“The growth in glycolic acid demand is majorly driven by its increasing consumption in the cosmetics and personal care industry, particularly in the anti-aging and anti-pollution skincare segment.”
The glycolic acid market size is estimated to be USD 280 million in 2019 and is projected to reach USD 395 million by 2024, at a CAGR of 7.2%. The rapidly developing and growing demand for glycolic acid in the cosmetics industry, specifically as a preferred ingredient in anti-aging, anti-pollution, and over the counter skincare products is expected to drive the market demand for glycolic acid during the forecast period. In addition, the considerable consumption of glycolic acid as a keratolytic agent for the treatment of dermatological diseases will further contribute to driving its market demand.
Apart from these household and industrial cleaners are also major consumers of glycolic acid the expansion of which is witnessed in developing regions owing to economic development, rising population, growing per capita income and increasing standards of living thus contributing in the development of the glycolic acid market. However, the added disadvantage of skin damage if not used with care and in accurate concentration can act as a restraint for the market growth.
“Cosmetic is the fastest-growing grade of glycolic acid.”
Cosmetic is the fastest-growing grade of the glycolic acid market globally during the forecast period. The huge preference of cosmetic grade glycolic acid in personal care and cosmetics products owing its unmatched ability to treat skin problems including fine lines, irregular pigmentation, age spots, and enlarged pores along with unique advantages in hair care with the proven benefits of hair moisturization, softness, strength and others are expected to drive the cosmetic grade glycolic acid demand in future.
“Personal care & dermatology is the largest application of glycolic acid.”
Personal care & dermatology is the most extensive application of glycolic acid. The increasing demand for glycolic acid-based night peeling concentration, sleep-in mask, acne face & body scrub, and others products along with rising per capita spending and growing beauty needs with the increase in the standard of living are some of the factors expected to drive the glycolic acid demand in personal care & dermatology application.
“APAC is the largest and the fastest-growing market for glycolic acid.”
APAC is projected to register the highest growth rate during the forecast period owing to the presence of major glycolic acid markets such as China and Japan as well as emerging economies such as India, South Korea, Thailand, and Indonesia. The region is expected to witness substantial demand for glycolic acid during the forecasted period owing to the robust growth and development witnessed in the sectors such as cosmetics and personal care, manufacturing, healthcare, industrial and others. Further, the development of the country’s economy, trade, and FDI along with minimal rules and regulatory standards governing the business operations makes the region a highly attractive market for different end-use industries of glycolic acid thus boosting the market demand.
Extensive primary interviews were conducted in the process of determining and verifying sizes of different types, end-user of the glycolic acid market gathered through secondary research.
The breakdown of primary interviews is given below:
- By Company Type: Tier 1 – 60%, Tier 2 – 20%, and Tier 3 – 20%
- By Designation: C-Level Executives – 9%, Director-Level – 27%, and Others – 64%
- By Region: North America – 20%, Europe – 20%, APAC – 40%, South America – 10%, and MEA – 10%
The key companies profiled in this report on the glycolic acid market include 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).
The glycolic acid market has been segmented based on grade, application, and region. This report covers the glycolic acid market and forecasts its market size until 2024. It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the glycolic acid market. The report also provides insights into the drivers and restraints in the glycolic acid market along with opportunities and challenges. The report also includes profiles of top manufacturers in the glycolic acid market.
Reasons To Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
- This report segments the glycolic acid market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
- This report is expected to help stakeholders understand the pulse of the glycolic acid market and provide information on key market drivers, restraints, challenges, and opportunities influencing the market growth.
- This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the glycolic acid market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as new product development and expansions.