Global Thioglycolic Acid Market Insights Forecasts to 2030

• The global thioglycolic acid market was valued at USD 102.4 Million in 2021.
• The market is growing at a CAGR of 4% from 2022 to 2030
• The global thioglycolic acid market is expected to reach USD 145.7 Million by 2030
• The North America is expected to grow the fastest during the forecast period

The global thioglycolic acid market is expected to reach USD 145.7 Million by 2030, at a CAGR of 4% during the forecast period 2022 to 2030. The thioglycolic acid market has grown due to rising demand from the oil and gas sector for corrosion inhibitors and flow stimulators.

Market Overview

Thioglycolic acid also referred to as mercaptoacetic acid, is a high-performance substance that has both carboxylic acid and mercaptan functions. A white liquid with a pungent, recognizable mercaptan odor is thioglycolic acid. In addition to reacting sodium thiosulfate and chloroacetic acid, thioglycolic acid can also be generated by reacting sodium or potassium chloroacetate with alkali metal hydrosulfide.

Thioglycolic acid is used as an intermediary in a variety of chemical processes, including addition, elimination, and cyclization. Thioglycolic acid also serves as a precursor for substances like calcium thioglycolate, sodium thioglycolate, and ammonium thioglycolate. In oil and gas recovery and transportation systems, thioglycolic acid prevents corrosion. Polyvinyl chloride is stabilized using thioglycolic acid organotin derivatives. Because of its low cost and easy accessibility, thioglycolic acid is expected to continue to be a top choice in a variety of end-user industries, including oil & gas, plastic, and polymer, cosmetics, etc. Thioglycolates are thioglycolic acid's crystal salts. The beam house step in the industry of treating leather hides uses alkaline sodium thioglycolate to remove hair. Compared to the more poisonous and destructive sodium hydrosulfide, it enables the makers to acquire a more resource-efficient and less polluting method.

Thioglycolic acid demand is anticipated to increase in the near future due to rising demand from the oil and gas sector for corrosion inhibitors and flow stimulators. Additionally, rising disposable income in emerging countries is encouraging the purchase of cosmetics, especially hair care products, which is positively boosting the growth of the thioglycolic acid market. Increased demand for metals and plastics across a range of industries will benefit the thioglycolic industry. Thioglycolic acid use is restricted in developed nations in Europe and North America, which prevents the market from growing to its full potential. Thioglycolic acid's high reactivity raises the price of packaging materials, which could lower manufacturers' net profits.

Report Coverage

This research report categorizes the market for global thioglycolic acid based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global thioglycolic acid market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global thioglycolic acid market sub-segments.

Segmentation Analysis

• In 2021, the technical grade segment dominated the market with the largest market share of 40% and market revenue of 40.96 million.

Based on the grade, the global thioglycolic acid market is categorized into High Purity Grade, Technical Grade, and Low Purity Grade. In 2021, the technical grade segment dominated the market with the largest market share of 40% and market revenue of 40.96 million.  One of the seven categories used by chemists to group substances according to their capability and purity is Technical Grade chemicals. Chemicals with impurities that are meant for industrial and commercial usage fall under the "technical" category. These chemicals are not regarded to be "pure" by chemists because they could contain a tiny number of other substances.

• In 2021, the others (metal recovery) segment accounted for the largest share of the market, with 30% and a market revenue of 30.72 million.

Based on the application, the thioglycolic acid market is categorized into Cosmetics, Oil, and Gas, Leather Processing, Plastics & Polymers Chemicals, Cleaning Agents, and Others (Metal Recover). In 2021, the others (metal recovery) segment accounted for the largest share of the market, with 30% and a market revenue of 30.72 million.

Thioglycolic acid and its derivatives are also utilized as depressants in flotation procedures used in mining operations to separate important metals from ores. Particularly in mining situations, sodium sulfhydrate (NaSH) is a riskier option than thioglycolic acid derivatives. Thioglycolic acid (TGA) is also a coating formulation component used to clean and shield metal surfaces from corrosion and other harm.

Regional Segment Analysis of the Thioglycolic Acid Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific emerged as the largest market for the global thioglycolic acid market, with a market share of around 34.6% and 102.4 million of the market revenue in 2021.

• In 2021, Asia-Pacific emerged as the largest market for the global thioglycolic acid market, with a market share of around 34.6% and 102.4 million of the market revenue. Thioglycolic acid is widely used in the Asia-Pacific area, where demand for these items is high in nations like China, India, and Indonesia. This region is predicted to develop at a moderate to high pace in the next years. One of the key components used in the production of personal care products is thioglycolic acid.
• The market growth for thioglycolic acid in this region is being driven by the expanding influence of cosmetic and personal care products in the area. For instance, the number of cosmetics manufactured in Japan went from 434 thousand tonnes of units in 2017 to 455 tonnes of units in 2018, according to data released by the Ministry of The Economics, Trade, and Industry of Japan in 2019.

• The North American market is expected to grow at the fastest CAGR between 2021 and 2030. The North American thioglycolic acid market is primarily anticipated to be driven by rising oil and gas activities in the U.S.

Competitive Landscape

The report offers the appropriate analysis of the key organizations/companies involved within the global thioglycolic acid market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Market Players:

• 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.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Recent Key Developments:

• In January 2022, Biosynthetic Technologies stated that it has acquired Innoleo, LLC, a privately held producer of thioglycolic acid as well as a wide range of castor and other oleo derivative products.

Market Segment

This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global thioglycolic acid market based on the below-mentioned segments:

Global Thioglycolic Acid Market, By Grade

• High Purity Grade
•  Technical Grade
•  Low Purity Grade

Global Thioglycolic Acid Market, By Application

• Cosmetics
• Oil and Gas
• Leather Processing
• Plastics & Polymers Chemicals
• Cleaning Agents
• Others ( Metal Recover )

Global Thioglycolic Acid Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa