CHICAGO, Oct. 1, 2019 /PRNewswire/ -- According to the new market research report "Glycolic Acid Market by Grade (Cosmetic, Technical), Application (Personal Care & Dermatology, Industrial, Household) and Region (APAC, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2024", published by MarketsandMarkets™, the Glycolic Acid Market size is projected to grow from USD 280 million in 2019 to USD 395 million by 2024, at a CAGR of 7.2% during the forecast period.
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The increasing demand for cosmetic products, such as skincare creams, facial cleansers, gels, scrubs, and others to treat skin problems related to anti-aging and antipollution are expected to drive the glycolic acid market during the forecast period. Furthermore, the rapid growth of other end-user industries including industrial & household cleaning, medical sutures, biodegradable polymers, textile dyeing, and leather tanning will escalate the demand for glycolic acid, thus driving the market growth.
Cosmetic grade is estimated to dominate the overall glycolic acid market.
Cosmetic was the largest grade of the glycolic acid market in 2018. The huge preference of cosmetic grade glycolic acid owing to its natural occurring, low toxicity, effective skin penetration, and ability to stimulates cellular activity are the major factors to drive its demand. Further, it also helps in hydration of epidermis and allows it to become smoother, softer and radiant, thus escalating its demand in most of the cosmetic and personal care product which in turn is boosting its market demand.
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Personal care & Dermatology is projected to be the fastest-growing application of glycolic acid during the forecast period.
Personal care & Dermatology is projected to be the fastest-growing application of glycolic acid during the forecast period. Glycolic acid is a naturally occurring organic acid also known as Alpha Hydroxy Acids, or AHAs is majorly used in the personal care & dermatology application to treat scarring, skin discoloration and signs of aging, like fine lines and wrinkles. Keeping in mind the changing environmental conditions and growth pollution rate, these skin problems are further expected to escalate, thus driving the demand for effective and efficient cosmetic and dermatology products which in turn will drive the glycolic acid demand.
APAC is estimated to be the largest glycolic acid market during the forecast period.
APAC is projected to be the largest Glycolic Acid Market during the forecast period. The boosting cosmetics industry of the region owing to the increasing population, improving standards of living, and rising e-commerce activities are expected to drive the glycolic acid demand. Further, the anticipated increase in the industrial application with the growth of the region's economy will escalate the demand for glycolic acid in industrial cleaning application. The presence of major glycolic acid manufacturers such as Zhonglan Industry Co., Ltd. (China), Water Chemical Co., Ltd (China), Xinhua Pharm (China), and Hebei Chengxin Co., Ltd. (China) is also expected to drive the glycolic acid market in the region.
The Chemours Company (US), China Petrochemical Corporation (China), CABB Group (Germany), Zhonglan Industry Co., Ltd. (China), Water Chemical Co., Ltd (China), Xinhua Pharm (China), Phibro Animal Health Corporation (US), Avid Organics (India), Hebei Chengxin Co., Ltd. (China), Hefei TNJ Chemical Industry Co., Ltd. (China) are the major players in the glycolic acid market.
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