Thioglycolate Market: Global Industry Analysis and Forecast (2023-2029)

Thioglycolate Market size was valued at US$ 237.7 Mn. in 2022 and the total Thioglycolate revenue is expected to grow at 3.9% from 2023 to 2029, reaching nearly US$ 310.80 Mn.
Thioglycolate Market Overview:
Thioglycolic acid, also known as mercaptoacetic acid, is a liquid of potassium or sodium chloroacetate and metal hydrosulphide in various salt formulations used for various applications. The utilization of thioglycolic acid is determined by the content fluctuation. It has a horrible stench, similar to that of rotten eggs, and is translucent or colorless in nature. Thioglycolate use is rapidly expanding in sectors such as chemicals, polymer, petroleum & gas, pharmaceutical, and crude oil industries, textiles, beauty products, metallurgy, and others. Thioglycolic acid is a rust inhibitor used in the oil and gas sectors for metal transit and retrieval.

In this report, the Thioglycolate market's growth reasons, as well as the market's many segments (Product Type, Application, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the Thioglycolate market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global Thioglycolate market situation.

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Thioglycolate Market Dynamics:
The growing demand for technical textiles is a major driver of market growth. For example, technical textile is a type of cloth or fabric that is specifically created for a certain function. They have distinct and distinct properties that set them apart from conventional cloth. These textiles integrate sophisticated technology with enhanced features e.g. mechanical resistance, flexibility, strengthening, anti-dust, durability, insulation, thermal and fire resistance, and Ultraviolet and Infrared protection. Thioglycolate as a raw material in the textile industry is expected to drive market growth.

The key opportunity is a rise in the need for aqueous-based metal cleaning solutions. E.g. Thioglycolate. The use of organic solvents and other solvents poses health and environmental concerns and is hence not recommended. Companies in the market have also recognized the benefits of adopting safe and sustainable operational procedures. Green alternatives are becoming increasingly popular. The development of aqueous technology has provided a cost-effective and ecologically acceptable method of cleaning and degreasing metal materials and accessories. Green alternatives aid in environmental protection, worker safety, and the reduction of industrial waste and operational expenses.

The growing use of corrosion-resistant material is expected to hamper the overall market growth since thioglycolates are used as rust inhibitors. The established market's basic enterprises have reached a high level of sophistication. This is evident in the substitution of polymers, ceramic materials, structural components, and corrosion-resistant alloys for steel in these businesses. Corrosion-Resistant Alloys are metals and alloys that can withstand corrosion to some extent. With increased legal and sustainability concerns, the rust inhibitors industry is gradually shifting toward more sustainable choices. The use of Duplex Stainless Steel, Super Duplex Stainless Steel, and other exotic materials to manage extremely corrosive fluids is increasingly popular in the oil and gas business, as this industry has high stakes to minimize shutdowns due to equipment failure.
Thioglycolate Market Segment Analysis:
By Application, the Oil and Gas segment is expected to grow at a CAGR of 3.4% in the forecast period. Thioglycolates are used in numerous areas of the oil and gas industry, including:

• To reduce Fe3+ deposition during well-digging or activation, as a reducing agent.

• Thioglycolic acid mercaptides are used in the oil refining industry as passivating chemicals during the catalytic cracking of hydrocarbons to reduce the impurity of metal catalysts e.g. Nickel.

• To preserve the machinery, thioglycolic acid is also utilized as an ingredient in corrosion-inhibiting compositions. Corrosion inhibitors are continually pumped into the flowing fluid or into a production well.

Thioglycolic acid salts and esters are utilized in the synthesis of perms and the production of depilatory lotions. The major salts used in these purposes are ammonium thioglycolate and potassium thioglycolate. Glycerol monothioglycolate is also utilized in some regions.

Alkaline sodium thioglycolate is used to remove hair during the beam house process in the leather treatment business. When compared to the more poisonous and destructive sodium hydrosulfide, it allows producers to acquire a more resource-efficient and far less polluting procedure. Indeed, it eliminates the need for treating wastewater and the risk of hydrogen sulfide formation, thereby increasing workplace conditions and comfort. Thioglycolates are very efficient chain transfer agents for aqueous emulsion polymerizations, particularly for acrylic acid and acrylates. Their 100% diffusion coefficient with water is advantageous in this application. Thioglycolic acid is a reactant used in the production of various compounds such as insecticides, herbicides, and certain polythiols. Thioglycolic acid and its compounds are useful additions in cleanup fluids due to their tendency to compound with metals, particularly in automobile applications such as car wheel rim cleaners.
Thioglycolate Market Regional Insights:
At the end of the forecast period, North America (especially the US) is estimated to account for the greatest share of the international thioglycolate market, followed by the Middle East and Africa, in terms of value and volume and value. The availability of massive onshore and offshore deposits is the primary driving force for the industry in these two areas. The development of natural gas reserves in the USA creates new growth potential for the specialty oilfield chemicals in turn increasing the demand for thioglycolates. For a long time, the UAE has been engaged in offshore drilling and development, with projects e.g. Upper Zakum oilfield generating considerable production output and possessing almost 55 billion barrels of commercially feasible reserves. The increase in exploratory operations in these regions is projected to drive the overall market growth.

The objective of the report is to present a comprehensive analysis of the Thioglycolate market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Thioglycolate market dynamics, and structure by analyzing the market segments and projecting the Thioglycolate market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Thioglycolate market make the report investor’s guide.
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Global Thioglycolate Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 237.7 Mn.


Forecast Period 2023 to 2029 CAGR:
3.9%
Market Size in 2029:
US $ 310.80 Mn.


 Segments Covered:
by Product Type
• Ammonium Thioglycolate
• Calcium Thioglycolate
• Sodium Thioglycolate
• Butyl Thioglycolate
• Potassium Thioglycolate


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



Thioglycolate Market, by Region
● North America (United States, Canada and Mexico)
● Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
● Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
● Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
● South America (Brazil, Argentina, Columbia and Rest of South America).
Thioglycolate Market, Key Players are:
• Аrkеmа
• Меrсk Millipore
• Dаісеl corporation
• Еvеr Flоurіѕh Сhеmісаl
• Chemische Fabrik GmbH
• Ruсhаng Міnіng
• НіМеdіа Lаbоrаtоrіеѕ
• Ѕаѕаkі Сhеmісаl
• QіngDао LNT Chemicals
• HiMedia Laboratories
• Ruchang Mining
• Sasaki Chemical
• Swan Chemical
• Thermo Fisher Scientific Inc.
• Tokyo Chemical Industry Co. Ltd

FAQs:

1. Which is the potential market for the Thioglycolate in terms of the region?
Ans. North America (especially the US) is estimated to account for the greatest share of the international thioglycolate market

2. What are the opportunities for new market entrants?
Ans. The key opportunity is a rise in the need for aqueous-based metal cleaning solutions.

3. What is expected to drive the growth of the Thioglycolate market in the forecast period?
Ans. The growing demand for technical textiles is a major driver of market growth.

4. What is the projected market size & growth rate of the Thioglycolate Market?
Ans. Thioglycolate Market size was valued at US$ 237.78 Mn. in 2022 and the total Thioglycolate revenue is expected to grow at 3.9% from 2023 to 2029, reaching nearly US$ 310.80 Mn.

5. What segments are covered in the Thioglycolate Market report?
Ans. The segments covered are Product Type, Application, and Region.