Global Thioacetic Acid Market to Witness Increasing Revenue Growth During the Forecast Period 2020 to 2028-Persistence Market Research

Increasing demand from Pharmaceuticals and Fine Chemicals is expected to bolster the demand for Thioacetic Acid

Global Thioacetic Acid Market: Introduction

Thioacetic Acid is an organo-sulfur compound that can be easily recognized by its stringent odour. Thioacetic acid is can be produced by reacting acetic anhydride with hydrogen sulphide and can also be produced by reaction of phosphorous pentasulfide on glacial acetic acid and is separated by distillation. Thioacetic acid is prominently used as raw material for pharmaceuticals, chemicals including agrochemicals, rubbers & polymers and other applications. Thioacetic acid is the only available thioacid used for the preparation of mercaptans or thioesters. The mercaptans and thioesters produced from thioacetic acid are used widely in the production of drugs, pesticides, fragrances & flavours, metal scavengers & cleaners and tire additives.

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Thioacetic Acid can be used either as sulfur donor or as for preparation chain transfer agent of thio compounds polymer and rubber applications. Thioacetic acid is also used in the preparation of additive in tire industry. High purity thioacetic acid is used in the production of fine chemicals while purity grade <98% is preferred rubber and polymer applications.

Global Thioacetic Acid Market: Dynamics

Growth in polymer and rubber industry is expected to bolster the demand for thioacetic acid in upcoming future. After the downturn, automotive industry is anticipated to grow at a steady rate which is expected to propel the demand of tire and thereby is expected to positively impact the global thioacetic acid market. Additionally, the automotive tires market imbibing polymers is expected to propel the demand for thioacetic acid. The burgeoning processed food products consisting of flavoured food & beverages is further projected to drive the thioacetic acid market during the forecast period. Depletion in overall harvested area for agriculture has increased the demand for agrochemicals which is expected to push the demand for thioacetic acid in major agrarian countries.

However, with the high cost of the product and availability of substitute chemicals, the growth of thioacetic acid market also faces a restraint. This hurdle can be overcome provided the producers achieve economies of scale based production and supply as well as launch improved variants of Thioacetic Acid to the specific end use verticals.

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