11 companies in this supply chain, sorted by market share.
French specialty chemicals company; world's leading ethyl mercaptan producer. Beaumont, TX is the sole US production site for propane odorant ethyl mercaptan. In 2023, Arkema produced 11,000+ MT of mercaptans total, supplying gas odorants to 200+ distribution companies globally across Europe, North America, and Asia-Pacific. Arkema also produces mercaptan blends (SPOTLEAK, VIGILEAK) for natural gas odorization. Separate from mercaptans, Arkema operates specialty polymers, adhesives, and coating resin businesses. Also notable for the September 2017 Arkema Crosby TX peroxide plant fire — a different Arkema facility near Houston that caught fire during Hurricane Harvey when refrigeration failed, causing explosion and evacuation.
Supplies these inputs
Ethyl Mercaptan (Propane Odorant)
Replaceability
Substitutability 5% · 18 mo to replace
Business segments
- Thiochemicals (Mercaptans + Gas Odorants)15% rev
- Specialty Polymers (PVDF, Fluoropolymers)25% rev
- Adhesives and Sealants (Bostik)25% rev
- Coating Resins20% rev
Dominant US propane cylinder manufacturer (~40% US market); produces full range of DOT/ASME-spec propane vessels from 1-lb portable to 1,000-gallon residential tanks. Manufacturing in Monroe OH (primary cylinders plant), Westerville OH, and other US locations. Also manufactures industrial gas cylinders (welding oxygen, acetylene), military high-pressure vessels, and medical oxygen tanks from the same pressurized vessel manufacturing platform. 2021 steel shortage caused 23-week lead times for all tank sizes (per Worthington sales director to NPGA). Recalled propane exchange tanks in 2023-2024 per CPSC notice. Worthington spun off its steel processing business in 2023 as Worthington Steel — now Worthington Enterprises focuses on building products including cylinders.
Supplies these inputs
Steel Propane Cylinders and Storage Tanks
Replaceability
Substitutability 45% · 9 mo to replace
Business segments
- Propane Cylinders (~40% US Market)45% rev
- Industrial & Specialty Gas Cylinders30% rev
- Military & High-Pressure Defense Vessels10% rev
- Building Products (Worthington Enterprises Post-Spin)15% rev
Largest US midstream operator; holds the largest LPG/NGL salt cavern storage position at Mont Belvieu, Texas. Enterprise's Mont Belvieu complex includes dozens of solution-mined salt cavern storage cells in the Barbers Hill salt dome, holding hundreds of millions of barrels of NGL storage capacity. Also operates fractionation, pipelines, and marine export terminals at the same complex. Mont Belvieu's propane price is the global benchmark — Enterprise, as the largest storage operator, holds significant pricing influence over seasonal propane markets. Also operates the LOOP (Louisiana Offshore Oil Port) deepwater crude oil terminal.
Supplies these inputs
Mixed Natural Gas Liquids (NGL Stream) · Underground Salt Cavern Storage Infrastructure
Replaceability
Substitutability 5% · 12 mo to replace
Business segments
- NGL Storage and Fractionation (Dominant)50% rev
- NGL Pipelines25% rev
- Marine and Export Terminals15% rev
- Natural Gas Processing10% rev
Major US petrochemical company (JV between Chevron and Phillips 66); produces ethyl mercaptan at Borger, TX and Tessenderlo, Belgium (Tessenderlo expanded 65% in 2017). Ethyl mercaptan is part of a broader organosulfur chemicals portfolio including methyl mercaptan, DMDS (dimethyl disulfide), and specialty sulfur chemicals. Applications: gas odorization, polymer modifiers, agricultural chemicals, pharmaceuticals, water purification, and lubricant additives. Tessenderlo capacity expansion noted by Hydrocarbon Processing (2017). Also the world's leading polyethylene producer (Cedar Bayou, TX cracker complex).
Supplies these inputs
Ethyl Mercaptan (Propane Odorant)
Replaceability
Substitutability 10% · 12 mo to replace
Business segments
- Polyethylene (World Leader)55% rev
- Organosulfur Chemicals (Mercaptans)15% rev
- Alpha Olefins15% rev
- Styrenics15% rev
Privately held US industrial manufacturer; parent of Manchester Tank & Equipment Co. Manchester Tank (founded 1946, Franklin TN HQ) manufactures steel and aluminum DOT cylinders and ASME pressure vessels. Facilities: Bedford IN, Crossville TN, Elkhart IN, Quincy IL, Campbellsville KY (new), Echuca Australia, Chile (two locations). Makes residential propane tanks 120-1,000 gallons and DOT cylinders. McWane also manufactures water and sewer pipe products, fire hydrants, and other municipal infrastructure — Manchester Tank is one of several diverse industrial manufacturing businesses. New Campbellsville KY facility opened to serve growing demand for residential propane tanks.
