Thiourea Market size will register a significant growth in the forecast time period. The compound is a reagent in organic synthesis and is used in agriculture, food and pharmaceutical industry. It has boosted the crop productivity and have helped in understanding redox regulatory mechanism in plants. It is similar to urea except the oxygen atom is replaced by a sulfur atom.
Growing investment in agriculture industry will drive thiourea market in next seven years. The compound is used to understand the plant stress tolerance mechanism and to provide effective, and sustainable solution to avoid crop losses from changing climate and enhance crop productivity. The process is easy and cost effective for boosting crop productivity under farmer’s field condition. Product is tested on rice and mustard crop under drought and arsenic stress conditions.
Gold mine production is expected to depict 2% CAGR in the forecast time frame. Increasing demand of gold and silver has boosted its mining industry. This growth will subsequently influence thiourea market. The substance is majorly used in ore leaching that include gold and silver extraction from minerals. Additionally, It’s environment friendly nature and ease in handling has increased the product penetration.
Paper Industry is projected to register a CAGR of over 5% between 2017 and 2024, the compound is extensively consumed as a supplementary agent in diazo paper and other copy paper. It has application in toning silver jelly photographic prints. Growing investment in paper industry will significantly boost thiourea market.
Supply chain of thiourea market initiates from its manufacturing. The two-stage process include production from calcium cyanamid and hydrogen sulfur. Product is then packed and distributed worldwide for various applications. These applications are pertaining to gold and agriculture industry.
Excess consumption of the compound can cause nausea, vomiting, tumor, pain in muscle and joints, severe fever and urticaria. These effects of the product on human health can restrain thiourea market growth. Further, Product usage faces similar challenge as that of thiosulfate, such as without an oxidizing agent it is less effective and control over the compound becomes very difficult.
Thiourea market is segmented based on its applications such as organic synthesis, silver polishing, organocatalysis, ore leaching and crop protection. These applications are corresponding to industries including agriculture, metallurgy, and chemical.
Asia pacific, led by India will witness substantial growth in thiourea market. Agriculture plays a crucial role in the development and growth of Indian economy. Over 50 % of the rural household depends on this industry for their survival. The compound is used in crops for productivity and longevity in fields. Government initiatives such as national bank for rural and agricultural development and NITI Aayog will propel India as an agrarian economy. Russia contributes majorly in Eurasia as one of the largest producer of gold worldwide. Ore leaching of gold and silver mines is the major function of the compound. With increasing gold consumption and production, thiourea market will subsequently bolster. Russia was recognized as the 4th largest gold producing nation of the world in 2015. The U.S. is projected to witness noticeable growth in thiourea market. The country is one of the major producer of paper, the compound is used in copy and light sensitive photocopy paper. With rising paper industry, thiourea market will strengthen in North America in near future.
Prominent manufacturers in the thiourea market include Flexsys, Shell, SHW Piesteritz, Kennecott, Sanshin Chemical, Prism Sulphur, Shikoku Chemicals, Hebei Xinji Chemical Group, Chevron Phillips Chemical group and SKW Piesteritz. INEOS Styrolution acquired Chevron Philips Chemicals, goal of the acquisition was to offer a broad variety of products to the customers globally. The company wants to build up and offer variety of product and follow triple growth strategy. The acquisition will benefit customers in terms of product availability, as the company will strengthen its supply by increasing their geographic footprints.