Global Thioglycolate Market - 2022-2029

Global Thioglycolate Market - 2022-2029

Market Overview

The global thioglycolate market valued USD xx million in 2021 and is forecast to reach USD xx million by 2029, growing at a CAGR of xx% during the forecast period (2022-2029).

Thioglycolic acid (TGA), also known as mercaptoacetic acid, is a liquid of potassium or sodium chloroacetate and metal hydrosulphide. It is an organic compound used in various consumer and industrial applications. Majority of thioglycolates derived is used in the manufacturing of cosmetics such as hair perming and hair removal products. Thioglycolate or salts of thioglycolate acid (thioglycolate broths) are used in a variety of consumer-centric applications, which is likely to be among the foremost reasons for it to achieve a significant growth rate.

Market Dynamics:

Increasing demand for the product in frozen food and cosmetic products

The global thioglycolate market is mainly driven by significant growth due to the rising demand for frozen food products. Moreover, the consumer shift toward ready-to-eat food products suitable for their busy lifestyle impacts bakery products. The type of food requires less effort and less time than cooked items, which is the main factor in the demand for frozen food products. Frozen food products are stored for a long time. Thioglycolates are a crucial ingredient that enhances the shelf-life of frozen foods. Moreover, thioglycolate is used in chocolate, as a salt reducer, and as an intermediate in frozen snacks and drinks. Growing meat products, dairy products, bakery products, sauces and condiments demand due to rising population and increasing disposable income is expected to further augment the overall market.

However, government agencies such as the FDA in the United States and EMA in the EU have strict regulations controlling the purity of active chemical-formed products and their raw materials/intermediates. These include requiring the qualification of suppliers and materials and documentation and regulatory audits, and negative health effects are expected to restrain the development of the global thioglycolate market.

Market Segmentation:

Haircare and cosmetic products segment held highest market revenue share of xx% in the year 2021

Based on the application, hair care and cosmetic products held the largest share as of 2021. Cosmetics products have become an integral part of individuals’ lives. Consumers, especially women, prefer to use cosmetics products that are handy and easy to use while traveling to attend social meetings. Thioglycolic and its derivatives are mainly used in hair protective products and shampoos. The proliferation of male cosmetics among high-income consumers has exponentially increased the demand for thioglycolates. Since cosmetic manufacturers now cater to a wider audience, they require more thioglycolate.

Based on the application, pharmaceuticals are widely used in thioglycolic acid. It can be both an API and a raw material to produce APIs and intermediates. Cryotherapy experts can use thioglycolic acid to remove plantar warts as a more effective alternative to cryotherapy. It can be used as a raw material in the production of modafinil and an API used to treat narcolepsy and excessive sleepiness. It also is used to manufacture oxathiolane, a key intermediate in the production of HIV medication. These factors led to the thioglycolate market growth.

Geographical Penetration:

North America is expected to dominate the global thioglycolate market in the year 2021

By geography, North America is expected to dominate the global thioglycolate market in 2021, growing with a CAGR of xx% during the forecast period. The development of natural gas reserves in the USA creates new growth potential for specialty oilfield chemicals, increasing the demand for thioglycolates. The prevalence of convenience food and cosmetics among consumers in these regions are major factors of growth for the market. The increase in exploratory operations in these regions is projected to drive the overall market growth.

Moreover, Asia-Pacific region has been understood to hold a prominent share of thioglycolic acid and is expected to grow from a moderate to high rate, backed by growing end-use markets of personal care products in countries such as China and India.

Competitive Landscape:

Key global thioglycolate industry participants include Haihang Industry Co. Ltd., Triveni Chemicals, Alpha Chemika, Neostar United Industrial Co. Ltd., ICC Chemical Corporation, American International Chemical Inc., CellMark Chemicals, Alfa Aesar, AN Pharma Tech Co. Ltd, and Advanced Technology & Industrial Co. Ltd. The key players operating in the global thioglycolate market are heavily investing in research and development activities to innovate novel products and expand their product portfolio. For instance, in June 2018, Vikas Ecotech announced that it is setting up a 2-Ethylhexyl thioglycolate (2-EHTG) manufacturing plant at Dahej, Gujarat.

COVID-19 Impact:

Negative impact on the global thioglycolate market

COVID-19 impacted supply chain disruptions, fluctuations in raw materials prices, and disrupted manufacturing processes. The thioglycolate market is expected to bounce back owing to the great demand for processed and frozen foods. The global thioglycolate market is expected to expand at a healthy pace shortly as restrictions on staff movement are eased, and lockdown is lifted. The other industries such as oil & gas, chemical & petrochemical, plastics & polymers, metal & metallurgy have been impacted severely by the ongoing pandemic crisis. The production in these other industries has been halted based on the government regulations for social distancing and disruption in the supply chain.

Moreover, the thioglycolic acid market has experienced negative growth during the pandemic and is expected to gain traction in one or two years by resumption towards the industry average production rate by the manufacturers.

Why Purchase the Report?

Understand the current market scenario and viability of global thioglycolate over the forecast period

Visualize the composition of the global thioglycolate market in terms of grade, and application to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global thioglycolate market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market share analysis covering business revenues ($) and revenue share (%) of key market players

The global thioglycolate market report would provide an access to approximately 53 market data tables, 43 figures, and 180 pages

Target Audience:

Thioglycolate Manufacturers

Cosmetic Products Manufacturers

Education & Research Institutes

Research Professionals