The Thioglycolate market has been gaining significant traction over the past few years due to the increasing application of thioglycolate in the personal care industry. Thioglycolate is widely used in permanent hair waving solutions, lotions, and creams owing to its ability to reduce surface tension and enhance penetration. The demand for hair waving solutions has witnessed a steady growth backed by growing focus on aesthetics. Furthermore, thioglycolate helps improve the adhesion of emulsions, conditioning properties, and penetration of active ingredients in skin and hair care products. The increasing production of lotions, creams, and hair treatment solutions has propelled the consumption of thioglycolate in the personal care segment.
The Global Thioglycolate Market is estimated to be valued at US$ 119.1 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024-2031.
Thioglycolate is commonly used as a reducing and cleavage agent in permanent hair waving, straightening solutions, and formulations. It helps reconstruct the hair structure providing long-lasting curls and waves. Additionally, thioglycolate improves the conditioning properties and lubricity of personal care products and enhances the penetration of active ingredients into the skin and hair follicles.
Key Takeaways
Key players operating in the Thioglycolate market are Triveni Chemicals,Haihang Industry Co. Ltd.,Neostar United Industrial Co. Ltd.,Alpha Chemika,American International Chemical Inc. These companies account for over 45% of the global thioglycolate production capacity.
The demand for thioglycolate from the personal care segment is growing at a brisk pace owing to the rising focus on aesthetics and expanding personal care industry in developing economies.
American International Chemical Inc. and Alpha Chemika are expanding their production facilities in the Asia Pacific region to leverage growing demand from the end-use segments.
Market Drivers
The burgeoning personal care industry worldwide is one of the key factors driving the thioglycolate market. Personal care products such as skin and hair care creams often implement thioglycolate to enhance the penetration of active ingredients, improve conditioning properties, and reduce surface tension. Thioglycolate helps reconstruct the hair structure efficiently with minimum damage providing long-lasting curls and waves in permanent hair treatments. It improves the adhesion of emulsions in various personal care formulations. The thriving personal care and cosmetics industry has thus elevated the consumption of thioglycolate for manufacturing hair waving solutions, skin and hair care creams substantially.
The current geopolitical situation is impacting the growth of the thioglycolate market. Geopolitical tensions and trade restrictions between major economies are disrupting global supply chains for thioglycolate and its raw materials. As a result, manufacturers are facing challenges in procuring critical inputs in a timely and cost-effective manner. They are exploring new sourcing routes and working with alternative suppliers from other regions to mitigate supply risks. However, this transition comes with additional costs that are putting pressure on profit margins. Further, sanctions and policies targeting specific industries are redirecting demand away from sanctioned nations. This is shifting market dynamics and changing competitive landscapes regionally.
To sustain growth amid uncertainties, thioglycolate producers must diversify their supplier networks globally. Establishing long-term partnerships with reliable partners across multiple geographies can help gain supply resilience. Companies also need to invest in upgrading production facilities to process alternative feedstocks in case key raw materials become unavailable. Adopting a flexible business model and customizing products according to changing regulatory frameworks regionally will aid market access. Additionally, manufacturers must diversify their end-use industry exposure to offset risks arising from sanctions or economic downturns in major application sectors.
In terms of value, North America represents the largest regional market for thioglycolate, primarily due to sizeable demand from personal care industry. Within North America, the United States accounts for majority share, supported by wide usage of thioglycolate salts in hair relaxers and permanent wave formulations. Asia Pacific follows North America in terms of size, with China, Japan and India being major consumers. Presence of large personal care and cosmetics industry clusters in these countries propels thioglycolate demand. Meanwhile, Middle East and Africa is witnessing the fastest growth and emerging as an important regional market, driven by rapid expansion of personal care manufacturing industry in the region.
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What Are The Key Data Covered In This Thioglycolate Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Thioglycolate's growth between 2024 and 2031.
:- Accurate calculation of the size of the Thioglycolate and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Thioglycolate Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Thioglycolate vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
