Global methanethiol market expected to grow to USD 14.4 billion by 2033

From GlobeNewswire: 2024-07-05 15:00:00

The Global Methanethiol Market is set to grow from USD 8.6 billion in 2023 to USD 14.4 billion by 2033, with a CAGR of 5.29%. Methanethiol, a colorless gas with a foul smell, is used in various industries such as agriculture, chemicals, and pharmaceuticals. It is primarily used in agriculture for crop protection.

The market for methanethiol faces challenges due to its strong odor and toxicity, as well as environmental regulations. North America is expected to hold the largest market share, driven by a strong industrial presence. Asia Pacific is forecasted to show the highest CAGR growth, led by countries like China and India. Major players in the market include Methanex Corporation and BASF SE.

The pesticides segment is predicted to dominate the methanethiol market, with increased demand for crop protection. In terms of end-user industries, agriculture is expected to hold the highest market share due to the use of methanethiol in pesticide production. Competitive analysis highlights key players like Evonik and Chevron Phillips Chemical Company investing in the market.

Recent developments include Evonik’s plan to build a methyl mercaptan facility in the United States, indicating ongoing growth in the industry. The market is segmented by application, including pesticides and animal nutrition, and by end-user industries such as food and beverage, agriculture, and pharmaceuticals. The global market is further analyzed regionally across North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.



Read more at GlobeNewswire: Global Methanethiol Market Size To Worth USD 14.4 Billion