According to the latest report by IMARC Group, titled “Glycolic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global glycolic acid market reached a value of US$ 425.9 Million in 2022. Glycolic acid (C2H4O3) is a colourless, non-volatile, water-soluble alpha hydroxy acid (AHA), which is derived from various plant-based substances, including unripe grapes, sugar beets, and pineapple. It possesses antioxidant and anti-aging properties and keratolytic compounds that assist in removing dead skin cells, minimizing existing wrinkles and fine lines, fading hyperpigmentation, smoothing complexion, and offering increased penetration of ingredients. Consequently, glycolic acid is extensively used as an exfoliant and prime ingredient in multiple personal care and cosmetic products, such as face masks, serums, moisturizers, and cleansers. Apart from this, glycolic acid is employed as a key agent in multiple applications, including printing, dyeing, tanning, manufacturing adhesives, flavouring agent, and oils.
Global Glycolic Acid Market Trends:
The increasing demand for natural cosmetic products to treat various skin-related problems has facilitated the widespread incorporation of glycolic acid in several over-the-counter (OTC) products, including lotions, creams, and sunscreens. This represents a prime factor currently driving the market growth. This is further supported by the growingcelebrity endorsements, social media influences, inflating income levels of consumers residing in emerging economies, and the rising self-care consciousness and awareness regarding the various beneficial properties of glycolic acid. Moreover, the increasing need for biodegradable and non-volatile cleansing solutions, such as glycolic acid, as an economical cleaning agent in the petroleum-refining industry to enhance the scraping procedure is acting as another growth-inducing factor. In line with this, favorable initiatives undertaken bygovernments of different nations to promote the uptake of natural preservatives, ingredients, flavoring agents, and packaging materials in the food and beverage (F&B) sector, are contributing the market growth. Other factors, such as strategic collaborations amongst key players and the extensive investmentsin research and development (R&D) activities facilitating the utilization of glycolic acid to engineer biomedical devices, such as meshes and implants, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 642.8 Million by 2028, growing at a CAGR of 7.15% during 2023-2028.
- Based on the source, the market has been bifurcated into natural and synthetic.
- On the basis of the purity level, the market has been segregated into 99%, 70%, 60%, 30% purity, and others.
- Based on the application, the market has been classified intopersonal care and cosmetics, household, textile, food processing, pharmaceuticals, and others.
- Based on the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Avid Organics, CABB Group GmbH, China Petrochemical Corporation, CrossChem Limited, Mehul Dye Chem Industries, Merck KGaA, Parchem fine and specialty chemicals, The Chemours Company, Tokyo Chemical Industry Co. Ltd, Water Chemical Co. Ltd and Zhonglan Industry Co. Ltd.
|Base Year of the Analysis
||Source, Purity Level, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Avid Organics, CABB Group GmbH, China Petrochemical Corporation, CrossChem Limited, Mehul Dye Chem Industries, Merck KGaA, Parchem fine and specialty chemicals, The Chemours Company, Tokyo Chemical Industry Co. Ltd, Water Chemical Co. Ltd and Zhonglan Industry Co. Ltd.
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