Thioglycolic acid (TGA) is an organic compound used in the form of a salt as a depilatory agent.It is also known as mercaptoacetic acid (MAA).They are divided into three main grades – low purity grades, technical grades and high purity grades for various industrial purposes.The global thioglycolic acid market report by Market Research Future (MRFR) details the numerous drivers, opportunities and challenges faced by market players during the forecast period from 2022 to 2030 (forecast period).
Arkema, Bruno Bock Chemische Fabrik GmbH & Co. KG, Qingdao LNT Chemical Co., Ltd., Daicel Corporation, Merck & Co., Thermo Fisher Scientific Co., Ltd. and Tokyo Chemical Industry Co., Ltd. are well-known companies currently operating in Japan Global Thioglycolic Acid Market.
The global thioglycolic acid market is expected to expand at a CAGR of 3.5% over the forecast period to generate substantial revenue.This can be attributed to the use of TGA in the personal care and cosmetic industries.In 2018 it was $95.7 million.High demand for MAA and its derived salts from the oil and gas industry is expected to drive market demand during the forecast period.In addition, acids and their salts are used in hair products such as colorants, rinses, depilatory agents, and the like.
High demand for stabilizers in polyvinyl chloride (PVC) manufacturing can drive the demand for thioglycolic acid market during the evaluation period.MAA is also used as a catalyst for the hydrosulfidation of diesel and gasoline.With the emphasis on reducing carbon footprint, the market demand is likely to increase in the coming years.
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On the basis of type, the global market has been segmented into high-purity grades, low-purity grades, and technical grades.In 2018, the high-purity grade segment accounted for the largest market share of nearly 48%.Transfer agent filings are expected to witness a significant CAGR during the forecast period owing to the widespread use of high-purity grade MAA in oilfield chemicals, PVC heat stabilizers, and chains.
Based on application, the market has been segmented into detergents, chain transfer agents, cosmetics, PVC heat stabilizers, agrochemicals, oilfield chemicals, leather processing chemicals, metal recycling, and others.The cosmetic segment held the largest share in the global thioglycolic acid market, which was valued at USD 32.3 million in 2018.This market growth can be attributed to the large-scale use of thioglycolic acid-based products and their salts in shampoos, professional hair styling colors, hair care products, and depilatory creams.
South America, Middle East and Africa (MEA), North America, Europe and Asia Pacific (APAC) are the major regions for the global thioglycolic acid market.
Asia Pacific is expected to be one of the fastest growing regions in the market as nearly 60% of young people live in Asia Pacific countries.Furthermore, retail organizations in Myanmar, China, India, and Indonesia countries are expected to drive the global TGA market by 2025.China has the largest market share in the region, growing at a CAGR of 4.5% during the forecast period, while India will register the highest CAGR of 4.8% over the same period.
North America was the second largest region in 2018, growing at a CAGR of 3.5% during the evaluation period.The U.S. dominates the region, and customers gravitate toward hair removal creams and hair dyes due to the emphasis on appearance, and thus can exhibit an excellent CAGR during the forecast period.
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Post time: Apr-24-2022