Glycolic Acid Market Pegged for Robust Expansion by 2028
Glycolic acid is a type of alpha hydroxy acid (AHA) that is naturally derived from sugarcane or can be produced synthetically. It is a small molecule that can penetrate the skin easily, making it a popular ingredient in many cosmetic and personal care products. Glycolic acid has a number of benefits for the skin, including exfoliating dead skin cells, reducing the appearance of fine lines and wrinkles, and improving skin tone and texture.
The global glycolic acid market is projected to grow at a CAGR of 6.84% from 2023 to 2028. The growth of the market is being driven by the increasing demand for glycolic acid in cosmetic and personal care products, as well as in pharmaceutical and medical applications.
Market Size and Share
According to Stratview Research, the glycolic acid market size was valued at USD 359.7 million in 2022 and it is expected to reach USD 537.28 million by 2028, growing at a CAGR of 6.84% during the forecast period. The cosmetic grade segment is the largest and is expected to continue to dominate the market during the forecast period. This is due to the increasing demand for glycolic acid in skin care products, such as anti-aging creams, cleansers, and toners. The technical grade segment is expected to grow at a faster rate during the forecast period, due to the increasing demand for glycolic acid in industrial applications, such as textiles, plastics, and food and beverages.
Leading Players
The key players in the global glycolic acid market are:
- China Petrochemical Corporation
- Hebei Chengxin Co., Ltd.
- Hefei TNJ Chemical Industry Co. Ltd.
- Phibro Animal Health Corp.
- The Chemours Company
- Water Chemical Co., Ltd
- Shandong Xinhua Pharmaceutical Co., Ltd.
- Zhonglan Industry Co., Ltd.
These players have a strong presence in the market and are constantly innovating to develop new and innovative glycolic acid-based products. They are also expanding their geographic reach to tap into new markets.
Market Trends and Drivers
The growth of the global glycolic acid market is being driven by a number of factors, including:
- Increasing demand for glycolic acid in cosmetic and personal care products
- Growing demand for glycolic acid in pharmaceutical and medical applications
- Rising awareness about the benefits of glycolic acid
- Development of new and innovative glycolic acid-based products
- Expansion of the e-commerce industry
Market Challenges
The global glycolic acid market also faces a number of challenges, including:
- High cost of glycolic acid
- Availability of substitutes for glycolic acid
- Stringent regulations governing the use of glycolic acid in cosmetics and personal care products
Market Opportunities
The global glycolic acid market also faces a number of opportunities, including:
- Growing demand for glycolic acid in emerging markets
- Development of new and innovative glycolic acid-based applications
- Increasing use of glycolic acid in industrial applications
Overall, the global glycolic acid market is expected to grow at a healthy CAGR during the forecast period. The growth of the market is being driven by the increasing demand for glycolic acid in cosmetic and personal care products, as well as in pharmaceutical and medical applications.
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