Thiourea Dioxide MarketSize and Trends

Market Dynamics:-

Major driver for growth of the thiourea dioxide market is its superiority over sodium dithionite like less quantity required and more environmental friendly for textile and woolen dyeing applications. Thiourea dioxide maintains better chemical stability and pollutes less compared to other decolorizing agent such as CW-08, SHQN, and QTRY. Growth in the textile industry, globally, is projected to boost demand for thiourea dioxide in the market. According to Federation of Indian Chambers of Commerce and Industries (FICCI), the global textile industry is projected to reach US$ 1600 billion by 2026, with CAGR of 6.3%.

Thiourea dioxide acts as a decolorizing agent in paper & pulp industry and growing paper industry is projected to propel demand for thiourea dioxide in the near future. According to PG Paper’s The Global Paper Industry Today 2018, global production of paper was around 390 million tons in 2016, and it is expected to increase up to 490 million tons by 2020.

Market Outlook:-

Asia Pacific is expected to dominate the global Thiourea dioxide market during the forecast period. This is due to large number of textile and pulp & paper industries and its consumptions in emerging economies such as China and India. For instance, according to World Trade Organization, India and China combined, contributed 48% in global textile export in 2017, which will keep increasing in the coming decade.

According to World Health Organization, China is the major producer of Thiourea dioxide with over 40% share in global production and it is set to be the global leader in production in the forecast period. This is attributed to the growing textile and paper & pulp industries in the Asian countries like Japan and India which will facilitate the growth due to proximity to major consuming nation.

Market Trends