Thiosulfate is helpful for protein synthesis in the human body. It plays a vital role in the biosynthesis of cysteine that locks proteins into their correct three-dimensional shapes. Furthermore, it converts cyanide ions into harmless products. It is widely used as an antidote against cyanide poisoning owing to this property. Thiosulfate compounds such as sodium thiosulfates also have wide applications such as an analytical reagent for iodometric titrations for chlorine, sulfide, and bromine analysis; bleaching agent of paper pulp, straw, ivory and bones; mordant in dyeing and printing textiles; etc.
Thiosulfate is formed in hot springs and geysers and is available in small quantities. Usage of thiosulfate as a leaching agent, an alternative method for cyanidation, involves consumption of thiosulfate in large quantities. Availability of thiosulfate in small quantities poses a major hindrance to its usage and gives rise to the need for substitutes.
Based on its application in end-use industries, the thiosulfate market can be segmented into agriculture, medical, photography, paper & pulp industry, water treatment, and silver extraction. The thiosulfate market is dominated by the medical industry, followed by the water treatment industry. This trend is anticipated to continue during the forecast period on account of increase in demand for water treatment services from countries such as China, India, Indonesia, etc. in the Asia Pacific region. Also, the medical industry is anticipated to grow considerably in Asia Pacific and Latin America in the years to come. Thus, the thiosulfate market is projected to expand significantly during the forecast period.
In terms of geography, the thiosulfate market can be categorized into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific is estimated to dominate the thiosulfate market during the forecast period, due to the expansion of end-user industries in the region. Rise in population and awareness of well-being has boosted the demand for water treatment and clean water services in the region in the past few years. Rapid industrialization in countries such as China, India, Indonesia, Thailand, and Vietnam has increased water pollution, thereby, giving rise to the demand for water treatment services. These factors are fuelling the growth of water treatment industry in the region. Furthermore, growth in the medical industry is anticipated to drive the thiosulfate industry in the region.
Major players in the thiosulfate market include CheMall Corporation, Pan Chem Corporation, Esseco SRL, GFS Chemicals Inc., Galactic SA, Mil-Spec Industries Corp., Allan Chemical Corp., Noah Technologies Corporation, Dastech International Inc., Cell Mark USA LLC, Prochem Inc., Wego Chemicals & Mineral Corp., Calabrian Corporation, Southern Ionics, D.B. Western Inc., Samirian Chemicals Inc., Ampak Chemicals Inc., Skyhawk Chemicals Inc., KRONOX Lab Sciences Pvt. Ltd.
The thiosulfate market provides lucrative opportunities due to its demand in large number of applications and growth of end-use industries. The medical and the water treatment industries in the Asia Pacific region are the major segments propelling the growth of the thiosulfate market in Asia Pacific.