The growth of the oil & gas and textile industries is driving the THPS market as the demand and frequency of use have increased. With a large number of plants using THPS as an anti-microbial agent, the requirement for the chemical is expected to rise in the near future.
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, leather, water treatment, and textile industries are driving the THPS market growth as the demand and frequency of use have increased.
Key Market Players:
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). Major players in this market are focusing on increasing their presence through new product launches. These companies have a strong presence in North America, Asia Pacific, and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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Scope of the Report:
Based on function, the market has been segmented as follows:
Based on application, the market has been segmented as follows:
Based on the region, the market has been segmented as follows:
North America is estimated to account the largest market share, in terms of value
North America is the largest market for tetrakis(hydroxymethyl)phosphonium sulfate (THPS) followed by Asia Pacific. The demand for THPS in this region is primarily driven by the increasing consumption of oil and gas activity levels that are rising in the region. Thus, as there is increasing demand from several applications—such as water treatment, leather, textile, oil & gas, and others—thus, THPS plays an important role in increasing the high demand in developed countries, such as the US and Canada, owing to the increasing consumption of leather and leather products. North America is anticipated to be the largest player for industrial wastewater treatment, owing to the presence of huge infrastructure for oil and gas and mining, and strict regulations against wastewater treatment, which in turn, helps in growing the demand for THPS in industrial wastewater applications in the region.
By application, the oil & gas segment is projected to dominate the tetrakis(hydroxymethyl)phosphonium sulfate market during the forecast period
THPS has become the most widely used biocide in oilfields, where sulfate-reducing bacteria create major problems. Another major reason for its use is that it is suitable for downhole applications (well drilling process). The treatment of oil wells with THPS has resulted in increased oil production due to the dissolution of iron sulfide after the use of THPS. However, it is the biocidal function of THPS, which is encouraging its increasing use in the oil & gas industry.
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By function, the biocides segment is projected to be the fastest-growing segment in the tetrakis(hydroxymethyl)phosphonium sulfate market during the forecast period
The biocides segment in the tetrakis(hydroxymethyl)phosphonium sulfate market is projected to be the fastest-growing segment. THPS as a biocide is an important chemical used in hydraulic fracturing as well as water treatment systems. Biocides are used mainly 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. THPS biocides are aqueous solutions that do not contain volatile organic compounds (VOCs).
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