Methyl Mercaptan Market Regional Analysis:
North American Market Insights
North America industry is likely to hold largest revenue share of 40% by 2035, impelled by the growing production of natural gas. In the United States, natural gas consumption has increased in tandem with production owing to an increase in American industrial consumption. According to the U.S. Energy Information Administration, the major U.S. onshore regions that produce crude oil had a 9% increase in associated-dissolved natural gas (also known as associated natural gas) output in 2022, reaching 15.5 billion cubic feet per day (Bcf/d).
In addition, one of the major countries in the world producers of chemical products is the United States which caters to a growing international market in addition to a substantial home market. For instance, in 2022, the US chemical sector expanded its output volume by more than 4%.
APAC Market Insights
The Asia Pacific methyl mercaptan market is estimated to be the second largest, during the forecast timeframe led by the growing agriculture industry. India's agriculture industry has experienced strong growth owing to the country's growing population and increased need for food and agricultural products. For instance, the agriculture sector in India developed at a rate of over 3% in 2023. Besides this, in India, pesticides are used on over 35% of the total farmed area to increase agricultural output feed the nation's expanding population, and lower crop loss. As a result, the demand for methyl mercaptan may significantly rise in the region.
