The global 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.
Driver
Growing demand for thioglycolic acid in the oil and gas industry
The growing demand for thioglycolic acid in the oil and gas industry is a significant factor driving the growth of the thioglycolic acid market. The oil and gas industry uses thioglycolic acid as a corrosion inhibitor and flow stimulator. The increasing demand for these products is expected to bolster the demand for thioglycolic acid in the oil and gas industry. The market has witnessed significant growth due to rising demand from the oil and gas sector for corrosion inhibitors and flow stimulators.
Market Opportunities
Product innovation and development
Companies operating in the thioglycolic acid market are focusing on product innovation and development to meet the evolving needs of various industries. This includes the development of new formulations and applications of thioglycolic acid in industries such as personal care, pharmaceuticals, and chemical processing, among others.
Market Restraints
Increasing prices of raw materials
The increasing prices of raw materials used to produce thioglycolic acid are a significant challenge facing the market. The prices of raw materials such as chlorine and acetic acid are subject to fluctuations, which can impact the production costs of thioglycolic acid. This can lead to an increase in the final price of thioglycolic acid, which can negatively impact the demand for the product. The increasing prices of raw materials can also impact the profit margins of companies operating in the market. However, companies can mitigate this challenge by adopting cost-saving measures such as optimizing production processes and sourcing raw materials from reliable suppliers.
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https://www.coherentmarketinsights.com/market-insight/thioglycolic-acid-market-5116
Key Takeaways:
The other segment of the application in 2021 accounted for 5.67% share of the global market. Thioglycolic acid and its derivatives are also used as depressant agents in flotation processes for separating valuable metals from ores in mining operations. Thioglycolic acid derivatives are a safer alternative to the more traditional sodium sulfhydrate (NaSH), particularly in mining environments. Thioglycolic acid (TGA) is also an additive for coating formulations for metal surface cleaning and protection from corrosion and other damages.
Major 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.
Market Trends
Increasing demand from industries
The thioglycolic acid market is driven by increasing demand from industries such as personal care, pharmaceuticals, oil and gas, and chemical processing. The use of thioglycolic acid in hair removal products, corrosion inhibitors, and flow stimulators contributes to its market growth.