Supplies these inputs
Steel Propane Cylinders and Storage Tanks
Replaceability
Substitutability 45% · 9 mo to replace
Business segments
- Propane Cylinders & Tanks (Manchester Tank)30% rev
- Ductile Iron Pipe & Fittings40% rev
- Fire Hydrants15% rev
- Municipal Infrastructure15% rev
Major US midstream partnership; holds NGL and LPG salt cavern storage at Mont Belvieu (Lone Star NGL/Energy Transfer). Also operates Mariner East pipeline system connecting Appalachian NGLs to Marcus Hook PA export terminal. Marcus Hook exports ~20% of US propane, requiring coordinated storage drawdown from Mont Belvieu caverns. Diverse midstream footprint: natural gas, crude oil (Dakota Access), NGLs, and refined products.
Supplies these inputs
Mixed Natural Gas Liquids (NGL Stream) · Underground Salt Cavern Storage Infrastructure
Replaceability
Substitutability 5% · 12 mo to replace
Business segments
- NGL & LPG Pipelines & Storage35% rev
- Natural Gas Pipelines & Processing30% rev
- Crude Oil & Refined Products20% rev
- NGL Exports (Marcus Hook, PA)10% rev
Major NGL midstream operator; holds significant NGL salt cavern storage at both Mont Belvieu, TX and Conway, KS (the two primary US NGL storage hubs). Conway, KS is the secondary US propane price benchmark hub (for Midcontinent propane) — ONEOK is the dominant storage and fractionation operator at Conway. Total NGL fractionation capacity 1M+ bpd. Acquired Magellan Midstream Partners (2023) for $18.8B, adding refined products infrastructure.
Supplies these inputs
Mixed Natural Gas Liquids (NGL Stream) · Underground Salt Cavern Storage Infrastructure
Replaceability
Substitutability 5% · 12 mo to replace
Business segments
- NGL Gathering, Processing, and Pipelines50% rev
- Refined Products (Magellan)35% rev
- Natural Gas Gathering15% rev
Major NGL midstream operator; holds NGL salt cavern storage at Mont Belvieu, TX. Targa's Grand Prix NGL pipeline brings Permian Basin NGL production to Mont Belvieu for fractionation and storage. 518,000 b/d fractionation capacity. Cedar Bayou Fractionator at Baytown TX was flooded during Hurricane Harvey 2017. The integrated storage-fractionation-export complex at Mont Belvieu represents the core of Targa's infrastructure value.
Supplies these inputs
Mixed Natural Gas Liquids (NGL Stream) · Underground Salt Cavern Storage Infrastructure
Replaceability
Substitutability 5% · 12 mo to replace
Business segments
- Permian Basin Gathering & Processing30% rev
- NGL Fractionation35% rev
- NGL Salt Cavern Storage (Mont Belvieu)15% rev
- LPG Export (Galena Park Terminal)10% rev
German specialty chemicals company; major producer of methyl mercaptan (used in methionine synthesis for animal feed) and other organosulfur chemicals. Also produces specialty sulfur chemicals including mercaptan blends used in gas odorization. Evonik's organosulfur chemicals are primarily focused on methionine production (world's largest DL-methionine producer under 'EVONIK MetAMINO' brand) — methionine is the most important amino acid supplement for poultry and aquaculture. Same mercaptan chemistry used in safety odorants also underpins the global animal feed amino acid supply chain.
Supplies these inputs
Ethyl Mercaptan (Propane Odorant)
Replaceability
Substitutability 15% · 12 mo to replace
Business segments
- Nutrition and Care (Methionine)40% rev
- Smart Materials30% rev
- Performance Materials20% rev
- Technology + Infrastructure10% rev
World's largest industrial gas company; provides gas odorant distribution and blending services globally including ethyl mercaptan. Air Liquide distributes and markets mercaptan gas odorants to LPG and natural gas utilities. Also a leading producer of industrial gases (oxygen, nitrogen, hydrogen, noble gases) for healthcare, industry, and energy. Air Liquide is listed among the top ethyl mercaptan market participants; primarily as a specialty gas blender/distributor rather than a primary mercaptan chemical producer.
Supplies these inputs
Ethyl Mercaptan (Propane Odorant)
Replaceability
Substitutability 15% · 6 mo to replace
Business segments
- Industrial Gases45% rev
- Healthcare — Medical Gases & Home Care (VitalAire)25% rev
- Gas Safety (Odorant Distribution)5% rev
- Hydrogen Energy10% rev
One of the largest energy infrastructure companies in North America; holds natural gas and NGL storage assets including salt cavern storage. Kinder Morgan's Products Pipelines segment operates refined products and NGL pipelines with associated storage. Also a leading operator of liquefied natural gas (LNG) facilities and CO2 pipelines for enhanced oil recovery. Less dominant in LPG salt cavern storage specifically vs. Enterprise/Energy Transfer/ONEOK, but holds meaningful storage capacity.
Supplies these inputs
Underground Salt Cavern Storage Infrastructure
Replaceability
Substitutability 5% · 60 mo to replace
Business segments
- Natural Gas Pipelines and Storage (Primary)65% rev
- LNG Terminals and Export15% rev
- CO2 Pipelines (Enhanced Oil Recovery)10% rev
- Products Pipelines10% rev
