Glycolic Acid Market to Grow at a CAGR of 8.2% from 2023 to 2030 | Industry Trends and Forecast Study Report
Research Reports
Apr 13, 2023
Market Research Future (MRFR) ‘s report highlights Glycolic Acid Market will touch USD 415,340.1 million by 2030, an 11.56% CAGR.
Market Synopsis
It’s utilized in various industries, including textiles as a dyeing and tanning agent, food and beverage as a flavoring agent and preservative, and cosmetics as an anti-aging ingredient. Plastics and adhesives are two other industries that use them. The expanding use of glycolic acid in various applications due to its features, including cell recovery and exfoliation, is likely to drive market expansion over the forecast period.
The cosmeceutical preparation for the items has been expanded; examples include skin care creams, oil treatments, body lotions, and blackhead treatment. Skin peel treatments are also a popular way to treat facial skin, and glycolic acid is a basic component in these procedures. In the projection period, the application utilization by end-users for domestic and industrial cleaning agent formulation will drive the glycolic acid demand. Being non-volatile and easily biodegradable, it does not induce stainless steel stress cracking when using hydrochloric acid. It’s also a useful ingredient in cleaning solutions for the home.
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Market Competitive Landscape:
The central players operating in the glycolic acid market are:
- Water Chemical Co. Ltd. (China)
- Zhonglan Industry Co. Ltd. (China)
- Eastman Chemical Company (U.S.)
- BMG Incorporated (Japan)
- Teleflex Inc (U.S.)
- Shenzhen Polymtek Biomaterial Co., Ltd (China)
- Shandong Xinhua Pharmaceutical Co. Ltd (China)
- China Petrochemical Corporation (Sinopec Corp) (China)
- The Chemours (U.S.)
- CABB Group (Germany)
- Corbion (Netherlands)
- Crosschem LP (U.S.)
- Kureha Corporation (Japan)
- Huizhou Foryou Medical Devices Co., Ltd (China)
- Saanvi Corp (India)
- Mehul Dye Chem industries (India)
- Avid Organics (India)
- Huizhou Foryou Medical Devices Co., Ltd (China)
Market USP Covered:
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.
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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