Thioglycolates Market to Reach US$ 137.7 Mn by 2029, Production Disruptions During Covid-19 Outbreak Hurts Sales and Distribution Prospects in Short Term – Future Market Insights

Thioglycolate manufacturers are leveraging the demand for processed foods during the covid-19 pandemic to sustain limited sales operations for the duration of the crisis.

DUBAI, UAE / ACCESSWIRE / August 27, 2020 / The thioglycolates market is anticipated to hit a valuation of US$ 137.7 Mn by the end of the forecast period between 2019 and 2029. The coronavirus outbreak has largely been negatively influencing the thioglycolates market. Reduced demand for cosmetics and personal care products coupled with the fall in oil & gas industry activities will hurt short term prospects. Recovery is likely to be gradual in 2021 owing to market economic uncertainties.

"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.

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.

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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.

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.

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More on the Report

FMI provides in-depth insights on the Thioglycolate market. The market is segmented in terms of product type (methanol, ethylene glycol, diesel, naphthalene, ethylbenzene, and formaldehyde), and application (haircare and cosmetics, chemical intermediate, and pharmaceuticals), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).

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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE: Future Market Insights

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