global thioglycolate market was valued US$ 212 Mn in 2019 and is expected to reach 440 Mn by 2027, at a CAGR of 3.9% during the forecast period.
Thioglycolate is widely accepted as a salt of glycolic acid. It is primarily used in personal care products such as skincare and hair care products. Also, glycolic acid has a precise molecular weight and size, thus permitting it to infuse through the skin tissue. Furthermore, it is widely accepted as a stabilizer during making of polyvinyl chloride.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Market Drivers and Restraints:
Technological advancement and development in the method of the manufacturing process in developed and developing countries are driving the growth of thioglycolate market globally. Thioglycolates are majorly utilised in the production of cosmetic and personal care products like hair removal and hair care product. Main type of thioglycolates is documented for ammonium thioglycolates which have broad range of application. As the ammonium thioglycolate solution contain ample ammonia which offer swelling of hair and thus, render it permeable. The most important application of ammonium thioglycolate is hair frizz. Alternatively, potassium thioglycolate and calcium thioglycolate are further used as ingredients in the production of chemical depilatories, since these chemical depilatories are cosmetic preparation widely used to remove undesirable hair from the human body. To one side after depilatories, it is correspondingly being used in manufacturing of hair removing waxes, facial moisturizers, and shaving creams. Huge demand for the product as personal care and cosmetic product expected to interpret into enormous request for thioglycolates through growing period. Growing demand for frozen food owing to ease of application boosting the demand for sodium and potassium thioglycolates as it helps to improve their antimicrobial properties and act as a preservative for a longer shelf life. For instance, frozen bakery, is a mainly recognized industry that uses thioglycolates.
However, lack of technical knowledge for the formulation and fluctuation in raw material cost will concurrently expected to hinder the market growth.
Thioglycolate Market Segment analysis:
By the application segment, the hair care and cosmetic product sub-segment is expected to dominate the thioglycolate market during the forecast years. Available large chain for the business will require a high amount of thioglycolate based products, is expected to help the market growth. Since a large number of women’s population is highly engaged with these products in their daily routine due to advanced work-life and main focus on personal grooming and maintaining hygiene.
On the other hand, frozen food application has influenced the thioglycolate industry. The thioglycolate based hair removal cream is likely to be valued at approximately US$ XX Mn in 2019, owing to the increasing consumer demand for skin care product. Virtually, 35% of market is acquired by hair removal segment. Technological advancement and customization in skin care and hair care product as per consumers need and as per skin quality is another factor to boost the market demand. Since cosmetic industry is spending huge amount in terms of making their product famous globally. Advanced lifestyle and social gathering amongst the growing population is going to intensify the product demand in near future.
Thioglycolate Market Regional Analysis:
Regionally, Asia Pacific is expected to stand for the fastest growing region amongst other developing regions. The thioglycolate market is expected to grow at a CAGR of X.3 % during the forecast period. Advancement in machinery and lower labour cost in the Asia Pacific region is boosting the market growth, especially India and China documented as the major contributor as awareness toward personal grooming in this region is very high thus, helping in market growth. In the year of 2019 approximately 40% of market is acquired by the Asia Pacific region and expected to grow constantly in the future.
Europe is considered as one of the key consumer and producer for the thioglycolate market as the targeted product has broad application in frozen food and feasting of frozen food across the region is very high and high popularity of beauty products amongst male and female is expected to boost the market demand in the coming years.
The objective of the report is to present a comprehensive analysis of the Global Thioglycolate Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Thioglycolate Market dynamics, structure by analysing the market segments and project the Global Thioglycolate Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Thioglycolate Market make the report investor’s guide.
Scope of Thioglycolate Market
Global Thioglycolate Market, By Product Type
• Ammonium thioglycolate
• Calcium Thioglycolate
• Sodium Thioglycolate
• Butyl Thioglycolate
• Potassium Thioglycolate
Global Thioglycolate market, By Application
• Hair care and cosmetic product
• Chemical Intermediate
• Oil and Gas
Global Thioglycolate Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Thioglycolate Market,
• Advanced Technology & Industrial Co. Ltd
• American International Chemical Inc
• Haihang Industry Co. Ltd.
• ICC Chemical Corporation
• Neostar United Industrial Co. Ltd.
• Triveni Chemicals
• Haihang Industry Co. Ltd
• CellMark Chemicals
• AN Pharma Tech Co. Ltd
• Alfa Aesar
• Alpha Chemika
• BRUNO BOCK
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