Thionyl Chloride Market Size, Share, Revenue Demand & Growth by 2034
Heightening concerns related to water treatment are
likely to further fuel its growth engine in the near term. According to the
latest report by FMI, the global thionyl
chloride market is expected to reach a valuation of US$ 829.9 million
by 2034. The industry is expected to experience revenue growth at a moderate
CAGR of 4.8% during the forecast period. Thionyl chloride is used in
various end-use industries such as agrochemicals, pharmaceuticals, dyes &
pigments, and organic synthesis. The rising adoption of pesticides in
developing countries and developments in the pharmaceutical industry are
expected to drive the growth of the thionyl chloride market over the forecast
period.
However, a majority of end users of thionyl chloride
are facing a massive slowdown due to the coronavirus (COVID-19) pandemic. This
is substantially widening the supply-demand gap, and, as such, straining the
revenue pool of the thionyl chloride market. Further, China – the epicenter of
the pandemic – is characterized by a strong foothold of thionyl chloride
manufacturers. The government has enacted large-scale lockdowns, resulting in
short-term manufacturing and logistics paralysis.
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“Thionyl chloride plays a vital role in
manufacturing pharmaceuticals products. The compound is an
industrially-produced liquid used to make acyl chlorides and synthesize
pharmaceuticals, including drugs and vitamins. Growth of the pharmaceutical
industry has a significant impact on the thionyl chloride market.”
Key Takeaways of Thionyl Chloride Market
Study
- Consumption
of thionyl chloride would remain prominent in manufacturing
pharmaceuticals. Thionyl chloride is used in the production of a wide
range of pharmaceutical products, including isocarbophos, indomethacin,
vitamin A, sumicidin, propargite, and tetramisole hydrochloride. Further, manufacturers
are targeting the agrochemical industry for relevant returns.
- Europe
holds a prominent share in the global thionyl chloride market; East Asia
would reflect worthwhile prospects, owing to the presence of key agrarian
countries and subsequent advancements in the pharmaceutical industry.
- Thionyl
chloride is also used in the production of lithium thionyl chloride
batteries. The adoption of lithium thionyl batteries is increasing, given
its benefits such as high voltage, high safety, wide temperature range,
low currents, passivation of battery, and its bobbin-like structure.
Market Landscape: Fairly Consolidated
The global thionyl chloride market is fairly
consolidated, owing to a limited number of players operating in the market. The
top nine players account for around half of the total market revenue.
The list of Key Players Covered in the
Thionyl Chloride Market are:
- Lanxess
AG
- Transpek
Industries Ltd.
- CABB
Group
- Sigma
Aldrich Co. LLC
- Shandong
Kaisheng New Materials Co. Ltd.
- Angene
International Limited
- Aurora
Fine Chemicals LLC
- Jiangxi
Selon Industrial Co. Ltd.
- Merck
KGaA
- Hangzhou
Trylead Chemical Technology
- Bodal
Chemicals Limited
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at Future Market Insights (FMI)
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bodies for developing — ‘The Way Forward’.
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