The Global Thioglycolic Acid Market is expecting to touch a valuation of USD 115.23 million by the end of the forecast period (2018-2023), Market Research Future (MRFR) in their extensively studied report includes chief drivers and detailed study of segments to deliver reliable prediction about the market future. It had a prior valuation of USD 92.74 million in 2017. The market had registered a demand of 35,351.55 tons in 2017. The market volume is anticipated to experience a 3.45% CAGR over the forecast period.
Thioglycolic Acid (TGA) is an organic chemical which is miscible in polar organic solvents to create homogeneous mixtures. The demand in hair products from the cosmetics sector is likely to augur the global market demand till the end of the forecast period. High demand for TGA in oilfield chemicals for drilling operations is anticipated to influence the market growth positively. But fluctuating raw material prices and strict environment regulations in Canada, the U.S., and Japan may act as growth deterrents.
The demand for heat stabilizers for the production of Polyvinyl Chloride (PVC) is expected to hike the market demand. The expanding complexity of operations and the wide ambit of industrial applications is likely to open up various opportunities for TGA. Rapid urbanization combined with expedition of infrastructural projects in India, Indonesia, Malaysia, South Africa, and Brazil can induce market demand.
The inclination towards bio-based or green alternatives for the manufacture of TGA is expected to lead to a rush of eco-friendly raw materials. For instance, Diacel Corporation is planning on switching to bio-ethanol for chemical synthesis.
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Key competitors influencing the Global Thioglycolic Acid Market include Tokyo Chemical Industry Co. Ltd. (Japan), Thermo Fisher Scientific, Inc. (U.S.), Merck KGaA (Germany), Bruno Bock Chemische Fabrik GmbH & Co. KG (Germany), Daicel Corporation (Japan), Arkema Inc. (France), and Qingdao LNT Chemical Co. Ltd. (China).
The Global Thioglycolic Acid Market can be segmented by type and application.
By Type, the market is segmented into low purity grade, high purity grade, and technical grade. The high purity grade segment is projected to reach a valuation of USD 56.5 million by 2023. The oil & gas and plastics sectors are the biggest consumers of this type of TGA. Its primary use as a corrosion inhibitor and heat stabilizer is likely to culminate in high growth for this segment. On the other hand, the low purity grade segment can reach a valuation of USD 34,357.12 million by 2023 owing to high demand from cosmetics and personal care industries.
Key Applications of the TGA market include chain transfer agent, PVC heat stabilizer, cosmetics, cleaning formulations, leather processing chemicals, metals recovery, agrochemicals, oilfield chemicals, and others. Among these, the cosmetics application segment is touted to exhibit a 3.90% CAGR, in terms of volume, over the forecast period to reach 14,683.5 tons by 2023. It is followed by the PVC heat stabilizer segment.
The Thioglycolic Acid Market covers North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The APAC region accounted for 42.5% value share in the global market in 2017. It can exhibit a 4.24% CAGR to touch USD 50.3 million by the end of the forecast period. The urbanization of various cities in the region coupled with an organized retail sector is expected to be major growth drivers in the market. Indonesia, Myanmar, China, and India are the biggest revenue generators in the region. But stringent government policies may limit its production in Japan.
The North America TGA market was the second-largest after APAC and predicted to grow at a 3.49% CAGR over the assessment period. Its size can reach USD 25.5 million by 2023. The demand for wigs and perms by the aging populace is likely to spur the market in the forthcoming years.
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