Its use in a variety of industries, including medicines, agrochemicals, dyes and pigments, flavourings and perfumes, smart polymers, etc., is what drives the need for benzenethiol. One of the main factors propelling the expansion of the benzenethiol market is specifically its use as a precursor for thiophenol in the creation of conducting polymers based on polythiophene. The demand for benzenethiol is also anticipated to increase due to its application as an intermediary in the synthesis of numerous chemical compounds, including sulphides and thioethers. The market for benzenethiol is expanding due to its uses in the development of novel polymeric materials with improved characteristics. Further, rising demand from developing nations like China and India is anticipated to fuel cell market expansion over the course of the projection period.
For a number of uses, the Benzenethiol (CAS 108-98-5) Market is crucial. The production of fragrances, dyes, and other products uses benzoenethiol. In addition, it is applied as a corrosion inhibitor in automotive, industrial, and oil and gas pipelines. Additionally, polymers for use in plastics, rubbers, and coatings are created using benzenethiol. And last, it can be employed as a step in the manufacturing process for medications. As a result, it is anticipated that the demand for benzenethiol would increase over the projection period. Because it is used to make medications for the treatment of heart disease and cancer, the pharmaceutical industry is predicted to increase its demand for benzenethiol significantly throughout the forecast period.
An organic substance having the chemical formula C6H5SH is benzenethiol. It smells like thiophenol and is an odourless liquid. The majority of organic solvents and water can be used to dissolve benzoenethiol. It functions as a photoinitiator, a precursor to other thiophenols, and a reagent in the production of thiophene-based compounds. The production of thiophene-based chemicals, which have a variety of uses including medicines, insecticides, dyes, and photoinitiators, begins with benzoenethiol. A reagent for the production of thiophene-based compounds is benzoenethiol.
With a value of USD 1.3 billion in 2021 and is projected to reach a value of USD 2.1 billion by 2031, the global Benzenethiol (CAS 108-98-5) Market is predicted to develop at a CAGR of 6.0% from 2021 to 2031.
-Market-2021-2031-(USD-Billion).png "The Global Benzenethiol (CAS 108-98-5) Market 2021-2031 (USD Billion)")
The expansion of this market can be attributable to the rising demand for benzenethiol from a variety of sectors, including electronics, automotive, and agricultural. Over the course of the projected period, the market is anticipated to rise as a result of the rising use of benzenethiol in pharmaceuticals. Additionally, it is anticipated that there will be much potential for market expansion in the upcoming years due to favourable government rules allowing the use of benzenethiol in a variety of applications.
Due to the poisonous nature of benzenethiol, there are strict environmental laws governing its usage and manufacture. These considerations are among the market restraints for benzenethiol. This is a significant barrier to the market for benzenethiol's expansion. Additionally, the costs of the raw materials utilised to make benzenethiol are very unstable. This makes it challenging for producers to keep their prices stable for their goods, which hinders the expansion of the benzenethiol market. Additionally, compared to other compounds, benzenethiol only has a small number of applications. This is another element limiting the market's expansion for benzenethiol. Another issue that is limiting the growth of the benzenethiol market is the availability of replacements like thiophenol and other sulfur-containing chemicals. Nonetheless, in the near future, it is anticipated that the growth of benzenethiol's sophisticated applications and the rising demand from emerging economies would present chances for market participants.
With the top five players controlling more than 80% of the whole market within the anticipated time frame, the global benzenethiol (CAS 108-98-5) market is extremely concentrated. Alfa Aesar, Sigma-Aldrich Corporation, Tokyo Chemical Industry Co., Ltd., and Merck KGaA are the leading producers of benzenethiol (CAS 108-98-5). (U.S.). The other significant market participants for benzenethiol (CAS 108-98-5) include TCI Chemicals (India) Pvt. Ltd., VWR International, LLC (U.S.), ABCR GmbH & Co. KG (Germany), and Spectra Chemicals India Private Limited (India).
Segment Analysis
The Purity>99% Segment emerged as the Most Lucrative Type
The Benzenethiol (CAS 108-98-5) Market is divided into two groups based on purity: Purity 98%-99% and Purity>99%. Purity>99% is one of these, and it is projected that it would lead the market in terms of revenue creation because of both its high utilisation in numerous industrial applications and its inexpensive cost.
The Most Prominent Application is the Pharmaceutica Segment
The Benzenethiol (CAS 108-98-5) Market is divided into Pharmaceutical, Pesticide, Photoinitiator, and Other categories based on application. Due to its widespread use as a raw ingredient for medication manufacturing, the pharmaceuticals category is anticipated to be the largest throughout the period of 2021 to 2031.
The Asia Pacific Region to render Ample Financing Opportunities
The Benzenethiol (CAS 108-98-5) Market is segmented into five geographic markets: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Due to the rising demand for this compound in various industrial applications from nations like India and China, Asia Pacific is predicted to make up a significant portion of these regions.
COVID-19 Impact and Market Status
The market for benzenethiol has been significantly impacted by the COVID-19 pandemic epidemic. Due to the lockdown measures put in place by many countries throughout the world, benzenethiol demand has dramatically decreased. Due to supply chain disruptions and manufacturing facility closures, benzenethiol production has also been impacted. Over the projection period, the market is anticipated to recover from the pandemic's effects. Additionally, the market expansion is anticipated to be supported by the rising demand for benzenethiol from a variety of end-user industries, including the chemical and pharmaceutical industries. Benzenethiol's (CAS 108-98-5) market is anticipated to expand steadily over the forecast period. This market is expanding as a result of rising demand from numerous end-user industries and increased public awareness of its uses. In some areas, the expansion of this market may be constrained by the high cost of raw materials and strict restrictions. However, it is projected that new product introductions and technology improvements will present possibilities for market participants.
Recent Developments in the Benzenethiol (CAS 108-98-5) Market
• The introduction of new product grades by top businesses in March 2021 marked the most significant market change for benzenethiol (CAS 108-98-5). A US-based company called Spectrum Chemical Manufacturing Corporation unveiled a number of new benzenethiol product grades. They consist of benzoyl acetate USP/FCC Grade, benzoyl acetate ACS Reagent Grade, and benzoyl acetate HPLC Grade. The business asserts that the goods can be applied to food-grade applications and have been evaluated to meet the requirements established by regulatory bodies.
• In addition, numerous business sectors, including construction, paints & coatings, pharmaceuticals, and adhesives & sealants, showed an increase in demand for benzenethiol in April 2021. This was due to its accessibility, accessibility, and low cost. The creation of numerous goods, including rubber accelerators, solvents, antioxidants, emulsifiers, and more, uses benzenethiol as a crucial raw material. Additionally, the substance is employed in the production of tastes and fragrances.
Benzenethiol (CAS 108-98-5) Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 1.3 billion |
| Growth Rate | CAGR of 6.0 % during 2021-2031 |
| Segment Covered | Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Alfa Aesar, Sigma-Aldrich Corporation, Tokyo Chemical Industry Co., Ltd., and Merck KGaA |
Key Segments of the Benzenethiol (CAS 108-98-5) Market
Type Overview
• Purity 98%-99%
• Purity>99%
Application Overview
• Pharmaceutical
• Pesticide
• Photoinitiator
Regional Overview
North America
• U.S
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
• Middle East and South Africa
Frequently Asked Questions (FAQ) :
The global Benzenethiol (CAS 108-98-5) market size projected to reach USD 2.1 billion by 2031, growing at a CAGR of 6.0%.