Thioglycolate Market Size, Share and Trends 2024 to 2034

Thioglycolate Market Size and Forecast 2024 to 2034

The global thioglycolate market size is accounted for USD 118.65 million in 2024 and is projected to reach around USD 161.80 million by 2034, growing at a CAGR of 3.15% from 2024 to 2034.

Thioglycolate Market Key Takeaways

• North America dominated the thioglycolate market with the biggest market share of 33% in 2023.
• Asia Pacific is expected to grow rapidly in the market during the forecast period.
• By product, the Ammonium Thioglycolate segment held the largest share of the market in 2023 and is expected to sustain the position throughout the forecast period.
• By product, the calcium thioglycolate segment is expected to grow significantly in the market during the forecast period.
• By application, the hair care & cosmetic product segment accounted for the largest share of the market in 2023.
• By application, the pharmaceutical segment will witness considerable growth in the market over the forecast period.

U.S. Thioglycolate Market Size and Growth 2024 to 2034

The U.S. thioglycolate market size is exhibited at USD 27.41 million in 2024 and is projected to be worth around USD 38.21 million by 2034, growing at a CAGR of 3.35% from 2024 to 2034.

North America dominated the Thioglycolate market in 2023 due to the escalation in demand in the cosmetics and personal care industry, offering high-performance products to meet the evolving needs of customers. The sophisticated infrastructure of the pharmaceutical industry in the region has led to an increasing demand for thioglycolate as a stabilizing agent in drug formulation. In North America, governing bodies such as the Food and Drug Administration (FDA) and Health Canada promote sustainable practices, which is likely to boost the sales of cosmetic products containing thioglycolate. Countries like the United States, Canada, and Mexico are the major contributors to the market. Furthermore, the prominent market players related to thioglycolates are adopting new technologies and rapid advancements in the thioglycolate-based formulations, improving the effectiveness of the product and enhancing consumer satisfaction.

• In June 2023, L’Oréal announced its investment in US biotech company Debut to create active ingredients. The minority investment builds on existing joint development programs between L’Oréal and Debut that leverage the start-up’s extensive IP portfolio, from which more than 7,000 ingredients can be created to bring high-value, more sustainable ingredients to market faster.
• Health Canada permits the use of Thioglycolic Acid and its salts in hair waving and straightening products at concentrations equal to or less than 8% with a pH of 7 to 9.5, in hair waving and straightening products for professional use at concentrations equal to or less than 11% with a pH of 7 to 9.5 and in depilatory products at concentrations equal to or less than 5% with a pH of 7 to 12.7.

Asia Pacific is expected to grow rapidly in the thioglycolate market during the forecast period. Factors such as expansion of rising disposable income, expansion of the chemicals sector, and rising demand from personal care and pharmaceutical industries. The rising consumer demand for premium, effective, and safe hairdressing and skin care products supported by advanced research and sustainable formulation is anticipated to accelerate the overall growth of the market. Moreover, the regulatory frameworks of governing bodies implement stringent requirements to ensure environmental sustainability and consumer safety.

• In May 2024, Beauty & wellness brand VLCC announced its plans to launch over 100 beauty and wellness clinics in India to expand its retail presence. All the new clinics will be featuring VLCC services, encompassing skincare, haircare, and wellness treatments. Also, every center will provide a personalized experience as expert consultants will be made available to provide guidance and recommendations based on individual preferences and concerns.

Market Overview

The rising application of thioglycolate in the cosmetic and personal care industry has contributed to the overall growth of the thioglycolate market globally. Thioglycolic acid is an organic compound with the formula HSCH2CO2H that contains a thiol group (-SH) and carboxylic acid. Thioglycolic acid is a colorless liquid with an unpleasant odor. It is most widely used in cosmetic formulations, pharmaceutical manufacturing, and as a stabilizer for vinyl plastics.

The rising application of thioglycolate in the cosmetic and personal care industry has contributed to the overall growth of the thioglycolate market globally. It encompasses various types such as Sodium Thioglycolate, Butyl Thioglycolate, Potassium Thioglycolate, Ammonium Thioglycolate, Calcium Thioglycolate, and others, each catering to specific uses.

Thioglycolate Market Growth Factors

• The growing awareness of hair removal and personal care products, particularly in emerging nations, is expected to increase the adoption of thioglycolates during the forecast period.
• The rise in disposable income coupled with increasing trends for various hair treatments among women is expected to see substantial growth in the market in the coming years.
• With the rapid expansion of the pharmaceutical industry, it is estimated to accelerate the Thioglycolate market growth rate during the forecast period.
• With the significant rise in demand from the textile industry, Thioglycolic Acid acts as an agent aiding in the transfer of designs onto fabrics as prints, enhancing print quality, and facilitating dye fixation. It is anticipated to be credited for driving the market’s growth.

Market Scope

Market Dynamics

Driver

Increasing popularity of hairdressing and haircare products

The rising adoption of hairdressing and haircare products around the world is expected to drive the growth of the thioglycolate market during the forecast period. Thioglycolic Acid serves as a key ingredient in various hair treatments and hair removal products, such as depilatory creams and perms.

Thioglycolic Acid and its esters and salts assist in modifying the hair fibers to provide changes to the structure of the fibers, including hair straightening or permanent waves. This chemical process is broadly known as a perm and is popular for creating long-lasting curls or waves in hair. Thioglycolic acid is also widely used to chemically break down hair fibers to remove unwanted hair by simply wiping it from the skin. The demand for hair care and hair removal products continues to rise globally.

