North America will see the highest demand for thioglycolates, ahead of the Asia Pacific region and Europe, notes the firm in its online description of the new report: Thioglycolates Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.
Thioglycolates, the salts of Thioglycolic Acid are used in formulations that require a hair-softening agent, chiefly hair removal products. Transparency Market Research looks at the cluster of products that will affect market value. “Chemical depilatory is a cosmetic preparation used to remove unwanted hair from the human body. Apart from depilatories, it is also used in shaving creams, hair removing waxes, and facial moisturizers.”
Consumer demand for such products is forecast to increase and along with it, the thioglycolates market: “The growth in demand for these cosmetic products is likely to translate into higher demand for thioglycolates during the forecast period.”
It’s not all good news for companies producing and formulating with thioglycolates. Over exposure to the ingredient has been linked to health issues and regulations may limit how it’s used in the future. “In spite of the favorable outlook for thioglycolates in the global market, the market has to encounter several regulatory challenges in its path to growth,” attests Transparency Market Research.
“Over exposure to ammonium thioglycolate has been reported to have negative repercussions on the human body. Allergy, skin irritation, and respiratory distress are some of the factors that restrain the market. However, the chemical is not found to be carcinogenic in nature,” explains the market intelligence company.
Ingredient exposure is being taken more seriously as more brands recognize that loyal consumers are in contact with a substantial amount of product over the course of a lifetime. Beyond this, the personal care industry at large contributes to ingredient exposure even when a given end user switches brands and products often.
Researchers recently set out to address this issue by building a database that would serve as a reference to product formulators. They began by creating a database of fragrance ingredients common in personal care. Read more on this project from Cosmetics Design here: New database helps formulators quantify long-term ingredient exposure.
The chemical companies producing thioglycolates are well established. Transparency Market Research calls attention to some prominent players in its report, namely Alfa Aesar, Bruno Bock chemische Fabrik KG, Neostar United Industrial, CellMark Chemicals, American International Chemical, and ICC Chemical Corporation.
The report takes a global perspective on the market and evaluates several regions: North America, the Asia Pacific, Europe, the Middle East and Africa, and Latin America.
It also zooms in on trends, drivers, and challenges in the thioglycolates market as well as investigating new relevant technologies and giving a full analysis of the value chain.