“Research initiatives to boost innovation in the manufacturing sector products with minimal health side effects, to meet evolving consumer needs generates key growth opportunities for market players in years to come. The growth of the cosmetics industry in emerging economies will also be beneficial to market developments,” says the FMI study.

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Thioglycolates Market – Important Takeaways

• Straightening and coloring cosmetic product applications are witnessing strong growth owing to superior efficacy in hair volume building processes.
• Potassium thioglycolate is finding increased use in frozen food applications as a preservative owing to anti-microbial characteristics.
• Asia Pacific and Latin America are displaying positive growth prospects owing to urbanization and associated changes in consumer biases.

Thioglycolates Market – Driving Factors

• Growth of urban populations and the resultant demand for cosmetics and frozen foods remains a major driver for market growth.
• Growing scope of applications including agrochemicals, leather processing, and corrosion inhibition for oil industry supports market growth.

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Thioglycolates Market – Leading Constraints

• Strict regulations associated to production and handling of thioglycolates challenges market growth.
• Toxicity and health hazards from thioglycolates hinder global adoption and application rates.

Expected Impact on Market by Coronavirus Outbreak

The coronavirus pandemic is expected to have short term negative impact on the thioglycolate market. Significant drop in the demand and sales of cosmetics and personal care products, coupled with the slump in the oil and gas industry hurts demand in the short term. Lockdown measures on industrial activity and international trade will also hurt market growth. On the other hand, growing demand for convenience foods and frozen foods during the pandemic will provide niche growth opportunities, which can be leveraged by manufacturers to lower their losses during this period.

Competition Landscape

Some of the leading players participating in the Thioglycolates market are ICC Chemical Corp., American International Chemical Inc., Bruno Bock Chemische Fabrik KG, Haihang Industry Co. Ltd., Advanced Technology & Industrial Co. Ltd., CellMark Chemicals, AN Pharma Tech Co. Ltd., and Alfa Aesar.

Players in the Thioglycolates market are investing in broadening the scope of application for their offerings, widening the portfolio and customizing solutions as per end use industry.

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For instance, Arkema has unveiled thioglycolate formulation for hydrocarbon stimulation applications in dolomite formation. Miles Chemical Company has introduced 80% thioglycolic acid facility in California for nutrition applications. Robinson Brothers are providing a 45% aqueous sodium thioglycolate solution for depilatory creams and foams cosmetic applications.

It includes in-depth insights into the Thioglycolate market. Some of these are:

• The estimated value of the market was at US$ 98.6 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
• Regionally, North America has emerged as a key market for thioglycolate holding the largest share in the market.
• Europe and Asia will remain steady as key markets for thioglycolate.
• Coronavirus has emerged as the biggest hinderance restricting the demand of thioglycolate worldwide.
• Countries in Europe such as France and Germany are affected the most by the virus, this could have a huge impact on the demand of the product.
• Key players are likely to focus on product innovations and business collaborations to stay relevant in developed markets.