H1 2023: In the first half of 2023, the Sodium Thiocyanate market in the Asia Pacific region witnessed mixed prices. In the initial quarter of 2023, Sodium Thiocyanate witnessed a consistent upward trajectory in prices within the Indian domestic market. Robust manufacturing activities downstream, fuelled by enhanced demand fundamentals from various industries, ensured that production facilities operated at regular rates, maintaining favourable market conditions. However, as the second quarter unfolded, Sodium Thiocyanate prices in the Indian market exhibited a more varied scenario. Early in Q2 2023, prices experienced a decline attributed to ample availability resulting from resilient manufacturing activities across Asian nations. This bearish trend was further accentuated by decreasing costs of upstream feedstock and reduced inquiries from the Indian agrochemical sector. Downstream manufacturers reported stock build-ups, hindering shifts in Sodium Thiocyanate demand dynamics. Consequently, manufacturers responded to increased supply-side pressure by reducing offers for the downstream agrochemical sector. Prices, however, rebounded from May 2023 onwards, driven by a surge in inquiries from downstream markets, sustaining an upward trend in Sodium Thiocyanate prices in the Indian market until June 2023.
The global Sodium Thiocyanate market stood at approximately 950 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 5.50% during the forecast period until 2032.
Sodium thiocyanate, a versatile compound with wide-ranging applications, play pivotal roles across diverse industries such as textiles, agriculture, metal and steel production, and construction. In the textile and fiber sector, sodium thiocyanate is integral to processes enhancing the quality and performance of textile products. Furthermore, its utility in agriculture extends beyond herbicides and fungicides, encompassing contributions to soil health and crop vitality, facilitating robust plant growth, and protecting against harmful pathogens. In the metal and steel industry, sodium thiocyanate proves effective in corrosion prevention and material strengthening, preserving the structural integrity of metal components. Their application in construction extends to enhancing the durability and resilience of materials, thereby contributing to the longevity of infrastructure. A noteworthy application emerges in aviation sector, where sodium thiocyanate is incorporated into de-icing fluids for airplanes fluids. The adaptability and significance of thiocyanates become evident as they address contemporary challenges across various sectors, underscoring their multifaceted nature and highlighting their crucial role in modern industrial processes and safety measures.
Chemical intermediates, agricultural solutions, construction industry, and polymer manufacturing advancements collectively drive the demand for sodium thiocyanate across the globe. Its versatility as a chemical building block finds application in polymerization, body care products, cement production, and pharmaceuticals, contributing to its widespread adoption across multiple industries. In agriculture, sodium thiocyanate serves as a key ingredient in fungicides and insecticides, aligning with the growing need for sustainable agricultural solutions. The construction industry benefits from its use as a cement grinding aid, enhancing the performance of construction materials. Additionally, sodium thiocyanate's crucial role in polymer manufacturing, particularly in carbon fiber production, positions it as a driving force in the development of cutting-edge materials for industries like aerospace and automotive. In essence, sodium thiocyanate's multifaceted applications underscore its significance as a key driver in various sectors, reflecting its diverse contributions to safety, innovation, and sustainability. The global Sodium Thiocyanate market size is anticipated to reach nearly 1630 thousand tonnes by 2032.
Based on region, Asia Pacific region is the largest consumer of Sodium Thiocyanate with India and China being the leading nations. The Asia Pacific region is poised to dominate the Sodium Thiocyanate market in the coming years due to several key factors. The region's robust industrialization and economic growth have led to increased demand across various sectors like Agriculture and Construction, where Sodium Thiocyanate finds versatile applications. As industries in the Asia Pacific continue to expand, the demand for Sodium Thiocyanate is expected to rise. Moreover, the presence of major manufacturing hubs, particularly in countries like China and India, contributes to the region's dominance. Overall, the combination of growing industrialization, expanding manufacturing activities, and favourable economic conditions positions the Asia Pacific region as a significant player in the Sodium Thiocyanate market in the foreseeable future.
Based on the end-user industry, the global Sodium Thiocyanate market is divided into Chemical Intermediates, Agriculture, Building and Construction, Polymer, and Others. However, Chemical intermediates Industry dominates the global Sodium Thiocyanate market.
Major players in the Global Sodium Thiocyanate market are Haihua Energy Group, Anhui Shuguang Chemical, Taisheng Chemical, Nouryon, Henan Yindu Chemical, Jiaozuo Henghua Chemical, Taian Xintian Environmental Protection Science and Technology, Henan Province Tianshui Chemical, Suzhou Bluewater New Material & Tech, Jiangsu Liaoyuan Environmental Protection Technology, TBI Corporation, Nanxiong Huiyuan Chemical Technology, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Sodium Thiocyanate which covers production, demand and supply of Sodium Thiocyanate market in the globe.
• To analyse and forecast the market size of Sodium Thiocyanate
• To classify and forecast Global Sodium Thiocyanate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Sodium Thiocyanate market in the globe.
To extract data for Global Sodium Thiocyanate market, primary research surveys were conducted with Sodium Thiocyanate manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Sodium Thiocyanate market over the coming years.
ChemAnalyst calculated Sodium Thiocyanate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Sodium Thiocyanate. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Sodium Thiocyanate manufacturers and other stakeholders
• Organizations, forums and alliances related to Sodium Thiocyanate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Sodium Thiocyanate manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Sodium Thiocyanate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
950 thousand tonnes
Market size Volume in 2032
1630 thousand tonnes
Growth Rate
CAGR of 5.5% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Chemical intermediates, Agriculture, Building and construction, Polymer, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Sodium Thiocyanate in terms of volume in 2022?
Ans:
The global market size of Sodium Thiocyanate had reached approximately 950 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Sodium Thiocyanate?
Ans:
Asia Pacific region is the leading consumer of Sodium Thiocyanate globally.
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