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  • Glycolic Acid Market Growth Analysis | 2023-2028

    Glycolic Acid Market Growth Analysis | 2023-2028

    Glycolic Acid Market Growth Analysis | 2023-2028
    Report code - SRAM464 Delivery - 2 Weeks
    Glycolic Acid Market Size, Share, Trends, Forecast, & Growth Analysis – 2023-202 See more...

    Market Insights

    The glycolic acid market was estimated at USD 359.7 million in 2022 and is likely to grow at a CAGR of 6.84% during 2023-2028 to reach USD 537.28 million in 2028.

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    What is glycolic acid?

    Glycolic acid is also known as hydro acetic acid, which is derived from sugar cane. It is an odorless, hygroscopic, colorless crystalline solid, water-soluble alpha hydroxy acid (AHA) and is very effective for skin treatments.

    COVID-19 Impact

    The COVID-19 outbreak has affected the growth of the glycolic acid market. The global market has seen disrupted supply chains and limited manufacturing activities. The implementation of lockdowns across the globe, along with limitations associated with travel and transportation, hindered the industry's growth. The shutting down of retail stores and decreased demand for cosmetics during the COVID-19 outbreak have adversely affected the industry.

    Glycolic Acid Market Report Overview

    Market Size in 2022

    USD 359.7 Million

    Market Size in 2028

    USD 537.28 Million

    Market Growth (2023-2028)

    CAGR of 6.84%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    The growth of the market for glycolic acid is increasing on account of the surge in various applications, such as personal care & dermatology, industrial, and household, majorly in the emerging economies of the Asia-Pacific region. The rising demand for glycolic acid skin care products (creams, toners, and masks) and the growing market for keratolytic agents due to the increase in dermatological conditions are expected to drive the global glycolic acid market.

    Restraint:

    Skin problems caused by glycolic acid-based cosmetic products. Glycolic acid is a water-based alpha hydroxy acid used in cosmetics and personal care products due to its high exfoliation properties. However, skin damage can hinder market growth. It is recommended to use sunscreen cream in accurate proportions to avoid severe issues like stinging, burning, redness, crusting, scabbing, dryness, flaking, and peeling. Changes in skin color can also occur due to high concentrations or prolonged use. The precise concentration of glycolic acid is crucial, typically 5–30%, and manufacturers must focus on this concentration when using it in cosmetic products.

    Opportunity:

    The surge in demand for biodegradable polymers increased glycolic acid consumption. Biodegradable polymers are used to provide temporary support to the body with the ability to break down within a limited period of time. Polyglycolic acid, made from a diester of glycolic acid, is the most common biodegradable polymer used in the medical industry. Its excellent degradation behavior and low toxicity are some of the major factors making it an ideal biodegradable polymer. The expected surge in demand for biodegradable polymers based on polyglycolic acid, especially absorbable sutures, fixation devices, and drug delivery devices, will provide great opportunities for glycolic acid producers.

    Challenges:

    Strict regulations regarding the usage of glycolic acid. Glycolic acid is a highly regulated industry, with various applications requiring registration with various authorities. For cosmetics and personal care, it must be registered with the CFSAN, ECHA, and EFRA. It must also comply with FIFRA and EPA for various industrial and household applications. This adds to the production time and challenges faced by manufacturers and users.

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    Segment Analysis

    By Purity Type

    The market is segmented as glycolic acid 99%, glycolic acid 70%, glycolic acid 30%, and others. Glycolic acid 99% accounts for the largest market share owing to the surge in usage in cosmetic products, households, pharmaceuticals, textiles, and food processing industries, which are the key factors expected to drive market growth, as well as glycolic acid 99% to Generate the Highest Revenue During the Forecast Period.

    By Grade Type

    The market is segmented into cosmetic grade and technical grade. The cosmetic grade segment held the larger share of the market in 2022 and is expected to remain dominant during the forecast period. It is the purest form of glycolic acid. The growth of the segment is driven by the continuous rising demand for cosmetic products, to meet the need to mitigate the increasing skin-related problems, that are occurring due to growing pollution. Further, rising awareness concerning self-care is another factor attributing to the growth of this segment during the forecast period.

    By Application Type

    The glycolic acid market is segmented as personal care & dermatology, industrial, household, and others. The personal care & dermatology segment leads the market owing to the large consumption of glycolic acid for the production of various personal care products, such as sunscreen, skin creams and lotions, acne treatment solutions, men’s care products and skin lightening creams and lotions. Along with personal care & dermatology, the industrial application segment is expected to register the highest growth during the forecast period.

    Regional Insights

    Asia-Pacific is estimated to be the largest market for glycolic acid during the forecast period, with China, Japan, India, and South Korea being the major growth engines, driven by huge spending of customers on cosmetic and beauty products and the presence of a large number of production facilities of glycolic acid in the region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.

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    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The glycolic acid market is segmented into the following categories.

    By Purity Type

    • Glycolic Acid 99%
    • Glycolic Acid 70%
    • Glycolic Acid 30%
    • Others
      • (Purity Type Analysis: Glycolic Acid 60% and Glycolic Acid 57%)

    By Grade Type

    • Cosmetic Grade
    • Technical Grade

    By Application Type

    • Personal Care & Dermatology
    • Industrial
    • Household
    • Others
      • (Application Type Analysis: Dyeing & Tanning, Adhesive, Agriculture, Medical, and Food)

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Glycolic-Acid-Market-Segmentation

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    Key Players

    Some of the major global glycolic acid manufacturers are-

    • Avid Organics Pvt. Ltd.
    • CABB Group Gmbh
    • 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.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the global market.

    What Deliverables Will You Get in this Report

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Glycolic Acid Market.

    How lucrative is the future?

    The market forecast and trend data and emerging trends.

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts.

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast.

    Which are the top players and their market positioning?

    Competitive landscape and Market share analysis.

    How complex is the business environment?

    Porter’s five forces, PEST, and Life cycle analysis.

    What are the factors affecting the market?

    Drivers & challenges.

    Will I get the information on my specific requirements?

    10% free customization.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Segmentation

    • Current market segmentation of any one of the grade types by application type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Development

    On 1 August 2023, PureTech Scientific acquired the Glycolic Acid business from The Chemours Company for $137 million, becoming a global leader in organic synthesis of ultra-high-purity alpha hydroxy acids for the Sciences and Specialty Chemical industries.

    Frequently Asked Questions (FAQs)

    Glycolic acid is also known as hydroacetic acid, which is derived from sugar cane. It is an odorless, hygroscopic, colorless crystalline solid, water-soluble alpha hydroxy acid (AHA) and is very effective for skin treatments.

    The glycolic acid market was estimated at USD 359.7 million in 2022.

    The glycolic acid market is likely to reach USD 537.28 million in 2028.

    The glycolic acid market is likely to grow at a CAGR of 6.84% during 2023-2028.

    Asia-Pacific is expected to have the largest share of the market during the assessment period.

    Avid Organics Pvt. Ltd., CABB Group Gmbh, 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., and Zhonglan Industry Co., Ltd. are the key companies in the market.

    The cosmetic grade segment has the largest share of the market during the estimated time.

    The growth of the market for glycolic acid is increasing on account of the surge in various applications, such as personal care & dermatology, industrial, and household, majorly in the emerging economies of the Asia-Pacific region.

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