Global Polythiols Market Delivers Higher Revenue Share as Contribution by Major Players Surge during 2019-2029

The polythiols market is forecast to witness a lower single digit growth rate in the coming years, as indicated by a recent intelligence study of Fact.MR. The report opines that polythiols sales will be sustained by continued demand for epoxy curing agents and expansion of end-use industries. Polythiols have been the key thiochemicals with wide applicability in animal feed sector, oil & gas industry, and paints & coatings industry. However, application of polythiols in curing of epoxy resins and chain transfer reactions will remain key contributors to revenue growth of the polythiols market. Sealants currently account for over 45% of demand for polythiols and will remain the key consumer category in polythiols market. Polythiols market recorded a CAGR of nearly 5% between 2014 and 2018. Global sales of polythiols were nearly US$ 200 Mn in 2018, and the market is estimated to record a CAGR of about 4.0% through 2029. East Asia will continue to lead the polythiols market, upheld by growing demand for epoxy curing agents for the development of light-weight compositions for different components in the automotive & transportation industry.

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Competitive Landscape

According to Fact.MR study, the polythiols market is witnessing passive growth owing to the limited number of active players in the industry and the availability of better alternatives. The polythiols market is led by two key players Arkema SA and Toray Industries Inc., and they collectively command nearly. Other market players, including BRUNO BOCK Chemische Fabrik GmbH & Co. KG and Chevron Phillips Chemical Co., LP collectively hold nearly 30% to 35% share, whereas unorganized and small players account for the rest of miniscule share.

As industry players stare at an uncertain future, tilting more toward bearish rather than bullish, Production expansion is another significant strategy of market goliaths, who envision higher adoption and better valuation of polythiols in near future. For instance, Arkema, one of the leaders in the global specialty chemicals, recently expanded its chemicals global manufacturing capacity for linear mercaptans due to the growing demand of polymers for transportation and electronics market. Another market forerunner, Toray Industries, Inc. is investing considerably in the R&D that creates avenues for new products. For instance, Toray is building a R&D center in Seoul to identify novel growth engines in company’s efforts to reinforce its presence in the Korean market.Unique strategies based on innovation, an increased presence in emerging markets, and targeted acquisitions remain the key strategies of the leading stakeholders in the polythiols market.

Key Challenges Faced by Stakeholders in Polythiols Market

• Polythiols sales are declining drastically due to the growing availability of numerous thiochemicals and epoxy curing agents, such as amines & polyamides anhydrides, and imadazoles. On the back of superior chemical properties, these agents are increasingly replacing polythiols in coatings, adhesives, and sealants applications.
• Growing prices of sulfur, which is the key raw material used in the production of polythiols, continue to pose cost-related challenges. As companies eye novel manufacturing processes that are based on low cost raw materials, polythiols suppliers are hard-pressed to develop low-cost variants to stave off the threat of alternatives.
• It is not only the functional properties of polythiols but also the aesthetic limitations that are impeding adoption – polythiols have a pungent odor, which is influencing end-users to look for alternatives with milder odors.

Future Outlook – Leveraging Opportunities amidst Waning Demand

Although polythiols are being quickly replaced by more feasible alternatives, they still witness sizeable demand in the construction and defense sectors. Instead of a plethora of opportunities, market players have to contend with a status-quo that is changing for the worse. However, pockets of growth continue to sustain –demand for highly effective modifiers is triggering sales of aliphatic polythiols. These aliphatic polythiols are being used in combination with other curatives, such as amines and polyamines, to develop modifiers for epoxy systems that enable faster curing.

The resurgency in infrastructure investment has led to growing demand for a range of materials. This period of ascendancy has also rubbed off on polythiols demand, as their excellent chemical and weather resistance properties, coupled with high impermeability, and good heat insulation attributes aren’t lost on end-users.

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Key Trend - Rising Adoption of DMDO for Polythiols Production

Leading manufacturers in polythiols market, such as Arkema SA are increasingly adopting 1,8-Dimercapto-3,6-dioxaoctane (DMDO) for the production of polythiols, owing to its double SH-functionality that enables formation of new generation compounds with enhanced properties. Furthermore, DMDO leads to the production of new polythiols without ester groups that demonstrate better water resistance as compared to PETMP (PentaErythritolTetraMercaptoPropionate). In view of manufacturers growing initiatives, it is highly likely that the market will witness novel trends and developments that will further shape the market growth in the forthcoming years.