The Global Thioglycolate Market is estimated to be valued at USD 119.1 Mn in 2024 and is expected to reach USD 170.5 Mn by 2031, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.

The Thioglycolate Market has been witnessing positive trends in the past few years due to growing demand from End-use industries such as cosmetics & personal care, pharmaceuticals among others. Thioglycolate is massively used in hair relaxers and permanent waves which have been gaining popularity. Also, growing applications of thioglycolate as a stabilizer and processing aid in the pharmaceutical industry for manufacturing of tablets and capsules is favoring market growth. Increasing usage of thioglycolate as a developing agent and solvent in the photographic market is another factor contributing to the sales of thioglycolate.

Market Driver - Rising Demand for Hair Care and Cosmetic Products Globally to Fuel Market Growth

The demand for hair care and cosmetic products has seen a significant rise globally over the past decade. Changing lifestyles, increasing disposable incomes and growing focus on personal beauty and appearances have all contributed to this rise in demand from consumers worldwide. Hair care products especially shampoos, conditioners and hair styling products have become a daily essential for both men and women across age groups in many countries now. Their usage is no more confined just for special occasions or weekends.

Thioglycolate is a crucial chemical ingredient that is used in the manufacturing of many hair relaxers and permanents. These types of products that straighten or relax curly and wavy hair see huge demand. With more women and even men joining the workforce and needing easy to manage hairstyles, relaxers and permanents are fast replacing natural hairstyles in regions like Africa, parts of Asia and Latin America. Also, with greater affordability due to growing economies, price sensitive consumers in developing nations are now able to spend more on hair care and looking good. This augments the usage of thioglycolate containing products.

Similarly, cosmetic products ranging from skin lightening creams, facial cleansers, moisturizers, shaving products, deodorants, fragrances are being adopted at an accelerated pace. More women participating in formal education and employment means greater attention to grooming and this catalyzes the sale of such personal care items. Growing media exposure through social media and digital platforms has further ignited novelty seeking and brand conscious tendencies among youth. Companies leverage this by launching new hair colors, nail paints and makeup ranges compelling users to try different looks regularly and keep repurchasing. This consequently stokes the demand for thioglycolate which is widely used as a reducing and stabilizing agent in cosmetic formulations.

With lifestyles evolving at a rapid pace and beauty standards changing dynamically across regions, the worldwide market for hair and skin care products will likely continue its robust growth trajectory over the coming years. This steady rise in consumption and product trials will keep driving greater demand for thioglycolate from manufacturers in the foreseeable future.

Market Driver - Increasing Use of Thioglycolates in the Pharmaceutical and Chemical Sectors Boosts Industry Growth

Besides cosmetic applications, thioglycolate also finds extensive use as a processing aid and intermediate in the pharmaceutical and chemicals industries. It acts as a reducing and stabilizing agent for active pharmaceutical ingredients as well as helps in synthesizing vital chemicals.

Pharmaceutical companies use thioglycolate on a large scale for manufacturing tablets, capsules and other solid dose drug formulations. It prevents oxidation of sensitive molecules during various processing stages like drying, granulation, mixing and tableting. This protects the efficacy and potency of end drug products. Growing incidence of lifestyle diseases and chronic conditions worldwide has resulted in heightened pharmaceutical R&D activities and product development in recent times. Many blockbuster drugs are being regularly discovered and launched in therapeutic categories such as diabetes, cancer, cardiovascular, antibiotics etc. Subsequently, the volume of tablets, capsules and other solid medicines being churned out is increasing every year to meet the treatment needs of global populations. The consumption of thioglycolate as a stabilizing aid by drug manufacturers continues rising steadily to match this escalating production scale.

Apart from pharmaceutical, thioglycolate derivatives play a crucial role as chemical intermediates in various industries including plastics, resins, rubber, leather, paints & coatings, petrochemicals. It is used in synthesis of polymers, plasticizers, emulsifiers and specialist chemicals. Many countries are rapidly industrializing and their manufacturing sectors are fast expanding. China, India, Southeast Asia, Middle East, South America are experiencing double digit growth in key industry verticals annually.

Market Challenge - Health Risks Associated With the Inhalation and Absorption of Thioglycolic Acid.

One of the major challenges faced by the thioglycolate market is the various health risks posed by thioglycolic acid to workers who are exposed to it on a regular basis. Thioglycolic acid is a colorless liquid with a strong unpleasant smell and chemicals containing this acid are widely used in permanents, relaxers or straighteners in hair care products. However, inhalation or absorption of thioglycolic acid vapors can cause serious health issues. Short term exposure through inhalation can cause respiratory tract irritation, nausea, vomiting and headaches. Long term or repeated exposure may lead to more severe effects like asthma, bronchitis and dermatitis. The harmful effects are more pronounced among those working in factories producing chemicals containing thioglycolic acid. Strict safety guidelines and protective measures need to be followed while handling these chemicals but non-compliance remains an issue in some parts of the world. This poses an occupational hazard and makes it difficult to attract workforce, thereby affecting production levels. While innovation in product formulations can help reduce risks, complete elimination may not be feasible. Improving awareness and ensuring worker safety should remain a priority to address this challenge for the sustained growth of the thioglycolate market.

