Global thioglycolic acid market was valued at US$ 102.4 million in 2021, according to the Global Thioglycolic Acid Market Report, by Grade (High Purity, Low Purity & Technical Grade), by Application (Cosmetics, Oil & Gas, Plastics & Polymers Chemicals, Leather Processing, Cleaning Agent & Others (Metal Recovery, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global thioglycolic acid market is expected to surpass US$ 142.1 million by 2030, exhibiting a CAGR of 3.7% during the forecast period (2022-2030).
Thioglycolic acid is projected to remain a preferred choice among the various end user industries such as oil & gas, plastic and polymer, cosmetics, etc., owing to their low price and easy availability. Thioglycolates are the crystal salts of the thioglycolic acid. Alkaline sodium thioglycolate is used for the removal of hair during the beam house step in the industry of the leather hides’ treatment. It allows the manufacturers to obtain a more resource-efficient and less polluting process as compared to the more toxic and harmful sodium hydrosulfide. Global market for leather and leather goods is growing rapidly. Asia pacific is the largest consumer of leather and leather goods, according to the National Investment Promotion & Facilitation Agency report in April 2022,the leather industry in India accounts for the 13 % of the world’s leather production of hides/skins and handles a robust annual production of about 3 bn sq., ft. of leather. The rapidly growing leather industry would benefit the global thioglcolic acid market.
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Key Trends and Analysis of the Thioglycolic Acid Market:
- Among regions, Asia Pacific accounted for a significant market share in 2021. Asia-Pacific region hold a prominent share of thioglycolic acid and is expected to grow from moderate to high rate backed by growing end use markets of personal care products are high in countries such as China, India, and Indonesia. Thioglycolic acid is one of the main ingredients in the manufacturing of personal care products. Growing influence of cosmetic and personal care products in this region is driving the market growth for thioglycolic acid in this region. For instance, according to data published by the Ministry of The Economics, Trade and Industry of Japan in 2019,in the japan the quantity of the cosmetics produced has increased from 434 thousand tons of unit in 2017 to 455 tons of unit in 2018.
Key Takeaways of the Market:
- The others 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
Global Thioglycolic Acid Market - Impact of Coronavirus (COVID-19) Pandemic
- Global thioglycolic acid market has been negatively impacted to some extent due to the ongoing COVID-19 pandemic. This can be attributed to the imposition of lockdown, travel restrictions, and shutting down manufacturing facilities. Moreover, the unavailability of raw materials required for the production of thioglycolic acid had further hampered demand for thioglycolic acid. However, restarting of international trade and ease of trade restrictions is expected to generate demand for thioglycolic acid in the forecast period. Moreover, the loosening of restrictions and reopening of manufacturing facilities is expected to boost demand for thioglycolic acid over the post-pandemic period.