Thioacetamide Market - Forecast(2023 - 2028)

Thioacetamide market size is forecast to reach $XX billion by 2025, after growing at a CAGR of XX% during 2020-2025, owing to the wide usage of thioacetamide as an organic solvent in the leather, textile, and paper industries, as an accelerator in the vulcanization of buna rubber (synthetic polybutadiene), and as a stabilizer of motor fuel. In addition, due to its use as a solvent in the various manufacturing process, the thioacetamide market is flourishing. The major factor driving the thioacetamide market is the expanding healthcare and agriculture sector in various regions. Also, the rising export of thioacetamide is driving the thioacetamide market growth during the forecast period.

The report: “Thioacetamide Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the thioacetamide industry. 

By Type: White Crystal and Clear Crystal

By Application: Pesticides, Pharmaceutical, Dyes, and Others

By Geography: North-America, South-America, Europe, Asia Pacific, and RoW

The pesticide application held the largest share in the thioacetamide market in 2019 and is growing at a CAGR of XX%, owing to the increasing demand for thioacetamide to manufacture pesticides. Thioacetamide was found to be a satisfactory replacement for hydrogen sulfide. And hydrogen sulfide is used primarily to produce sulfuric acid and sulfur, which is then further used to create pesticides. In addition, the farmers are facing issues in increasing their crop yield in the small plot, due to which the demand for pesticides is increasing. Moreover, pesticides are very cheap, reduces erosion, fuel use, greenhouse gas emissions, nutrient run-off due to which the demand for pesticides is increasing. And since the demand for pesticides is increasing as crop care products the demand for thioacetamides is also anticipated to increase during the forecast period.

Asia Pacific region held the largest share in the thioacetamide market in 2019 up to 30%, owing to the increasing demand for thioacetamide from the agriculture sectors in the region. The demand for thioacetamide is increasing from the agricultural sector for pesticide manufacturing. And since the governments are spending heavily on the agricultural sector in the region, the agriculture sector is flourishing. In 2016, according to China’s Ministry of Agriculture, over 1,300 Chinese enterprises had overseas investments in agriculture, forestry, and fisheries valued at $26 billion. The total quantum of private investment in India should increase (with an added investment of Rs. 78,424 crores) from Rs. 61,000 crore in 2015-16 to Rs. 139,424 crore by 2022-23. In India, under Budget 2019-20, Pradhan Mantri Samman Nidhi Yojana was introduced in which a minimum fixed pension of Rs 3000 (US$ 42.92) is to be provided to the eligible small and marginal farmers, on attaining the age of 60 years. In Japan, digital farming technology has been developed to help experienced farmers to use water and fertilizers more efficiently. Thus, due to various initiatives by the government, agricultural production is also increasing. And with the increasing crop production, the demand for pesticides will also increase, which requires thioacetamide for its production. Thus, the increasing agricultural initiatives by the government are anticipated to drive the thioacetamide market during the forecast period.

The governments are spending heavily on initiatives and investments in the field of agriculture as it is an effective way to promote agricultural productivity, and enhancing environmental sustainability. The United States Department of Agriculture took an initiative – “The Agriculture and Food Research Initiative (AFRI)” to ensure food safety and security and train the next generation of the agricultural workforce. In 2020, the Canadian government invested a total of $560,000 on the Canadian Federation of Agriculture (CFA) to develop the Canadian Agri-Food Sustainability Initiative. The European government has taken initiatives such as the Common Agricultural Policy (CAP) and Young Farmers. The 2010- 2013 National Strategy for France’s Sustainable Development aimed to develop a more sustainable food production and support green economy and business innovation, and during the tenure, it achieved a higher domestic organic production and consumption. Thus, due to various initiatives by the government, agricultural production is also increasing in the various regions. And with the increasing crop production, the demand for pesticides will also increase, which requires thioacetamide for its production. Thus, the increasing agricultural investments by the government act as a driver for the thioacetamide market.

The thioacetamide market growth is spurred by the rapid expansion of the healthcare industry mainly due to the growing population, urbanization, increasing disposable income, and increasing demand for pharmaceuticals across the regions. Thioacetamide is extensively used as an analytical reagent and since the analytical agent generally equals ACS grade (≥95%) they are acceptable for food, drug, or medicinal use. Thus, thioacetamides are being extensively used in the manufacturing of pharmaceutical drugs. In 2014, China spent approximately USD992 billion on health care, where 38 percent was financed by publicly financed health insurance, private health insurance, or social health donations and 30 percent was financed by the central government and local governments. In 2018, the Australian Government announced to drive a new era of better health care in Australia it will invest $1.3 billion in the Health and Medical Industry Growth Plan. According to the Thailand Board of Investment Thailand is now becoming a key player in the $2.3 trillion global medical industry. The thioacetamide market will be flourished by the cumulative healthcare investments as with the increasing healthcare industries across the world demand for pharmaceuticals will also increase, which acts as a driver for the thioacetamide market during the forecast period. 

Thioacetamide is reasonably anticipated to be a human carcinogen. Thioacetamide was developed as an effective pesticide to control the decay of citrus fruits but was soon found to cause liver diseases (fibrosis and cirrhosis) and liver tumors. It has been used extensively in animal studies, largely for its ability to cause acute liver damage.  When heated to decomposition, it emits toxic fumes of nitrogen oxides and sulfur oxides. Thioacetamides are known to be harmful if inhaled. They are known to cause respiratory tract irritation. It also generally cause skin and eye irritation. These health hazards from thioacetamide are anticipated to hinder with the thioacetamide market growth during the forecast period. 

Due to the COVID-19 pandemic, the import and export of agricultural commodities have significantly fallen during the course. There’s been a supply chain disruption in the global and local enterprises which are dealing with the manufacturing of thioacetamides. Also, the productions in these sectors are expecting to experience difficulties like untimely deliveries of raw materials and more due to which the thioacetamide market is negatively affected.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the thioacetamide market. In 2019, the market of thioacetamide has been consolidated by the top five players accounting for xx% of the share. Major players in the thioacetamide market are Zhejiang Shouful chemical Co. Ltd, Hangzhou Tjm Chemical Co. Ltd, Panreac, USB Corporation, Exaxol Chemical Corporation, Seidler Chemical, Icon Isotopes, and Allan Chemical Corporation.