Thioglycolate Market

Thioglycolate Market Size (2024-2029):

The global thioglycolate market share was valued at USD 115 million in 2023 and is expected to reach USD xx million by the end of 2029, growing at a CAGR of 3.2% during the forecast period 2024-2029.

Market Drivers: 

The thioglycolate market is driven by the increasing demand to manufacture highly effective lotions and creams for the temporary hair removal process. Thioglycolate is an active depilatory that is used in creams and lotions that are effective in removing the hair temporarily. Apart from this, it has varied advantages in oil drilling chemicals and mining floatation processes. It is a known fact that it is less harsh on hair applications when compared with other chemical products and creates the best long-lasting curly or straight hair. The growing number of beauty-conscious people is one of the significant factors for the market to grow eventually. The demand to look good is increasing with the increasing number of social gatherings and meetings. Social media is a boom for people, and the trend towards online makeup tutorials is circulating at a higher rate. The demand for makeup products is flourishing. Daily skincare routines have become common in the world and are escalating the demand for cosmetics, which further increases market growth. Companies' strategies to introduce customized cosmetic products by doing a survey on customer reviews have become quite common in today’s life, which emphasizes the demand for the  

Thioglycolate has specific usage in diagnostic bacteriology. The aerobic and anaerobic microorganisms are cultivated by using this chemical in sterility tests to determine the oxygen requirement of the microorganisms. Increasing investments in research and development activities is another factor that is bolstering the market value. The National Library of Medicine considers thioglycolate to be the fastest method to identify microorganisms directly. The rising number of patients with targeted diseases is amplifying the growth rate of the market. The patient’s target relies on the effective outcomes that come from the diagnosis. The more accurate results will promote the proper targeted therapy for the patients, which will greatly influence the market growth rate.

Also, the growing demand for frozen foods, especially in urban areas, due to the rising number of working people and their demand for ready-to-eat food, is positively impacting the growth rate of the market.

Market Restraints: 

However, strict rules and regulations by government officials with the increasing number of cases with adverse effects from the use of cosmetics with harmful chemicals are impeding the growth rate of the thioglycolate market. A few countries like the US, Canada, Germany, Japan, and Others have already taken initiatives to ban all the chemicals that are causing ill effects. Also, lack of standardization is another factor that is imposing a negative impact on the share of the market.

Market Opportunities: 

Growing investments in cosmetics and skin care treatment products greatly influence the market growth opportunities. The trend towards personal care is expanding, which is escalating the growth rate of the thioglycolate market. Capital investments in the US record around 22% every year in cosmetics and beauty care. The adoption of e-commerce is playing a major role in expanding the demand for cosmetics and other hair removal products. Advertisements through social media platforms directly reach the targeted customers, eventually amplifying the growth rate of the market. The prominence of scalp treatment procedures is increasing day by day, with the rising awareness over the advantages of these procedures emphasizing the demand for thioglycolate. Also, there is a growing number of hair transplant surgeries across the world. According to the International hair transplant statistics, approximately 703 183 procedures were performed in 2021 worldwide. These statistics are adding fuel to the growth rate of the market.

Market Challenges:

Manufacturing high-quality cosmetics and other hair care-related products includes a high budget, which is a key challenging factor for the market players. Many companies are focusing on the development of innovative products with effective costs that can meet common people's expenses, which is set to influence the market growth rate in the coming period.

THIOGLYCOLATE MARKET REPORT COVERAGE:

Market Segment Analysis: 

Thioglycolate Market - By Type:

• Calcium Thioglycolate
• Potassium Thioglycolate
• Ammonium Thioglycolate
• Sodium Thioglycolate
• Others

The calcium thioglycolate segment is expected to grow at a higher rate, whereas the potassium thioglycolate segment is anticipated to hold a prominent market share during the forecast period. Calcium thioglycolate is one of the best chemical products to remove the hair and make skin smooth with a hair-free nature. It is one of the depilatories that is familiar as an active ingredient in hair removal products and is enhancing the growth rate of the market. Potassium thioglycolate products are inexpensive and are more likely to be used in hair removal creams that are easy to use even at home.

Thioglycolate Market - By Function:

• Reducing Agent
• Complexing Agent
• Others

The reducing agent segment is gearing up with the dominant share of the market. A reducing agent is an important ingredient that helps grow aerotolerant and anaerobic microorganisms by providing an oxygen environment suitable for the growth of these microorganisms.

Thioglycolate Market - By Application:

• Personal Care & Cosmetics
• Chemical Processing
• Pharmaceuticals
• Textiles
• Others

The personal care & cosmetics segment is leading with the highest share of the market, whereas the pharmaceuticals segment is expected to grow at a higher rate during the forecast period 2024-2029. Increasing disposable income in urban areas is one of the primary factors for the growth rate of this segment.

Market Regional Analysis:

• North America
• Europe
• Asia-pacific
• Middle-east and Africa
• Latin America

North America's thioglycolate market share is gaining more traction with the presence of major key companies. Expanding growth strategies by key players and launching innovative products in favor of the public by following regulations from government organizations is likely to promote growth opportunities for the market in North America. The US and Canada invest more in skin care treatment with the most advanced techniques that have very minimal adverse effects. This attribute greatly enhances the demand for thioglycolate in these countries, bolstering the growth rate of the market.

Asia Pacific's thioglycolate market growth rate is expected to hit the highest CAGR by the end of 2029, with an increasing focus on adopting highly advanced technology in hair care treatment procedures. Chinese people focus more on skincare and beauty products, which is a common attribute for the market to grow at a higher rate in China. China is positioned second in holding the largest share of beauty products both in revenue and consumption. With rising influencers in social media and digital media, the demand for cosmetics and personal care is increasing drastically and is proposed to enhance the growth rate of the market.

Europe is showing dominant growth opportunities for the thioglycolates market. Rising R&D activities in pharmaceutical companies are potentially ascribed to boost the growth rate of the market in this region. High per capita income and increasing expenditure on hair and skin care are lavishing the market growth share. Along with this, increasing spending on high-quality beauty care products is showing prominent growth opportunities for the market.

COVID-19 impact on the thioglycolate market: 

COVID-19 is an infectious disease first reported in China in December 2019. World Health Organization (WHO) declared the spread of the virus as a public health emergency on 30 January 2020. The virus has spread to almost all countries within no time and has devastated many lives. Government authorities in every nation followed stringent norms by imposing various measures to curb the spread of the virus. However, the risk has eventually crossed the boundaries and raised the mortality rate. Lockdown restrictions and supply chain disruptions imposed certain limitations on the growth of the thioglycolate market. Focus on healthcare expenditure was the only major theme during the pandemic. Challenges such as uncertainty about the future and restrictions of movement and travel due to COVID-19 lagged the demand for cosmetics and other hair care products. Later on, with the increased number of people with vaccinations, the world slowly eased from the pandemic effects, which are expected to leverage the market size. Activities for hair treatment and other skincare routines were resumed across the world, which is inclined to impact positively on the growth of the market.

Market Key Players: 

1. BASF SE
2. Akzo Nobel N.V.
3. Dow Inc.
4. Merck KGaA
5. Aarti Industries Limited
6. Bruno Bock Chemische Fabrik GmbH & Co. KG
7. Nippon Shokubai Co., Ltd.
8. NacalaiTesque, Inc.
9. Jost Chemical Co.
10. Neostar United Industrial Co., Ltd.
11. BOC Sciences
12. GFS Chemicals, 
13. All-Chemie, Ltd.,
14. Haihang Industry Co., Ltd.
15. Reaxis Inc.