Global thiourea market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Thiourea is an organosulfur compound also termed as thiocarbamide that resembles urea but contains sulfur instead of oxygen. It is a colorless, crystalline, water-soluble solid with a molecular formula is CS(NH2)2. It is exclusively used to accelerate the vulcanization of rubber, photography, and inorganic synthesis.
The factors that are playing a major role in the growth of thiourea market are the high demand from the mining industry and the growing application in agriculture and pharmaceutical industry. However, its toxic nature may restrain overall market growth in the years to come. Thiourea market is segmented based on application, end-user, and region. Metal cleaning, ore leaching, metal refinement, auxiliary agent, additive, isomerization catalyst, and other applications could be explored in thiourea in the forecast period.
The market may be categorized based on end-users like paper, textile, chemical, pharmaceuticals, rubber, agriculture, mining industry, and others could be explored in thiourea in the forecast period. Agriculture sector accounted for the substantial market share of thiourea and is estimated to lead the overall market in the years to come. The reason could be the rising demand as an effective pesticide for crop protection and boost crop productivity.
In addition, the pharmaceutical sector is estimated to grow at the fastest pace in the years to come. The reason behind the overall market growth could be its use as an intermediate for developing thiazole and other drugs for inhibiting thyroid disease. Also, estimated to grow at the highest CAGR in the years to come.
Globally, Asia Pacific accounted for the substantial market share of thiourea and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the government initiative for increasing the productivity of crops, high investment in R&D sector to manufacture several drug types, and the presence of key manufacturers in this region. The developing countries like India and China are the major consumers of thiourea in this region.
North America and Europe are also estimated to have a positive influence on future growth. North America is the second largest region with significant market share. The reason could be the rise in paper production and the presence of key pharmaceutical industries. The United States is a major consumer of thiourea in this region. However, Europe is estimated to grow at the highest CAGR in the forecast period.
The key players of the thiourea market are Guizhou Hongkai Chemical, Sanshin Chemical Industry Limited, Yantai Dasteck Chemicals Co.Ltd., Zhejiang Rayfull Chemicals Co., Ltd., and Shandong Efirm Biochemistry and Environmental Protection Co., Ltd. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
• Fine Chemicals
• Rubber & Resin
• North America
• Asia Pacific
• Middle East and Africa
• South America
• AlzChem AG
• Shandong Xinke
• Weifang Ruimin
• Harvest Star
• Luoyang Lida
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Key Questions Answered in this Report
• What will the market size be in 2022?
• What are the key factors driving the global thiourea market?
• What are the challenges to market growth?
• Who are the key players in the thiourea market?
• What are the market opportunities and threats faced by the key players?
Research Support Specialist, USA