PUBLISHER: Market Research Future | PRODUCT CODE: 1732709
PUBLISHER: Market Research Future | PRODUCT CODE: 1732709
Global Thionyl Chloride Market Research Report Information by Grade (Technical Grade, Pharmaceutical Grade), By Application (Agrochemicals, Pharmaceuticals, Dyes & Pigments, Organic Synthesis, Batteries, Others), By Production Process (Sulfur Trioxide Route, Sulfur Dioxide Route, Other Routes), And by Region (North America, Europe, Asia-Pacific, and Rest of the World) Market Forecast Till 2032
Over the course of the projection period, the thionyl chloride industry is expected to increase at a compound annual growth rate (CAGR) of 4.68%. Health concerns, fluctuating raw material prices, and the market's growth rates for lithium thionyl chloride batteries are the main factors propelling the market's rise.
Health concerns and shifting raw material prices are driving the thionyl chloride market's compound annual growth rate. Thionyl chloride is an inorganic substance with the chemical formula SOCl2. It is a colorless, moderately flammable liquid with a terrible acid smell. Thionyl chloride is mostly used as a chlorinating reagent, while it is also infrequently used as a solvent. It is dangerous, reacts with water, and is designated as a substance that could be used to make chemical weapons under the Chemical Weapons Convention. Thionyl chloride and sulfuryl chloride, or SO2Cl2, have completely different characteristics, even though they are occasionally confused.
Furthermore, the price and availability of raw materials are the main factors that determine the overall costs of thionyl chloride products. Ethane, acetylene, and carbon dioxide are some of the basic ingredients needed to make thionyl chloride. Since the majority of these necessities are made from crude oil, they are susceptible to changes in commodity prices. The market is also impacted by high manufacturing costs that raise energy costs and high transportation costs brought on by rising fuel prices. In response to growing production costs, producers have ensured that price increases are dispersed unevenly, with end users bearing most of the expense. Thionyl chloride has been identified as a known human carcinogen by the US Department of Health and Human Services' National Toxicology Program (NTP).
Perspectives on Market Segments
Technical and pharmaceutical grades are included in the market segmentation for thionyl chloride based on grade.
Agrochemicals, pharmaceuticals, dyes and pigments, organic synthesis, batteries, and others are included in the market segmentation for thionyl chloride based on application.
The sulfur trioxide route, sulfur dioxide route, and other routes are included in the thionyl chloride market segmentation based on production process.
Regional Perspectives
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world by region. This market will be dominated by the North American thionyl chloride market area because of the potential sharp increase in demand for thionyl chloride due to the pharmaceutical industry's expansion in North America, which is being driven by R&D expenditures. Additionally, new drug approvals will contribute to the growth of the market in this region.
Europe Since the demand for thionyl chloride is driven by its availability and cost, which can be influenced by a number of supply chain variables, including the accessibility of raw materials, the thionyl chloride market holds the second-largest share of the market. Additionally, the UK thionyl chloride market grew at the highest rate in the European region, while the German thionyl chloride market held the largest market share.
It is projected that the Asia-Pacific Thionyl Chloride Market would grow at the fastest CAGR from 2023 to 2032. This is because the growth of the pharmaceutical industry is driving the need for thionyl chloride in medication manufacturing. Furthermore, in the Asia-Pacific area, the Indian thionyl chloride market grew at the fastest rate, while China's market share was the largest.
Lanxess AG, Transpek Industries Ltd., CABB Group, Sigma Aldrich Co. LLC, Shandong Kaisheng New Materials Co. Ltd., Angene International Limited, Aurora Fine Chemicals LLC, and others are significant participants in the thionyl chloride industry.
SWOT ANALYSIS