Cuprous Thiocyanate Market - Forecast(2023 - 2028)

Cuprous Thiocyanate Market Overview

The Cuprous Thiocyanate Market size is forecasted to grow at a CAGR of 3.9% during the forecast period 2022-2027. Cuprous thiocyanate structure consists of two polymorphs that are primarily composed of the decomposition of black copper thiocyanate that releases thiocyanogen when heated. It can also be composed of copper thiocyanate underwater, which releases thiocyanic acid. It is used in a wide range of industries which include marine, metal plating, oil & gas, pigments & coatings, electronics & semiconductor, solar energy, plastics, and other industries. In 2020, the outbreak of COVID-19 sharply declined the oil and gas production due to a lack of operations across multiple countries around the world, thus, affecting the market. However, a steady recovery in new development and production activities has been witnessed across many countries around the world since the end of 2020. Cuprous Thiocyanate is primarily used in the production of antifouling paints and coatings that are used in the oil and gas sectors to prevent the oil & gas plant structures from corrosion and prevent unwanted growth of microbes. In September 2020, the Indian Oil Corporation (IOC) approved an investment of INR 1,268 crore (US$ 173.5 million) in order to set up a needle coker unit at the firm's Paradip refinery in Odisha. The proposed unit is expected to have a total Calcined Needle Coke (CNC) production capacity of around 56-kilo tonnes per year. An increase in oil and gas production along with the surging demand from the solar industry acts as the major driver for the market. On the other hand, health hazards associated with the use of cuprous thiocyanate may act as a major constraint for the market.

Report Coverage

The report: “Cuprous Thiocyanate Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Cuprous Thiocyanate Industry.

By Form: Solid, Powder, and Liquid.
By Application: Solar Cells, Anti-Fouling Coating, Batteries, Thin-Film Transistors, Polyvinyl Chloride, and Biocide.
By End-Use Industry: Marine, Metal Plating, Oil & Gas, Pigments & Coatings, Electronics & Semiconductor, Solar Energy, and Plastics.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

Key Takeaways

• Anti-fouling coating application held a significant share in the Cuprous Thiocyanate Market in 2021, owing to its increasing demand from the marine and oil & gas sectors across the world. In 2021, Russia completed its project called Nord Stream 2 Gas Pipeline worth US$ 10.8 billion. The pipeline has increased the gas capacity of the Nord Stream route to 110 billion cubic meters per annum.
• Marine industry held the largest share in the Cuprous Thiocyanate Market in 2021, owing to the increasing demand for cuprous thiocyanate for the production of anti-fouling coatings used in the marine industry. Cuprous thiocyanate composed of polymorphs has excellent non-corrosive characteristics and microbe growth resistance which makes them ideal for use in the production of anti-fouling paints that are applied to the underwater hull of ships to prevent the growth of microbes that attach to the hull.
• Asia-Pacific dominated the Cuprous Thiocyanate Market in 2021, owing to the increasing demand for cuprous thiocyanate from the marine sectors of the region. For instance, in February 2022, Mitsubishi Shipbuilding partnered with TotalEnergies in order to build a liquefied CO2 marine carrier in Japan. The development is scheduled to be completed by 2023.

Cuprous Thiocyanate Market Segment Analysis – By Application

The anti-fouling coating application held a significant share in the Cuprous Thiocyanate Market in 2021, owing to its increasing demand from the marine and oil & gas sectors across the world. For instance, Kenya Shipyard Limited collaborated with the Dutch shipbuilding business to build the MV Uhuru II, which will be the first marine vessel built at Kisumu port in Kenya. The project is scheduled to be completed by the end of 2022. In 2020, the government of the USA announced the continuation of operations of the Alaska LNG Liquefaction Plant project worth US$ 43 billion. The Alaska LNG represents a three-train liquefaction plant, gas treatment plant, and an 800-mile pipeline. The facility is expected to export around 3.5 billion cubic feet of gas per day from Alaska’s North Slope gas fields and is scheduled to begin its operations in 2025.

In this way, such increasing production from the marine and oil and gas industries is expected to increase the demand for cuprous thiocyanate composed of polymorphs for the production of anti-fouling coatings used in such industries to prevent the marine and oil & gas structure from corrosion and to prevent unwanted growth of microbes. This is expected to drive the growth of the market during the forecast period.

Cuprous Thiocyanate Market Segment Analysis – By End-Use Industry

The marine industry held the largest share in the Cuprous Thiocyanate Market in 2021 and is expected to grow at a CAGR of 4.1% between 2022 and 2027, owing to the increasing demand for cuprous thiocyanate for the production of anti-fouling coatings used in the marine industry. For instance in February 2021, A.P. Moller - Maersk announced its plan to decarbonize maritime operations through the launch of the world's first carbon-neutral marine vessel in Denmark. The development of the project is expected to be completed in 2023. In February 2022, Hapag-Lloyd, a German shipping company, announced its plans to build new TEU vessels. The first ship is scheduled for delivery in 2023, while the rest of the 12 vessels are scheduled for delivery in 2024.

