New York, United States , Dec. 05, 2022 (GLOBE NEWSWIRE) -- The Global Thioglycolic Acid Market Size to grow from USD 102.4 million in 2021 to USD 145.7 million by 2030, at a Compound Annual Growth Rate (CAGR) of 4% during the forecast period. The thioglycolic acid market has grown due to rising demand from the oil and gas sector for corrosion inhibitors and flow stimulators.
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The technical grade segment accounts for the largest market size during the forecast period
Based on the grade, the global thioglycolic acid market is categorized into High Purity Grade, Technical Grade, and Low Purity Grade. The technical grade segment accounts for the largest market size during the forecast period. One of the seven categories used by chemists to group substances according to their capability and purity is Technical Grade chemicals. Chemicals with impurities meant for industrial and commercial usage fall under the "technical" category. These chemicals are not regarded to be "pure" by chemists because they could contain a tiny number of other substances.
The Others segment to hold a higher CAGR during the forecast period.
Based on the application, the thioglycolic acid market is categorized into Cosmetics, Oil, and Gas, Leather Processing, Plastics & Polymers Chemicals, Cleaning Agents, and Others (Metal Recover). The Others segment to hold a higher CAGR during the forecast period. Thioglycolic acid and its derivatives are also utilized as depressants in flotation procedures used in mining operations to separate important metals from ores. Particularly in mining situations, sodium sulfhydrate (NaSH) is a riskier option than thioglycolic acid derivatives. Thioglycolic acid (TGA) is also a coating formulation component used to clean and shield metal surfaces from corrosion and other harm.
Browse 50 market data Tables and 60 Figures spread through 200 Pages and in-depth TOC on “Global Thioglycolic Acid Market Size, Share, and COVID-19 Impact Analysis, By Grade (High Purity Grade, Technical Grade, and Low Purity Grade), By Application (Cosmetics, Oil and Gas, Leather Processing, Plastics & Polymers Chemicals, Cleaning Agents and Others (Metal Recovery)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.
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On credit portfolios, the COVID-19 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and businesses in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programs. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
North America to hold a higher CAGR during the forecast period.
The Global Thioglycolic Acid Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia-Pacific is estimated to account for the highest market share in 2022. Thioglycolic acid is widely used in the Asia-Pacific area, where demand for these items is high in nations like China, India, and Indonesia.
Regional Segment Analysis of the Thioglycolic Acid Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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This region is predicted to develop at a moderate to high pace in the next years. One of the key components used in personal care products is thioglycolic acid. The market growth for thioglycolic acid in this region is driven by the expanding influence of cosmetic and personal care products. For instance, the number of cosmetics manufactured in Japan went from 434 thousand tonnes of units in 2017 to 455 tonnes of units in 2018, according to data released by the Ministry of The Economics, Trade, and Industry of Japan in 2019.
Recent Key Developments:
In January 2022, Biosynthetic Technologies stated that it has acquired Innoleo, LLC, a privately held producer of thioglycolic acid as well as a wide range of castor and other oleo derivative products.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Thioglycolic Acid Market include Arkema, Bruno Bock Chemische Fabrik GmbH & Co. KG, Daicel Corporation, Ever Flourish Chemical, HiMedia Laboratories, Merck Millipore, Qingdao LNT Chemical Co., Ltd., Ruchang Mining, Sasaki Chemical, Swan Chemical, Thermo Fisher Scientific, Inc., and Tokyo Chemical Industry Co., Ltd.
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