The global Thioglycolate market size is expected to reach US$ 137.7 Mn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 3.4% CAGR between 2019 and 2029.
According to the report, rising demand for bakery products and also application of thioglycolate in cosmetic industry globally are adding positive points towards the growth of the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
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It includes in-depth insights into the Thioglycolate market. Some of these are:
- The estimated value of the market was at US$ 98.6 Mn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, North America has emerged as a key market for thioglycolate holding the largest share in the market.
- Europe and Asia will remain steady as key markets for thioglycolate.
- Coronavirus has emerged as the biggest hinderance restricting the demand of thioglycolate worldwide.
- Countries in Europe such as France and Germany are affected the most by the virus, this could have a huge impact on the demand of the product.
- Key players are likely to focus on product innovations and business collaborations to stay relevant in developed markets.
“Growing cosmetics industry in emerging markets of Asia Pacific and Latin America is expected to provide companies with opportunities to increase their global presence.,” said a lead analyst at FMI.
Increasing Consumption of Bakery Products will Propel Growth
Thioglycolate have their application in chocolate ingredients, sodium reducing agents, frozen foods & beverages additives and also in the cosmetics industry. Among which frozen food industry will show brisk growth during the forecast period owing to the expansion of the bakery industry. It has been identified as a major end use industry for thioglycolate.
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Consumer shift towards ready to eat food products as that is suitable for their busy lifestyle is majorly impacting the bakery products demand in most of the countries like China, India, Japan, Russia, Malaysia, Brazil and many more emerging countries in different regions.
Who is Winning?
Some of the leading players operating in the Thioglycolate market are Haihang Industry Co. Ltd., Triveni Chemicals, Alpha Chemika, Neostar United Industrial Co. Ltd., ICC Chemical Corporation, American International Chemical Inc., CellMark Chemicals, Alfa Aesar, AN Pharma Tech Co. Ltd, and Advanced Technology & Industrial Co. Ltd.
Emerging regions such as Asia Pacific and Latin America are expected to witness significant market growth owing to rising disposable income and rapid urbanization. Growing cosmetics industry in emerging markets of Asia Pacific and Latin America is expected to provide companies with opportunities to increase their global presence.
In order to capture a larger market share, key market incumbents are undertaking initiatives and adopting strategies such as entering into partnerships, engaging in mergers and acquisitions and maintaining competitive pricing.
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Get Valuable Insights into Thioglycolate Market
The global Thioglycolate Market is segmented in detail to cover every aspect of the Market and present complete Market intelligence to readers.
Product Type
- Methanol
- Ethylene Glycol
- Diesel
- Napthalene
- Ethylbenzene
- Formaldehyde
Application
- Hair care and cosmetic product
- Chemical Intermediate
- Pharmaceuticals
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 7 years.
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