Market Opportunity - Growing Use of Thioglycolic Acid as a Corrosion Inhibitor in the Oil and Gas Sector.

One key opportunity for the thioglycolate market lies in the growing utilization of thioglycolic acid as a corrosion inhibitor in the oil and gas industry. Thioglycolic acid and its derivatives act as an effective corrosion inhibitor for various metals exposed to water and oil-based solutions commonly encountered in oilfield operations and hydrocarbon processing. It helps form a protective molecular layer over metal surfaces to prevent corrosion even in presence of corrosive agents like chloride ions, carbon dioxide or hydrogen sulfide. With rising upstream and downstream oil and gas activities globally, demand for high performance corrosion inhibitors is also witnessing a steady increase. The cost-effective nature and ease of application of thioglycolate-based products is driving their increasing preference over alternative corrosion inhibitors. As oilfield operations move to more challenging environments and continue to age existing assets for enhanced production, the need for advanced corrosion protection solutions will present significant business opportunities for thioglycolate producers in the coming years.

Strategic partnerships and acquisitions: Many players have grown in the thioglycolate market through strategic partnerships and acquisitions that expanded their production capabilities and product portfolios. For example, in 2017, Bruno Bock acquired High Point Chemical and expanded its thioglycolate manufacturing plant in the US. This strengthened Bruno Bock's presence in North America.

Focus on R&D for new applications: Companies have invested heavily in R&D to discover new applications for thioglycolate which has helped drive market growth. In the early 2010s, researchers at Bruno Bock developed low residue variants of thioglycolate that could be used safely in personal care products like hair removers. This opened up a new revenue stream and the product is still a top seller.

Target emerging markets: Players shifted focus to emerging regions with rising demand like Asia Pacific and Latin America. Arkema partnered with local distributors in China during 2015-18 to supply thioglycolates used in oilfield applications. Asia Pacific now contributes over 35% of Arkema's thioglycolate revenues.

Diversify product portfolio: Companies diversified into derivative products to benefit from complementary demand trends. In 2019, Bruno Bock launched a line of related methylene bisthioglycolate products used in rubber applications. This helped offset lower demand from textile industries.

These strategies of partnerships, R&D investments, targeting growth regions and portfolio diversification have helped leading players strengthen their position in the thioglycolate market over the last decade. Data shows companies adopting these demand-driven strategies have consistently grown revenues faster than others.

Insights, By Product, Ammonium Thioglycolate is Projected to Contribute High in the Coming Years

By Product, Ammonium Thioglycolate is expected to contribute the highest share of the market owing to increasing demand from organic agriculture practices. Ammonium thioglycolate acts as an important agent for the production of pesticides used in organic farming. With growing health and environmental concerns, the market for organic food products has expanded rapidly over the past few years. According to recent surveys, more consumers are now opting for produce grown without the use of synthetic fertilizers and chemicals. This change in food preference has directly benefited the ammonium thioglycolate segment.

As a sulfur-based chemical, ammonium thioglycolate plays a critical role in the production of organic pesticides that effectively control insects, mites and fungal infections in crops. Many farmers across major agricultural regions have started incorporating organic sprays containing this compound into their integrated pest management strategies. The rising need for sustainable agriculture techniques is expected to further boost demand for ammonium thioglycolate from the pesticide manufacturing industry. With more governments offering subsidies and incentives for adopting organic methods, the share of this segment is likely to grow at a steady pace over the coming years.

The thioglycolate market is expected to witness moderate growth due to the increasing demand from the cosmetic and pharmaceutical industries. The North American market leads the segment, driven by stringent regulatory frameworks that promote sustainable and safe personal care products. The rising disposable income and awareness in emerging markets such as Asia-Pacific are expected to further drive demand. However, health risks and regulatory restrictions may pose challenges, especially concerning the corrosive nature of thioglycolic acid. The market is seeing growing adoption in hair removal and haircare products, along with expanding use in pharmaceuticals as a stabilizer. Companies are continuously innovating to create safer and more efficient formulations to capture consumer trust.

The major players operating in the Thioglycolate Market include 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 and Kumar Organic Products Limited.

• In March 2024, Acorelle launched a new natural depilatory cream, effective in just 3 minutes, aimed at reducing hair without pain.
• In June 2023 L’Oréal invested in US biotech company Debut to enhance its ingredient portfolio with a focus on sustainability. This strategic partnership is expected to accelerate the introduction of sustainable beauty products.
• In August 2022, UrbanGabru, a men’s grooming brand, launched India's first painless hair removal spray for men, with a de-tan property to moisturize the skin.

• By Product
  • Ammonium Thioglycolate
  • Calcium Thioglycolate
  • Sodium Thioglycolate
  • Butyl Thioglycolate
  • Potassium Thioglycolate