Thioglycolic Acid Market Size To Expand at a Notable CAGR Of 3.5% During 2022 - 2030

Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Thioglycolic Acid Market.

Overview:

The global thioglycolic acid market is likely to scale to a valuation of 95.7 million at a CAGR of 3.5% by the end of the forecast period of 2022 - 2030, asserts market research Future (MRFR) in an in-depth study. Volume-wise the global thioglycolic acid market is expected to expand at a CAGR of 3.5% over the forecast period.

Thioglycolic acid finds application across various industry verticals. The cosmetics and personal care industry is among the major end user of the market. Thioglycolic acid is extensively used in the hair industry as a component for general rinsing, depilation applications, and professional coloring which induces high demand for the product. The rise of the cosmopolitan culture and changing lifestyle in developing countries have created a strong consumer base for the cosmetic and personal care industry which is expected to reflect positively on the growth of the global thioglycolic acid market. In addition, government regulations such as Cosmetic Regulation 1223/2009 in Annex III Entry 2A further aid in the consolidation of the thioglycolic acid market.

Thioglycolic acid is also witnessing heightened demand from the oil & gas industry which is anticipated to catapult the growth of the market on an upward trajectory. Thioglycolic acid is used as a catalyst in the hydro-sulfurization process of gasoline and diesel. With a growing focus of various countries of the globe on the reduction of carbon footprint on the environment coupled with stringent regulations to back the same is generating incremental demand within the thioglycolic acid market.

In contrast, volatility in the price and availability of raw materials is likely to affect the growth of the global thioglycolic acid market. Toxicity concerns related to thioglycolic acid is also a major bottleneck to the growth of the market. Exposure for longer periods to certain thioglycolic acids can be dangerous, and in some cases, fatal as they are carcinogenic.

Segmentation

The global thioglycolic acid market has been segmented based on type and application.

By type, the global thioglycolic acid market has been segmented into low purity grade, high purity grade, and technical grade. The high purity grade segment is likely to attain a valuation of USD 56.5 Mn. The oil & gas and the plastic industries are among the key end users of high purity grade thioglycolic acid. On the other hand, the low purity grade thioglycolic acid finds major application in cosmetics and personal care products.

By application, the global thioglycolic acid market has been segmented into chain transfer agent, PVC heat stabilizer, leather processing chemicals, metals recovery, cosmetics, cleaning formulations, agrochemicals, oilfield chemicals, and others. Application-wise the cosmetics segment is dominating the global market and is likely to expand at a CAGR of 3.90% over the forecast period. The PVC heat stabilizer segment is the second largest segment.

Regional Analysis

North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are the key markets for thioglycolic acid.

APAC is the largest market for thioglycolic acid and accounted for the largest share of 42.5% in 2017. Rapid urbanization across APAC along with organized retail sector in the region bodes well for the growth of the market. APAC thioglycolic acid market is likely to reach USD 50.3 Mn at a CAGR of 4.24% by the end of the forecast period. Indonesia, Myanmar, China, and India are the key contributors to the APAC market. However, stringent government policies might restrict market growth in Japan.

The North America thioglycolic acid market is the second largest and is expected to capture a CAGR of 3.49% over the forecast period. Growing demand for wigs and perms among the old population is spurring the demand for thioglycolic acid in the region. The North America thioglycolic acid market is expected to reach USD 25.5 Mn by 2023.

Competitive Landscape

The key players in the global thioglycolic acid market include Bruno Bock Chemische Fabrik GmbH & Co. KG (Germany), Thermo Fisher Scientific, Inc. (U.S.), Arkema Inc. (France), Tokyo Chemical Industry Co. Ltd. (Japan), Daicel Corporation (Japan), Merck KGaA (Germany), and Qingdao LNT Chemical Co. Ltd. (China).

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