Cuprous thiocyanate which is composed of polymorphs is primarily used in the production of anti-fouling coatings that are applied in the underwater hull of ships to prevent the growth of microbes that attach to the hull while preventing it from corrosion, owing to its excellent non-corrosive characteristics and microbe growth resistance. Thus, such surging production of marine ships and vessels is expected to increase the demand for cuprous thiocyanate for the production of anti-fouling paints utilized in such marine ships and vessels. This is expected to accelerate the growth of the market during the forecast period.

Cuprous Thiocyanate Market Segment Analysis – By Geography

Asia-Pacific held the largest share in the Cuprous Thiocyanate Market in 2021 up to 32%. The consumption of cuprous thiocyanate is particularly high in this region due to its increasing demand from the marine sector. For instance, in December 2021, China announced its plans to deliver its first locally built cruise ship in the country. The ship is 37.2 meters wide, with a 323.6-meter long hull. The development of the ship is scheduled to be completed in 2023. Furthermore, in September 2021, the government of Taiwan invested NT$840 million (US$30.2 million) in the development of a new fishing training ship in Taiwan that complies with international standards. The construction of the ship is expected to be completed by 2023. In this way, an increase in the production of ships from marine sectors across multiple countries in the region is expected to increase the demand for cuprous thiocyanate which is primarily used in the production of anti-fouling paints. This is anticipated to propel the growth of the market during the forecast period.

Cuprous Thiocyanate Market Drivers

An increase in oil and gas production is most likely to increase demand for the product

Cuprous thiocyanate which is composed of polymorphs is primarily used in the production of antifouling paints and coatings that are used in the oil and gas sectors to prevent the oil & gas plant structures from corrosion and prevent unwanted growth of microbes. For instance, According to recent insights published by NS Energy in 2021, 512 oil & gas projects are scheduled to start operations from 2021 to 2025 in China. One of the largest projects includes the Yantai Expansion terminal worth US$ 1.1 billion which has an overall capacity of 487 billion cup feet (bcf). The operations are expected to begin in 2025. Furthermore, Nigeria announced the start of its project called Dangote Refinery and Polypropylene Plant worth US$ 11 billion which is expected to begin its operations by the end of 2022. The facility is expected to process different grades of crude including shale oil, along with a production capacity of 104,000 b/d of diesel, 153,000 b/d of gasoline, 4,109 b/d of LPG, 73,000 b/d of jet fuel, and 12,300 b/d of fuel oil.

Hence, such increasing development of oil and gas production facilities in various countries across the world is expected to increase the demand for cuprous thiocyanate for the production of antifouling paints and coatings used in such production sites. This is expected to drive the growth of the market in the upcoming years.

Surging demand from the solar industry is most likely to increase demand for the product

Cuprous thiocyanate is highly transparent and exhibits a wide band gap, which makes them ideal for use in fabricating thin-film transistors used in solar cells, and other photovoltaic applications. For instance, according to the Global Outlook for Solar Power Industry published by the Global Solar Council, a total of 138.2 GW solar PV capacity was installed across the world during 2020, which indicated an increase of 18% in comparison to 117.6 GW solar in the year 2019. China was the leading country with 48.2 GW of solar PV capacity installed in 2020. This is followed by the US with 19.3 GW, Vietnam with 11.6 GW, Japan with 8.2 GW, and Australia with 5.1 GW of total solar PV capacity installed by 2020. All of the top five leading countries saw an increase in their annual growth rate of solar PV installations in comparison to 2019. Furthermore, recent insights from the International Energy Agency (IEA) state that solar PV generation increased up to 156 TWh in 2020 to reach 821TWh, an increase of 23% in comparison to 2019. Thus, such a surging implementation of solar energy along with the growth of the solar industry is expected to increase the demand for cuprous thiocyanate for use in solar cells, and other photovoltaic applications. This upsurge is expected to boost the growth of the market in the upcoming years.

Cuprous Thiocyanate Market Challenges

Health hazards associated with the use of cuprous thiocyanate can cause an obstruction to the market growth

Prolonged exposure to cuprous thiocyanate is known to cause irritation and burning in the eyes and skin. In case of skin contact, it may cause mild to severe skin irritation. In case of inhalation, irritation of the nose, throat, and upper respiratory tract may occur that can cause coughing and wheezing. It releases thiocyanic acid which generates very toxic gas. In severe cases, such gas can cause acute oral toxicity, acute dermal toxicity, skin corrosion/irritation, and severe eye damage. Furthermore, cuprous thiocyanate is very toxic to aquatic life and is known to cause long-lasting effects. Thus, such health hazards associated with exposure to cuprous thiocyanate may confine the growth of the market.

Global Cuprous Thiocyanate Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Cuprous Thiocyanate Market. Global cuprous thiocyanate top 10 companies are:

1. Tokyo Chemical Industry Co., Ltd.
2. Flexsys
3. Josephine Mining Corp
4. Teck Resources Ltd.
5. Hairui Chemical
6. Jiangsu Liaoyuan Environmental Protection Technology
7. Henan Jiaxin Chemical
8. Guangde Zhongxin Chemical
9. Xinxiang City State Bank of Chemical
10. Baijin Group

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