- Compound Annual Growth Rate of global glycolic acid market to be ~7% from 2019 to 2027
- Players to focus on the cleaning agent segment; it is set to grow at a tremendous pace
- Global glycolic acid market to reach a valuation of USD 0.527 bn by the year ending 2027
ALBANY, New York, March 12, 2020 /PRNewswire/ -- Owing to use in a number of end-use industries, the global glycolic acid market is set to grow at a significant pace. Applications of glycolic acid include electronics, personal care products, cleaning agents, and leather dying and tanning. It is also used in food preservation and processing, and in the oil and gas industry.
Transparency Market Research notes, "The personal care and cosmetics segment will demonstrate noteworthy growth over the stated forecast period due to massive increase in its use in skincare products. Besides, pharmaceutical industry is using glycolic acid to come up with formulations that treat skin diseases. Another area that the manufacturers will keep a keen eye on is the textile industry."
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Key Findings of the Global Glycolic Acid Market Study
- Leather dying and tanning segment to show moderate growth owing to use in deliming process, reducing operation time and improving grain quality
- Personal care segment to grow exponentially over the forecast period owing to extensive use in cosmetics and pharmaceuticals as it helps in exfoliating and preventing ageing of skin
- Asia Pacific to remain a highly lucrative region for market players owing to growth in disposable income of people in region
Explore 300 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Glycolic Acid Market by Grade: Glycolic Acid <=68%, Glycolic Acid 70%, and Glycolic Acid >=99%; and Application: Personal Care & Cosmetics, Plant Growth Stimulation, Food Flavoring & Preservation, Polyglycolic Acid [PGA] Manufacturing, Cleaning Agent, Oil & Gas, Electronics, Leather Dyeing & Tanning, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027, at https://www.transparencymarketresearch.com/glycolic-acid-market.html
Global Glycolic Acid Market: Key Driving Factors
Certain trends are particularly impactful in terms of driving the glycolic acid market on an upward growth curve. Besides, there are other factors such as certain derivers that are contributing positively to the growth of global glycolic acid market. Some of the prominent factors, as identified by Transparency Market Research, are outlined below:
- Biocidal agents are making in-roads into the global glycolic acid market owing to growth in demand for eco-friendly cleaning agents, which are replacing mineral-acid variants at a tremendous pace
- In tissue engineering, opportunities are arising as need for innovative biomaterials increases, particularly in producing scaffolds (regenerative medicine)
- Increase in demand for orthopedic screws, prostheses, and suture threads, etc. is also leading to creation of growth avenues in healthcare for market players
- As screen time increases for people across the globe, digital pollution and its harmful effects catch on swiftly, leading to demand for glycolic acid based skin care products - that can prevent the skin from premature ageing
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Key Impediments for Global Glycolic Acid Market Players
Certain restraints are set to impact growth in global glycolic acid market. One of these includes hazards of using high concentration products that can sometimes lead to redness, irritation, and burns. In certain facial treatments, for 10-15 days, the skin is marked with visible burns. This factor leads people to opt for alternate treatments.
Global Glycolic Acid Market: Region-wise Analysis
- Asia Pacific to be at the forefront of growth owing to increase in disposable income, helping improve purchasing power, and a large number of consumer pool
- Additionally, rapid industrialization is leading to demand for hard surface cleaners; mild odor, good solubility, and less toxicity are also contributing to growth in demand for glycolic acid cleaners in the region
- The Asia Pacific region is witnessing growth in leather industry, which uses glycolic acid as a dying and tanning agent; increase in investment will also help the regional market chart a higher trajectory
Analyze Global Glycolic Acid market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study,
Transparency Market Research notes that the global glycolic acid market is quite consolidated with key players holding more than half of the total market share. This makes entering the market a challenging endeavor for new players.
Prominent players in the global glycolic acid market that are profiled by Transparency Market Research include the Chemours Company, Phibro Animal Health Corporation, CABB Group GmbH, China Petroleum & Chemical Corporation (SINOPEC), Shandong Xinhua Pharmaceutical Co.Ltd., CrossChem LP, Avid Organics, Zhonglan Industry Co., Ltd., Water Chemical Co., Ltd, Hebei Chengxin Co., Ltd., and Hefei TNJ Chemical, among others.
It is noted that collaborations and mergers are key strategies of growth for major players. Most of these are also focusing massively on opportunities arising from the textile industry.
Transparency Market Research has segmented the global Glycolic Acid market report based on grade, application, and region.
Glycolic Acid Market, by Grade
- Glycolic Acid ≤68%
- Glycolic Acid 70%
- Glycolic Acid ≥99%
Glycolic Acid Market, by Application
- Personal Care & Cosmetics
- Hair Care
- Skin Care
- Others (including Nail Care and Dental Care)
- Plant Growth Stimulation
- Food Flavoring & Preservation
- Polyglycolic Acid (PGA) Manufacturing
- Cleaning Agent
- Oil & Gas
- Leather Dyeing & Tanning
- Others (including Biomedical & Drug Delivery and Gas Barrier Packaging)
Glycolic Acid Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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