Use of "Thioester" as an antioxidant, is expected to lead the market due to its application with Top Companies Bioray Chemical Co. Ltd., Double Bond Chemical Ind. Co. Ltd., and Mayzo. Inc.
• Key players operating in the global thioester market include Songwon Industrial Co. Ltd., Addivant USA LLC., Reagens SPA, Trigon Antioxidants Pvt. Ltd., Bioray Chemical Co. Ltd., Double Bond Chemical Ind. Co. Ltd., and Mayzo. Inc.
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• Thioester is used in various food applications, such as it is used in fats and oils to prevent rancidity. It is also used in food packaging materials. Derivative of thioester such as methyl isobutanethioate is being used as flavoring agent in food processing industry. Asia Pacific is the fastest growing market for food processing sector due to emerging economies such as China and India. According to annual report (2016-2017), published by the Ministry of Food Processing Industries of Government of India, annual growth rate of food processing industry sector during 2015-16 was 7.00 percent. As per food processing sector survey on ‘Make in India’ website, India’s USD 600 billion food processing industry is expected to grow three-fold by 2020. Growth of food processing industry is expected to propel demand for thioester, owing to its various applications in this sector.
• Use of thioester as an antioxidant, is expected to lead the market due to its application in polymer processing to prevent discoloration and deterioration of polymer. It is used as stabilizer in polymer processing such as polyethylene, polypropylene, polyethylene, and synthetic rubbers, against heat and light. According to the website of Chemicals and Petrochemicals Manufacturer’s Association of India, Asia Pacific is expected to account for 64% of global polypropylene demand by 2025. Moreover, according to plastics and composites sector report (2015) of Academy of Sciences Malaysia, the global plastic polymer demand is expected to reach 600 million tons by 2050. High demand for polymers is expected to drive growth of the thioester market during the forecast period.
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Thioester Market Taxonomy:
On the basis of application, global thioester market is segmented into:
• Flavoring agent
On the basis of end-use industry, global thioester market is segmented into:
• Plastics & polymer
On the basis of region, global thioester market is segmented into:
• North America
• South America
◦ Rest of South America
◦ Rest of Europe
• Asia Pacific
◦ South Korea
◦ Rest of Asia Pacific
• Middle East & Africa
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