Thioglycolate Market Driven by High Demand from Oil & Gas Applications



The thioglycolate market is anticipated to witness steady growth owing to rising demand from oil & gas applications. Thioglycolates are extensively used as activators in drilling fluids to increase the viscosity and thixotropy. Driven by increasing shale gas exploration and production activities globally, the demand for drilling and completion fluids is on the rise, thereby propelling the thioglycolate market.


The global Thioglycolate Market is estimated to be valued at US$ 119.1 million in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period of 2024-2031.

Thioglycolates have widespread applications in personal care and cosmetics industries as hair waving or permanent waving agents. Rapid expansion of personal care and cosmetics sectors especially in emerging economies of Asia Pacific and Middle East & Africa is driving the thioglycolate market.

Key Takeaways
Key players operating in the thioglycolate market are Triveni Chemicals, Haihang Industry Co. Ltd., Neostar United Industrial Co. Ltd., Alpha Chemika, and American International Chemical Inc.

The personal care and cosmetics industry presents significant growth opportunities for thioglycolate manufacturers. Rising disposable incomes and increasing inclination towards personal grooming in developing countries will boost the demand for cosmetic products containing thioglycolates.

Key players are focusing on expanding their geographical footprint in high growth regions through partnerships and acquisitions. For instance, Triveni Chemicals commissioned a thioglycolate manufacturing plant in Texas, US to cater to North America market.

Market Drivers
Growing shale exploration and production activities are driving the consumption of drilling fluids containing thioglycolates. According to the US Energy Information Administration, the shale gas production in the US has increased from 23 Bcf/d in 2010 to over 60 Bcf/d in 2020.

Market Restraints
Stringent regulations regarding the use of thioglycolates in cosmetic products in European Union can hamper the market growth. For instance, EU regulations limit the maximum concentration of thioglycolate in hair permanent waving formulations to 2%. Alternative hair waving agents with less toxicity may pose a threat to thioglycolate market.


Segment Analysis
The global thioglycolate market is segmented based on type, application and region. By type, the market is segmented into Sodium Thioglycolate, Potassium Thioglycolate and Calcium Thioglycolate. The sodium thioglycolate segment dominates the market and accounts for over 50% of global revenue share owing to its extensive applications in hair care and leather industries. By application, the market is segmented into hair care, leather, oilfields, textile and others. The hair care application segment is the dominating sub segment and holds more than 30% of market share. This is attributed to the depilatory properties of thioglycolate salts which help remove hair easily and effectively from human skin without damaging it.

Global Analysis
Regionally, the Asia Pacific region dominates the global thioglycolate market and accounts for over 35% of revenue share. China is the largest producer and consumer of thioglycolate worldwide. The region will continue to grow at a steady pace during the forecast period due high demand for hair removal treatments and depilatory products from countries like China and India. North America is another significant regional market driven by growing demand for natural and organic hair removal products. Latin America and Middle East & Africa offer immense growth opportunities for thioglycolate producers owing to rapidly expanding hair care and leather industries in these regions. Key players are focusing on these emerging economies to tap new revenue streams.

Get more insights on this topic :

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

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