Thioglycolic Acid Market Overview

The Thioglycolic Acid Market is expected to generate a revenue of more than 95.7 million US dollars by the forecast year. The global Thioglycolic Acid Market is expected to register a CAGR of 3.5% by the forecast year of 2030.

Thioglycolic acid (TGA) is an organic compound used as depilatory in salt forms. It also goes by the name of mercaptoacetic acid (MAA). They are available in three major grades low purity grade, technical grade, and high purity grade, which are used for a variety of industrial purposes. The global Thioglycolic Acid Market  report by Market Research Future (MRFR) elaborates on the numerous drivers, opportunities, and challenges for market players for the period between 2022 and 2030 (forecast period).

Market Outlook

The global thioglycolic acid market is expected to exhibit a CAGR of 3.5% during the forecast period to accrue significant revenues. This can be credited to the use of TGA in personal care and cosmetics industries. It stood at USD 95.7 million in 2018. High demand for MAA and its derivative salts in the oil & gas sector for seamless drilling operations is projected to drive the market demand during the forecast period. In addition, the acid and its salts are used in hair products such as colorants, rinsing, depilation, and others.

Massive demand for stabilizers in the manufacture of polyvinyl chloride (PVC) can drive the demand for the thioglycolic acid products during the assessment period. MAA also serves as a catalytic agent in the hydro-sulfurization of diesel and gasoline. With an emphasis on lowering carbon footprint, the market may see an elevated demand in the coming years.

Stringent policies across the European Union, Canada, and Japan can hamper the market growth.

Segmentation Analysis

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

Based on type, the global market has been segmented into high purity grade, low purity grade, and technical grade. The high purity grade segment accounted for the largest market share of nearly 48% in 2018. It is expected to register a significant CAGR during the forecast period due to the widespread use of high purity grade MAA in oilfield chemicals, PVC thermal stabilizers, and chain transferring agent applications.

Based on application, the market has been segmented into cleaning formulations, chain transfer agent, cosmetics, PVC heat-stabilizer, agrochemicals, oilfield chemicals, leather processing chemicals, metals recovery, and others. The cosmetics segment accounted for the largest share of the global thioglycolic acid market and was valued at USD 32.3 million in 2018. This market growth can be attributed to the large-scale use of thioglycolic acid-based products and its salts in hair-wash products, professional hair styling colors, hair treatment products, and hair removal creams.

Regional Analysis

South America, The Middle East & Africa (MEA), North America, Europe, and Asia Pacific (APAC) are major regions in the global thioglycolic acid market.

The APAC is expected to be one of the fastest-growing regions for the market due to nearly 60% of the younger demographic living in countries of APAC. Furthermore, the organization of the retail sector in countries of Myanmar, China, India, and Indonesia are expected to drive the global TGA market till 2025. China had the largest market share in the region with a purported CAGR of 4.5% during the forecast period, while India can display the highest CAGR of 4.8% during the same period.

North America was the second-largest region in 2018 with a touted CAGR of 3.5% during the assessment period. The U.S. had dominated the region and can display a stellar CAGR during the forecast period due to the inclination of customers towards hair removal creams and hair coloring agents due to the emphasis on external appearances.

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Competitive Outlook

Arkema, Bruno Bock Chemische Fabrik GmbH & Co. KG, Qingdao LNT Chemical Co., Ltd., Daicel Corporation, Merck KGaA, Thermo Fisher Scientific, Inc., and Tokyo Chemical Industry Co., Ltd. are reputed companies currently operating in the global thioglycolic acid market.

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