Thioglycolic Acid or TGA is an organic compound that is often referred to as mercaptoacetic acid. It is a colorless liquid with a highly unpleasant odor and comprises the functional groups of thiol and carboxylic acid.
The Global Thioglycolic Acid Market, as per the recently released study report by Market Research Future (MRFR), is expected to register a compound annual growth rate of 3.8% during the forecast period. The market is primarily driven by the rising demand for high purity grade TGA in leather processing chemicals, oilfield chemicals, and PVC heat stabilizer applications. Moreover, it is also reported that the market is gaining pressing demand from the personal care and cosmetics industry. This is most likely expected to support the growth of the market in the forthcoming years. The evolving consumer lifestyle and changing perspective towards their own personal health and wellbeing is projected to spike the demand graphs for Thioglycolic Acid. Lastly, the booming youth demographic and the high disposable income among these consumer group is also forecasted to be a key factor positively impacting the Global Thioglycolic Acid Market in the coming years.
However, if exposed for long periods of time, certain thioglycolic acids can be fatal as they are carcinogenic in impact. The price of the product is inversely dependent upon the availability of raw materials. This is another key factor that can severely hamper the growth trajectory of the market during the forecast period.
The Global Thioglycolic Acid Market is expanding with decent numbers. A major factor pushing the growth of the market is the presence of various prominent players. Some of the key players anticipated to boost the market positively are Thermo Fisher Scientific, Inc., Bruno Bock Chemische Fabrik GmbH & Co. KG, Arkema, Merck KGaA, Qingdao LNT Chemical Co. Ltd., Daicel Corporation, Tokyo Chemical Industry Co. Ltd., and others.
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The Global Thioglycolic Acid Market segmentation is done on the basis of Type and Application.
By Type, the market segments into low purity grade, high purity grade, and technical grade. The high purity grade segment holds the maximum potential and is expected to grow at a compound annual rate of 4.06% with a projected reach of USD 56,532.2 million by the end of the forecast period.
By Application, the market includes PVC heat stabilizer, cosmetics, oilfield chemicals, leather processing chemicals, metals recovery, cleaning formulations, chain transfer agent, and others. The cosmetics segment is reported to garner a growth rate of 4.17% during the review period. Furthermore, the valuation of the market is expected to reach an approximate figure of USD 39,676 million by 2023.
The Regional Segmentation of the Global Thioglycolic Acid Market covers the following regions: Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
The Asia Pacific region holds the dominant share in the global market and is growing with each passing year. The region holds 42.49% market share and is expected to grow with the fastest CAGR of 4.24% during the forecast period. The region is further anticipated to reach a market valuation of USD 50,289.4 million by the end of the forecast period; strikingly higher than the other covered regions. The regional market is spearheaded by China, which contributes significantly to the overall growth and revenue generation of the Asia Pacific region.
North America holds the second largest share in the global market and is expected to grow significantly in the forthcoming years of the forecast period. The valuation of the market is calculated to touch USD 25,646.8 million by the end of 2023. A monumental share of the overall North American regional market can be attributed to the US, which holds a massive potential and is anticipated to achieve USD 19,956 million by the end of the forecast period.
The European market stands third in the global regional standings. However, the region is expected to significantly contribute to the overall welfare of the global market. The European region is primarily spearheaded by countries like the UK, France, Germany, Spain, Italy, and others. Among these pioneering nations, Germany hogs the spotlight with the largest market share and is forecasted to reach a valuation of USD 5,246.7 million by 2023.
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