Global Tetrakis (Hydroxymethyl) Phosphonium Sulfate Market, 2019-2025 - Product Innovations and Customizations to Meet Growing Consumer Demand
DUBLIN, Sept. 4, 2019 /PRNewswire/ -- The "Tetrakis (Hydroxymethyl) Phosphonium Sulfate Market by Application (Oil & Gas, Water Treatment, Leather, Textile), by Function (Biocide, Iron Sulfide Scavenger, Flame Retardant, Tanning Agent) and Region - Global Forecast 2025" report has been added to ResearchAndMarkets.com's offering.
The global tetrakis (hydroxymethyl) phosphonium sulfate market, in terms of value, is estimated to account for nearly USD 202 million in 2019, to reach approximately USD 279 million by 2025.
Factors such as rise in demand for biocides such as THPS are increasingly used in hydraulic fracturing operations based on the condition of the phase that includes factors such as aerobic and anaerobic conditions, temperature, and preference over other toxic biocides are factors that are projected to drive the growth of this market.
The oil & gas segment projected to be the largest segment in the tetrakis (hydroxymethyl) phosphonium sulfate market during the forecast period.
By application, tetrakis (hydroxymethyl) phosphonium sulfate market is segmented into oil & gas, water treatment, leather, textile, and others including paper & paperboard manufacturing; paints, coatings, and emulsion; agriculture; and aquaculture. THPS 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. However, it is the biocidal function of THPS, which is encouraging its increasing use in the oil & gas industry. THPS has been the most widely used biocide, followed by glutaraldehyde during oil & gas operations.
The biocides segment to witness the fastest growth during the forecast period.
By function, the tetrakis (hydroxymethyl) phosphonium sulfate market is segmented into biocides, iron sulfide scavenger, flame retardant, and tanning agent. THPS biocides are aqueous solutions that do not contain volatile organic compounds (VOCs). In many cases, after treatment with THPS, the toxicity level of water is low, which would not be toxic for aquatic life. Also, THPS does not bioaccumulate, and therefore, lowers the risks for marine lives. It rapidly breaks down in the environment through hydrolysis, biodegradation, photodegradation, and oxidation.
North America market is estimated to account for the largest market share due to the rapid adoption of advanced technologies for better yielding of crops in the region.
North America is the largest market for tetrakis (hydroxymethyl) phosphonium sulfate across the globe. The increasing demand from several applications-such as water treatment, leather, textile, oil & gas, and others-plays an important role in increasing the need for THPS in the region.
THPS have high demand in developed countries, such as the US and Canada, owing to the increasing consumption of leather and leather products. The demand for THPS in this region is driven primarily by the increasing consumption of oil and gas activity levels that are rising in the region and the approval of various major projects, such as LNG Canada (Canada) and PowerNap Deepwater Project (US and Gulf of Mexico).
Market Dynamics
Drivers
- Growth of End-Use Segments Such as Oil & Gas and Textile
- Preference Over Other Toxic Biocides
- Increase in Application of THPS in Hydraulic Fracturing
Restraints
- Alternative Technologies are Being Developed to Replace Biocides
- Increase in Focus on Oxidizing Biocides
Opportunities
- Product Innovations and Customizations to Meet Growing Consumer Demand
- Increase in Focus on High-Growth Markets Such as the Middle East & Asia Pacific
Challenges
- Rise in Price of Raw Materials
- Health Hazards Associated With Exposure to THPS
Companies Mentioned
- Arkema S.A.
- Changshu New-Tech Chemicals Co., Ltd.
- Compass Chemical
- Dowdupont
- Finoric LLC
- Hubei Lianxing Chemical Co., Ltd.
- Hubei Xingfa Chemicals Group Co., Ltd.
- Jiangsu Dan AI Chemical Co., Ltd.
- Jiangsu Kangxiang Industrial Group Co., Ltd.
- Jiangxi Fuerxin Medicine Chemical Co., Ltd.
- Prasol Chemicals Pvt. Ltd.
- Sigma-Aldrich (Merck KGaA)
- Solvay
For more information about this report visit https://www.researchandmarkets.com/r/8pfchm
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