Tetrakis(Hydroxymethyl)Phosphonium Sulfate Market worth $279 million by 2025by Mit K. SEO
The global tetrakis(hydroxymethyl)phosphonium sulfate market, in terms of value, is estimated to account for nearly USD 202 million in 2019 and projected to grow at a CAGR of 5.5%, to reach approximately USD 279 million by 2025. The growth of the oil & gas and textile industries is driving the THPS market as the demand and frequency of use has increased over the past few years. With a large number of plants using THPS as an anti-microbial agent, the demand for THPS is expected to rise in the near future.
Key players in the tetrakis(hydroxymethyl)phosphonium sulfate market include Arkema S.A. (France), DowDuPont (US), Solvay (Belgium), Sigma-Aldrich (Merck KGaA) (Germany), and Hubei Xingfa Chemicals Group Co., Ltd (China). Product innovation is the major strength of the leading players in the tetrakis(hydroxymethyl)phosphonium sulfate market. For instance, in October 2018, DowDuPont launched two new products within its AQUCAR Water Treatment Microbiocides portfolio, namely, AQUCAR TN 250 LT Water Treatment Microbiocide and AQUCAR 7140 LT Water Treatment Microbiocide. This strategy was adopted by DowDuPont to increase its market presence and also helped them diversify their businesses geographically, strengthening their distribution networks, and enhancing their existing product portfolio.
The oil & gas segment dominated the market for tetrakis(hydroxymethyl)phosphonium sulfate as THPS has become the most widely used biocide in oilfields, where sulfate-reducing bacteria create major problems. THPS also has preservative properties and provides high-temperature stability and prolonged downhole protection in oilfields, thereby making it a preferred choice in the oil & gas industry. Due to these factors, the market is projected to witness significant growth.
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THPS as a biocide is an important chemical used in hydraulic fracturing as well as water treatment systems. Biocides are used primarily for killing and controlling bacteria, as they can cause instability in viscosity and pose high threats. THPS was used initially as an industrial biocide in cooling systems. However, it is used more frequently in the petroleum, oil, and gas industries, as a biocide over the past two decades. The benefits associated with biocides are the major factors contributing to the fastest growth of this market, globally.
As Asia Pacific is the largest as well as the most populated continent, the consumption of THPS, especially in terms of flame retardants and microbiocides, is high in the region. China, India, Australia, and Japan are the key markets for THPS in the region. China is the largest market in Asia Pacific and one of the leading countries in terms of production as well as consumption of flame retardants. The growing industrial activity in the textile industry has resulted in the rising demand for flame retardant chemicals such as THPS. Due to these factors, the market in the Asia Pacific region is projected to record the highest growth from 2019 to 2025.
Created on Sep 1st 2021 09:35. Viewed 155 times.