Thioglycolate or salts of thioglycolate acid (thioglycolate broths) are used in a variety of consumer-centric applications, which is likely to be among the foremost reasons for it to achieve a significant growth rate. Wide varieties of thioglycolates are available in the market, which includes ammonium, magnesium, and sodium thioglycolates.
The market is anticipated to be in the nascent stage owing to the considerable growth in the end-user segment. However, it can cause ill-effects on prolonged exposure to the skin, further hampering the market growth. Similarly, stringent regulatory guidelines from authorities such as the EU cosmetics directive and the Food and Drug Administration (FDA) restrain the market growth.
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Thioglycolates is extensively used for the manufacturing of hair removal and perming hair products. Constantly changing social norms, increasing number of social gatherings and meetings, and the need to look good on social media is surging the demand for cosmetics. Availability of online makeup tutorials and debouching trends, such as Do it Yourself (DYI) skincare routine, provides an impetus to the market growth.
Cosmetics brands have been resorting to various successful marketing gimmicks to increase their brand awareness and drive their sales. Companies are using data analytics to determine consumer insights and provide product customization in order to gain consumer base. The cosmetics industry was estimated to be over USD 20 billion in 2019 and is anticipated to witness considerable growth in the coming years. However, rising consumer awareness regarding the ill-effects of chemical-based cosmetics is surging the demand for organic variants, further hampering the market growth.
Source: Observatory of Economic Complexity
Crude oil prices have decelerated significantly in the past few months due to the recent disagreement and separation between Russia and the Organization of Petroleum Exporting Countries (OPEC). This has caused a significant reduction in prices as both the factions want their oil to be sold in the market. The U.S. is the largest exporter of shale oil, and the discovery of new shale oil reserves in the country drives the market growth. The demand for oil and gas has reduced considerably in the past several months due to supply outstripping demand, leading to further price reduction. These factors are likely to drive the consumption of oil and gas, further surging the consumption of thioglycolate, which is used in petroleum refining and oil production.
Based on product type, the thioglycolate market is segmented into ammonium thioglycolate, calcium thioglycolate, sodium thioglycolate, butyl thioglycolate, and potassium thioglycolate. The ammonium thioglycolate segment dominates the market. The potassium thioglycolate and calcium thioglycolate segments, on the other hand, hold the highest market share on account of their rising use for the production of chemical depilatories. Based on end-use, the market is segmented into oil and gas, leather, mining, chemical and plastics, and cosmetics and personal care. The cosmetics and personal care segment dominated the market. The chemical and plastics segment is anticipated to witness the highest growth on account of rapid product innovation and increasing focus on packaging.
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Asia-Pacific dominate the thioglycolate market on account of rapid economic progression, availability of skilled labour at lower prices, industry friendly policies, abundance of resources, and low land rates in economies such as India, China, Indonesia, and Malaysia. The U.S. spearheads North America’s thioglycolate market and will continue the same during the forecast period. Trade agreements such as the North America Free Trade Agreement (NAFTA), and its growing presence in catering to markets in Central, and South America, and the Caribbean is expected to aid in its growth. Europe’s growth will be influenced by economies in the Western European region such as the U.K., Germany, Spain, France, among others. However, Brexit will have certain negative implications in the growth of thioglycolate market for this region.