added advantage towards the market growth. Moreover, effective strategies and tactics are being brought into action by notable market players, stakeholders and all other key participants, to boost market development. Attractive notions are being seriously considered and worked upon to increase awareness about the products and its benefits to attract consumer attention as well as other business opportunities.

SEGMENTATION

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• Based on Type

On the basis of type, the market categorizes into Liquid and Solid.

Liquid type is the leading part of the type segment.

• By Application

On the basis of application the market categorizes into Agrochemical, Pharmaceuticals and Dyestuff.

Agrochemical is the leading part of the application segment.

DRIVING FACTORS

Rising Demand for Sodium Methanethiolate in Agrochemical and Pharmaceuticals Boosts Market Growth

With the excessive use of sodium methanethiolate in industry sectors like Agrochemical and Pharmaceuticals, market has experienced a significant surge in the product sales both regionally as well as globally. Apart from this sodium methanethiolate is also used to make dye intermediates for the production of dyestuff, promoting the sodium methanethiolate market growth.

Introduction of New Technologies Enhances Market Advancement

With our world witnessing a technological typhoon which is certain to set an imprint on all the various other industries sectors like healthcare, machinery, chemical, and others. As a result, the incorporation of these latest technologies with insightful product knowledge are expected to produce products in future that can go hand in hand with ongoing trends of the market to yield satisfactory results.

RESTRAINING FACTORS

Requirement of a Strong Financial Support to Hinder Market Growth

Markets like sodium methanethiolate market requires a very strong and steady financial backing along with good advertisement to sustain in business economy. To attain such strong financial supporters are indeed not an easy task, especially in less developed regions.  Furthermore, for chemical based industries, the strict government policies regarding chemical use and transportation is another extremely concerning issue. Hence, achieving the government established safety standards is quite hard and have substantially obstructed the market flow.

REGIONAL INSIGHTS

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Asia-Pacific Overshadows the Market Owing to High Production Rate

Asia-Pacific is estimated to have an upper edge of the sodium methanethiolate market, as it embraces the highest production rates overall. China, alone produced most of the sodium methanethiolate in 2019, with an astonishing sodium methanethiolate market share of 55.3%, closely tailed by India with as considerable market revenue rate of 19.6%. furthermore, this region offers cheap labors for both professional work such as researchers, scientists, etc as well as unprofessional workers required to work in manufacturing or production units. Moreover, this region supports great advertisement and promotion for the product and supporting company itself, attracting customer attention which uplifts the market economy by increasing sales. Over and above, Asia-pacific regions has excellent connections with almost all the parts of the globe, immensely helpful in strengthening the market trade. United States follows the list owning a revenue rate of 8.7% with Europe closely behind having a market score of 7.1%, which is anticipated to increase in the upcoming years.

KEY INDUSTRY PLAYERS

Key Market Participants to Prioritize on Product Development

It is well foreseen by our experts through vigorous research that the key market participants of the sodium market will most likely prioritize their knowledge, funding and other resources for further product development. Product improvement is in dubiously one of the major driving factors that will certainly uplift the market sales and aid in its expansion. Apart from this, ensuring safe and secure manufacturing and transportation of the chemically enhanced product will also be taken into consideration and suitable measures will be taken accordingly. Prominent key market players such as Minyu Chemical, Arkema and TCI Chemicals are the top three market revenue share spots in the sodium methanethiolate market in 2019.

List of Market Players Profiled

• Minyu Chemical (China)
• Arkema (France)
• TCI Chemicals (India)
• Chevron Phillips Chemical Company (United States of America)
• Nanjing Jingyun Chemical (China)
• Ningxia Unisplendour Tianhua Methionine (China)
• Heze Hongchang Biological Technology (China)
• Nanjing Xiezun Pharmaceutical Technology (China)
• Binzhou Baoxiang Chemical (China)
• Hairui Chemical (China)
• Anhui Jin‘ao Chemical (China)
• DEYI Chemical Industry (China)
• Wuhan Sinxinjiali Bio-tech (China)
• Zhengzhou Alfachem (China)
• Shanghai Sonyuan Chemical (Shanghai)

 REPORT COVERAGE

This report concisely covers all essential features for the respective market in a constructive manner, highlighting consumer behavior, company relations, market crazes, business patterns, enterprise profiles, contact statistics etc. In addition to this, the focus is also directed to examine all the influential factors upon which market growth chiefly depends. This report coneys holistic overview containing knowledge that is very beneficial for key industry players, stakeholders, etc. This research analysis effectively outlines various segments, categorized on the basis of type, application and region. Names along with critical details about the key market players and their gross contribution to the market have also been listed.