THIOGLYCOLIC ACID MARKET ANALYSIS

Thioglycolic acid market was valued at US$ 106.8 Mn in 2022, exhibiting a CAGR of 6.2% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 162.3 Mn by 2030.

Thioglycolic acid is a colourless liquid with a strong, typical mercaptan disagreeable odor (although olfactory fatigue may occur), which is used in cosmetic formulations including permanent wave solutions and depilatories, in pharmaceutical manufacture, and as a stabilizer for vinyl plastics.

Covid-19 Impact on Global Thioglycolic Acid Market

End-use industries such as oil and gas, chemical and petrochemical, plastics and polymers, and metal and metallurgy have been severely impacted by COVID-19 pandemic crisis. According to the U.S. Bureau of labour statistics in October 2020, demand for oil decreased by 3 million barrels, which represents approximately 20 percent of the U.S. overall oil consumption. The production in these end-user industries has been halted on the basis of the government regulations for social distancing and disruption in the supply chain. Moreover, the thioglycolic acid market has experienced negative growth during COVID-19.  

Global Thioglycolic Acid Market -Drivers

• Thioglycolic acid or Mercaptoacetic acid acts as a restructuring agent, depilating agent and antioxidant: Thioglycolic acid or mercaptoacetic acid acts as a restructuring agent, depilating agent, and antioxidant. Thioglycolic acid is used in hair care applications and in other cosmetic care applications such as it is used in the formulation of perms and for the preparation of depilatory creams. Thioglycolic acid is used in cosmetics such as hair products, depilatories, and eyelash-waving products. It functions as an antioxidant, reducing agent, hair waving agent or straightening agent. Thioglycolic acid and its salts are used to modify hair to facilitate changes to the structure of hair, such as with permanent waves or with hair straightening. They are also used to chemically break down hair fibre so that unwanted hair can be removed by simply wiping it from the skin.

Global Thioglycolic Acid Market - Restraints

Thioglycolic acid can cause severe burns and chemical injuries

Thioglycolic acid can cause severe burns and chemical injuries when it comes into contact with the skin, eye, digestive, or respiratory tracts. It is corrosive and can even induce systemic toxicity. Thioglycolic acid is a contact irritant or corrosive substance for the eyes, skin, and mucous membranes. It is known to cause severe skin burns and eye damage. The European Chemical Agency (ECHA) recommends to labelling it with the H314 risk phrase. The various side effects and health hazards associated with the use of thioglycolic acid are expected to restrain market growth during the forecast period.

Global Thioglycolic Acid Market - Segmentation

On the basis of application, in 2022, the cosmetic segment accounted for 30% of the revenue share in the global thioglycolic acid market. Cosmetics have become an indispensable feature of modern individual’s lifestyles. In addition, growth in consciousness about external beauty along with an individual’s internal intellect has become one of the major driving factors for the use of cosmetics in the global market. Presently, along with women, there is a rise in the use of cosmetics among men in their daily routine, which complements growth of the global cosmetics market demand. Hence, such changing lifestyles have led to growth of the global thioglycolic acid market.

Figure 1: Global Thioglycolic Acid Market, By Application, 2023

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Global Thioglycolic Acid Market - Opportunities

• Thioglycolic acid is used in the production of various pharmaceuticals: Thioglycolic acid is used in the production of various pharmaceuticals, including antibiotics and anticancer drugs. The growing demand for these products is expected to drive the growth of the thioglycolic acid market.

• Rising demand for hair removal products : Thioglycolic acid is a key ingredient in hair removal products such as depilatory creams. The increasing demand for these products is expected to drive the growth of the thioglycolic acid market. 

Global Thioglycolic Acid Market - Trends

• Thiogycolic acid is used as a corrosion inhibitor and iron controller in the oil and gas industry: Thiogycolic acid is used as a corrosion inhibitor and iron controller in the oil and gas industry. As a reducing and chelating agent to limit Fe3+ precipitation during well drilling or stimulation. For oil refining, thioglycolic acid mercaptides act as passivating agents during the catalytic cracking of hydrocarbons to limit the contamination of metal catalysts (Ni, V, etc.). Thioglycolic acid is also used as an additive in corrosion-inhibiting formulations to protect equipment used in various industries. Thioglycolic acid provides good inhibition when used as a corrosion inhibitor in the oil and gas industry, which is the major market trend in the global thioglycolic acid market .

Global Thioglycolic Acid Market - Regional Insights

Asia Pacific dominated the Global Thioglycolic Acid Market in 2022 accounting for 58% in terms of value.

Figure 2: Global Thioglycolic Acid Market, By Application, 2023

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Global Thioglycolic Acid Market - Key Developments 

• In January 2022, Biosynthetic Technologies stated that it had acquired Innoleo, LLC, a privately held producer of thioglycolic acid as well as a wide range of castor and other oleo derivative products.
• In June 2023, Arkema Company developed a new range of thioglycolic acid derivatives for use in personal care and cosmetic
• In April 2023, Thermo Fisher Scientific, Inc. Company is focused sustainability initiatives in the thioglycolic acid market. It has implemented eco-friendly production methods and is working towards reducing waste generation in its manufacturing processes.

Global Thioglycolic Acid Market - Key Players

Key players operating in the global thioglycolic acid market include Arkema, Bruno Bock Chemische Fabrik GmbH & Co. KG, Daicel Corporation, Ever Flourish Chemical, HiMedia Laboratories, Merck Millipore, Qingdao LNT Chemical Co., Ltd., Ruchang Mining, Sasaki Chemical, Swan Chemical, Thermo Fisher Scientific, Inc., Tokyo Chemical Industry Co., Ltd., Innova Global (India), Triveni Aromatics And Perfumery Private Limited., and Vizag chemicals.

*Definition: Thioglycolic acid is a colourless liquid with a strong, typical mercaptan disagreeable odor (although olfactory fatigue may occur), which is used in cosmetic formulations including permanent wave solutions and depilatories, in pharmaceutical manufacture, and as a stabilizer for vinyl plastics. A recent use is as a capping or stabilizing agent for Cadmium or Tellurium quantum dots (QDs).