Thioglycolic acid is a colorless 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 /Tellurium quantum microdots (QDs). It is a member of the thioglycolate chemical class. Thioglycolic acid can cause severe burns and chemical injuries when it enters in contact with the skin, eye, digestive or respiratory tracts. It is corrosive and can even induce a systemic toxicity. However, thioglycolic acid is still widely used in domestic products such as depilatory creams and by hairdressers for perms which is a chemical treatment used to curl hair in salons.
The global thioglycolic Acid market is estimated to surpass US$ 142.1 million by the end of 2030 in terms of revenue, exhibiting a CAGR of 3.7% during the forecast period (2021 to 2030).
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, hair waving or straightening agent. Thioglycolic acid and it salts are used to modify hairs to facilitate changes to the structure of hairs, such as with permanent waves or with hair straightening. They are also used to chemically break down hair fibres so that unwanted hair can be removed by simply wiping it from the skin.
Among regions, Asia Pacific held dominant position in the global thioglycolic acid market in 2021, accounting for 57.8% market share, in terms of revenue, followed by North America & Europe. For instance, according to Indian Brand Equity Foundation report in March 2022, Indian drugs and pharma exports reached US$ 5.78 billion between April 2021- June 2021.The growing pharmaceutical industry in this country is driving the market growth for thioglycolic acid in this region and according to the same source, Indian pharmaceutical sector supplies over 50% of the global demand for various vaccines, 40% of the generic demand for the U.S. and 25% of all medicines for the U.K. India contributes the second-largest share of the pharmaceutical and biotech workforce in the world.
Figure 1. Global Thioglycolic Acid Market Revenue Share (%), By Region, 2021
Thioglycolic acid can cause severe burns and chemical injuries when it enters in contact with the skin, eye, digestive or respiratory tracts. It is corrosive and can even induce a systemic toxicity. Thioglycolic acid is a contact irritant or corrosive substance of the eyes, skin, and mucous membranes. It is known to cause severe skin burns and eye damages. The European Chemical Agency (ECHA) recommends to label it with the H314 risk phrase. The various side effects and health hazards associated with the use of thioglycolic acid are expected to restrain the market growth during forecast period.
|Base Year:||2021||Market Size in 2021:||US$ 102.4 Mn|
|Historical Data for:||2017 - 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||3.7%||2030 Value Projection:||US$ 142.1 Mn|
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
|Restraints & Challenges:||
Thiogycolic acid is used as a corrosion inhibitor and iron controller in oil and gas industry. As a reducing and chelating agent to limit Fe3+ precipitation during well drilling or stimulation. For the 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 the equipment used in various industries. Thioglycolic acid provides good inhibition when used as corrosion inhibitor in oil and gas industry which is the major market trend in the global thioglycolic acid market.
On the basis of application, in 2021, cosmetic segment accounted for 29.4% of the revenue share, in the global thioglycolic acid market. Cosmetics have become an indispensable feature of modern lifestyle of individuals. In addition, growth in consciousness about external beauty along with individual’s internal intellect has become one of the major driving factors for use of cosmetics in the global market. Presently, along with women, there is a rise in 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 2. Global Thioglycolic Acid Market Revenue Share (%), By Application, 2021
Global Thioglycolic Acid Market - Impact of Coronavirus (COVID-19) Pandemic
The end use industries such as oil & gas, chemical & petrochemical, plastics & polymers, and metal & metallurgy have been impacted severely by the Covid-19 pandemic crisis. According to U.S. Bureau of labour statics 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 have been halted on the basis of the government regulations for social distancing and also disruption in supply chain. Moreover, the thioglycolic acid market has experienced negative growth during the covid 19.
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.
Thioglycolic acid (TGA) also called Mercaptoacetic acid (MAA) is a high-performance chemical containing mercaptan and carboxylic acid functionalities.
TGA is completely miscible in water and in general polar organic solvents. TGA is a strong reducing agent especially at high pH and forms powerful complexes with metals that give it specific characteristics. This acid is used in industries and applications as diverse as cosmetics, oil and gas, polymerization, fine chemistry, leather processing, cleaning, and metals recovery. In organic synthesis, thioglycolic acid acts as a sulfur transfer agent for sulfonyl chloride synthesis and nucleophile in thioglycolysis reactions. Further, it is used in leather processing.
Increasing demand from oil & gas sector for corrosion inhibitor and flow stimulator is expected to bolster demand for thioglycolic acid in forecast period. The Bronsted acid characteristics of thioglycolic acid and its thiol functionality make it a chemical of choice for the preparation or regeneration of metal catalysts for hydrodesulphurization. The corrosion inhibition properties of thioglycolic acid make it the most used chemical for the oil & gas and several other industries. The application of thioglycolic acid in corrosion inhibition in suppressing or at least mitigating the corrosion process of metals in different fields, spanning from industrial sectors to construction materials to surface treatments for cultural heritage.
According to the report presented by Center for the Promotion of Imports Central Bureau of Investigation in March 2022, increasing disposable income in emerging economies such as Germany, China and India, demand is highest in the skin care, toiletries and hair care product categories thereby, positively impacting the thioglycolic acid demand growth. Cosmetics are skincare products to enhance the appearance or odor of the human body. The salts of thioglycolic acid and also some of its esters are used in the formulation of perms and for the preparation of depilatory creams. In these applications, the main salts are ammonium thioglycolate and potassium thioglycolate. In some applications, glycerol monothioglycolate is also used.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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