Increasing usage of the drug is projected to fuel demand in different applications like personal care and the household. The drug is commonly used in the manufacture of formulations for the cleaning agent as well as creams for skincare, thereby promoting its production.
Glycolic Acid Market Size – USD 469.71 Million in 2019, Growth - CAGR of 7.7%, Trends – High demand from developing nations.
The global Glycolic Acid Market is forecast to reach USD 853.41 Million by 2027, according to a new report by Reports and Data. The continuous growth of the makeup sector would contribute to a business upswing. Glycolic acid is used mainly in the manufacture of different skincare items, such as creams, face masks, and peels, which would cause this demand to expand. Increasing market perception, coupled with a rise in disposable per capita income with improving quality of life, mainly in India and China, are the main driving factors for growth in the industry. Since the advent of e-commerce, online companies, the proliferation of social networks, and customer demand in fresh, luxury, and various goods have emerged as a critical driver for the overall market growth. Increasing online buying demand for cosmetic products has allowed most manufacturers or suppliers to build up an extensive distribution network that, in effect, will stimulate hydroacoustic acid market development. Cosmetic items include serum for skin and anti-aging, lipsticks, mascara, sprays for hair care, moisturizers, cleansers, soap, scent, body wash, among many. About 95% of such items use hydroxyacetic acid as a raw material because it has benefits for the skin such as reduction of black circles, uneven pigmentation, widening of pores, dead skin, and enhancement of overall safety. Glycolic acid demand is also gaining popularity in other applications such as food preservatives, textiles, home appliances, automobiles, oil & gas, and pharmaceutical products.
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Top Leading Players: Shandong Xinhua Pharmaceutical Co. Ltd., Zhonglan Industry Co. Ltd., Parchem Fine & Specialty Chemicals, China Petroleum & Chemical Corporation, Water Chemical Co. Ltd., Mehul Dye Chem Industries, Eastman Chemical Company, CABB GmbH, Avid Organics, and Saanvi Corporation, among others.
Further Key Finding from the Report Suggestion:
- Based on the purity, glycolic acid 30% generated a revenue of USD 110.85 million in 2019 and believed to rise with a CAGR of 7.2% in the forecast period attributable to its broad applications such as chemical skin peels, enhancing dry skin, aging, lowering face folds, growing wrinkles, and rejuvenating the skin’s surface.
- The personal care application is the major contributor to the Glycolic Acid Market. The personal care sectors of the Asia Pacific region are the major shareholder of the market and held around 53.1% of the market in the year 2019, due to the growing demand from the cosmetics industry for the manufacturing of anti-aging creams, lipsticks, shampoos, beauty treatment sprays, moisturizers, cleansers, scrubbing, fragrances and body wash items to enhance and cure the skin and aging properties.
- In Europe, the Italian market is projected to display the most substantial growth rate of over 7.9% in the timeframe from 2020 to 2027 due to improved demand for glycolic acid in the manufacture of skincare moisturizers and face peels. Additionally, the rising market by cosmetics manufacturers in the country for glycolic acid is projected to fuel demand for the drug over the forecast era.
- The Asia Pacific dominated the market for Glycolic Acid in 2019, due to the cosmetic industry's large footprint coupled with the increasing lifestyle and rising population with a tendency toward facial appearance. Asia Pacific region held approximately 43% of the market, followed by North America, which contains around 20% market in the year 2019.
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The global Glycolic Acid market is segmented into:
Purity Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
Glycolic Acid 99%
Glycolic Acid 70%
Glycolic Acid 30%
Others
Grade Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Million; 2017-2027)
Cosmetic
Technical
Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
Personal Care
Household
Textile
Food Processing
Pharmaceutical
Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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