Glycolic Acid Market To Offer Numerous Opportunities At A CAGR Of 8.2% through 2030

Glycolic Acid Market is projected to grow from USD 0.60 Billion in 2023 to USD 2.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.2% during the forecast period (2023 – 2030).

Glycolic acids are extensively used as an ingredient in cosmetics and personal care products owing to its excellent penetrability properties into the skin. It is majorly used to treat acne, fine lines, dullness, blackheads, and oiliness of the skin. Glycolic acid is also used to treat melasma, psoriasis, and seborrheic keratosis. Such factors are estimated to encourage the market growth across the globe.

The extensive use of glycolic acid in the oil & gas industry is considered a primary growth stimulant for the market. It is widely used in the oil & gas industry, majorly in the rehabilitation, acidizing, and finishing procedures. It offers acidification properties, which decomposes the viscosity and carbonates, thereby improving the chemicals. It also helps in removing toxic and harmful deposits and also reduces corrosion owing to its attributes like low toxicity, low odor, non-flammability, and low vapor pressure. Such factors will contribute to the market’s growth in the review.

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Market Competitive Landscape:

The central players operating in the glycolic acid market are:

• China Petrochemical Corporation (Sinopec Corp) (China)

• The Chemours (U.S.)

• CABB Group (Germany)

• Saanvi Corp (India)

• Water Chemical Co. Ltd. (China)

• Shandong Xinhua Pharmaceutical Co.Ltd (China)

• Mehul Dye Chem industries (India)

• Avid Organics (India)

• Zhonglan Industry Co. Ltd. (China)

• Eastman Chemical Company (U.S.)

• Corbion (Netherlands)

• Crosschem LP (U.S.)

• Kureha Corporation (Japan)

• Huizhou Foryou Medical Devices Co., Ltd (China)

• BMG Incorporated (Japan)

• Teleflex Inc

Market Drivers:

The budding global demand for glycolic acid as a cost-effective cleaning solution in the oil and refining industry presents significant market growth potential. By delivering low-cost metal complexing, glycolic acid ensures cost-effective cleaning. In oil and refinery applications, it improves cleaning and scraping processes. It also delivers biodegradable metal complexing without adding any unwanted chemical oxygen demand to the designed products.

Due to the growing popularity of online cosmetics shopping, most manufacturers and producers have established a vast distribution network, which may aid glycolic acid’s growth. Continuous advancements in the cosmetics business will result in a market upswing. Glycolic acid is widely employed in producing skincare goods such as face masks, creams, and peels, which will fuel demand. Growing consumer knowledge, combined with an upsurge in per capita disposable income and an improved standard of life, is a major contributor to rising product demand, particularly in developing nations.

Market Restraints:

The volatility in raw material prices in personal care products limits the intensity of glycolic acid, which might be a stifling factor in the market growth. Apart from that, people are becoming more aware of the harmful effects of glycolic acid use, causing allergies in specific skin types and, in turn, limiting the use of glycolic acid globally. Manufacturers in developed economies are subject to strict restrictions governing the capping of a pharmaceutical preparation that acts as a barrier over the anticipated term.

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Market Segmentation

By Source

The synthetic segment is estimated to lead the overall segment in the forecast period.

By Purity Level

99% Purity segment will establish a strong segment in the forecast period.

By Grade

The cosmetic grade segment will develop favorably in the forecast period.

By Application

The skincare & facial rejuvenation segment is estimated to display the most growth potential in the forecast period.

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Regional Insights

Due to China and India’s developing cosmetics and textile sectors, Asia-Pacific accounted for the greatest market share in revenue and volume and is likely to stay so during the projection period. China is a key consumer due to the cosmetic industry’s large presence in the country to accommodate rising consumer demand. The market in the region would be driven by changing lifestyles and an expanding population with a preference for beauty and health products. The expansion of this market can be attributed to the ever-increasing demand for glycolic acid from the ever-expanding cosmetics industry.

Due to collective demand from the textile sector, Europe is expected to rise significantly worldwide. The region’s major fashion business necessitates high-quality materials to transform them into various outfits. Companies are developing unique products by using modern technology to achieve this, which is projected to boost the market growth in the region.

On the other hand, North America is predicted to develop significantly in the worldwide market. The pharmaceutical business in the United States is one of the largest glycolic acid users, which is used to manufacture non-harmful bio-absorbable suture material. Better-quality medical tools, including as absorbable staples, meshes, stents, and screws, are being produced due to technological advancements in the medical profession, which will boost market expansion.

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