• Thioglycolic Acid and its salts and esters are listed in the Cosmetics Regulation of the European Union and may be used in hair waving or straightening products at 8% for general use and 11% for professional use when the pH is between 7 and 9.5. Thioglycolic Acid and its salts can also be used in depilatories and other hair products, which are removed after application at 5% (pH 7 to 12.7) and 2% (pH 7 to 9.5), respectively.
• Q1 2023 U.S. prestige beauty sales grew 16 percent year-over-year, totaling USD 6.6 Million, according to point-of-sale data from Circana (formerly IRI and The NPD Group). The mass beauty market generated USD 7 Million in the same period, representing a growth of 10% as compared to the previous year, 2022.

Restraint

Negative effect on human health

The negative effects on human health of thioglycolic acid are inhalation, ingestion, and absorption through the skin, which are anticipated to projected to hamper the market's growth. Thioglycolic acid is a corrosive chemical and is on the Hazardous Substance List as it is cited by DOT, ACGIH, and NIOSH. The acute short-term health effects after exposure to thioglycolic acid, such as contact, can severely irritate and burn the skin or may result in eye damage.

Breathing thioglycolic acid can cause coughing, wheezing, and shortness of breath. Chronic long-term health effects, such as cancer, reproductive hazards, and other long-term effects, may occur after exposure to thioglycolic acid and can last for longer periods. In order to manage and prevent such hazards strict government regulations on the usage of thioglycolic acid.

Opportunities

Rising demand from oil and gas industry

The increasing demand from the oil and gas industry is projected to offer lucrative opportunities to the thioglycolate market during the forecast period. To protect the equipment or machinery, increase the usage of thioglycolic acid as an additive in corrosion-inhibiting formulations. Corrosion inhibitors are continually injected into the flowing fluid or a production well. During the catalytic cracking of hydrocarbons to reduce the contamination of metal catalysts (e.g., Nickel (Ni), V, and others), Thioglycolic Acid mercaptides are used and act as passivating agents in oil refining.

Product Insights

The ammonium thioglycolate segment held the largest share of the thioglycolate market in 2023 and is expected to sustain the position throughout the forecast period. The rapid growth of the segment is attributed to the increasing use of hair care products. As a stabilizer against oxidation, ammonium Thioglycolate may be used in permanent hair colors, levels up to 0.25%. Ammonium Thioglycolate is generally a key ingredient in hair products such as perms and relaxers, modifying the hair's structure by breaking disulfide bonds, which facilitates the reshaping and restructuring of hair.

This process enables hair to be straightened, permed, and curled. Professionals apply it to achieve the desired cosmetic results, but it is recommended that this chemical be used with care as it can be harsh and may cause damage if not used correctly. Additionally, the rise in the number of beauty and hair salons, along with its adaptability in various hairstyle tasks, has increased the demand for ammonium Thioglycolate.

The calcium thioglycolate segment is expected to grow significantly in the thioglycolate market during the forecast period, owing to the increasing demand for depilatory creams. Excessive body hair has become a problem maintaining beauty standards for both men and women. Calcium thioglycolate is an active ingredient in hair removal products. Unwanted body hair, particularly on areas like legs and arms, has made depilatory creams highly popular among beauty-conscious individuals. Depilatory creams can break down hair proteins and enable hair removal. These chemical depilatories ensure a convenient, inexpensive, and painless method for temporary hair removal.

• In July 2022, Veet launched the Veet pure range of hair removal creams. Veet, one of the world leaders in depilatory products undergoes its biggest reformulation in hair removal creams with the launch of Veet Pure. The all-new dermatologically tested range is aimed to elevate consumers' hair removal experience.

Application Insights

The hair care & cosmetic product segment accounted for the largest share of the thioglycolate market in 2023 owing to the rising demand for depilatory products and continuous improvements in formulations. Thioglycolate is extensively used in hair care and cosmetic products. The main ingredient in hair removal creams is Thioglycolic Acid (TGA). A depilatory agent can be formulated as a lotion, gel, or cream. Depilatory creams provide an efficient and convenient method for hair removal of unwanted hair.

Thioglycolic Acid acts as a peeling agent in skin care. Its exfoliating properties assist in removing dead skin cells and promoting smoother skin texture. Thioglycolic Acid is effective in altering hair texture, allowing it to take on a new shape and offering consumers diverse options for hair styling and grooming. It is gaining immense popularity among fashionholic individuals for creating long-lasting curls, straightening, or waves in hair.

The pharmaceutical segment will witness considerable growth in the thioglycolate market over the forecast period. The rapid segment’s growth is driven by the increasing manufacture of pharmaceuticals. Thioglycolic Acid (TGA) serves as a key ingredient in topical products for skin conditions and as a stabilizing agent in drug formulation processes.

Thioglycolate Market Companies

• Triveni Chemicals
• Haihang Industry Co. Ltd.
• Neostar United Industrial Co. Ltd.
• Alpha Chemika
• American International Chemical Inc.
• ICC Chemical Corporation
• Alfa Aesar
• CellMark Chemicals
• Advanced Technology & Industrial Co. Ltd.
• AN Pharma Tech Co. Ltd
• Bruno Bock Chemische Fabrik GmbH & Co. KG
• Arkema
• Kumar Organic Products Limited
• Tokyo Chemical Industry Co., Ltd.
• Weifang Yi Hua Chemical Co., Ltd.

Recent Developments

• In March 2024, Acorelle launched one of the most natural depilatory creams on the market. Effective in just 3 minutes (on fine hair), this new body depilatory cream effectively removes hair without pain or effort.
• In August 2022, Men's grooming brand, UrbanGabru announced the launch of India's first painless hair removal spray for men. The product comes in a foam-based texture that offers a painless hair removal experience and de-tan property that leaves the skin smooth and moisturized.

Segments Covered in the Report

By Product

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

By Application

• Haircare and Cosmetic Products
• Chemical Intermediate
• Pharmaceuticals
• Oil and Gas
• Leather
• Mining
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa