Glycolic Acid Market Synopsis
Market Research Future (MRFR) has published a report asserting that the global glycolic acid market is marked to expand at a notable CAGR of 6.09% during the forecast period of 2017-2023. Glycolic acid is alpha hydroxyl acid (AHA) which is high soluble in aqueous solution and is generally colourless, odourless, and soluble at room temperature. Glycolic acid is synthesized naturally as well as through chemical reaction.
Glycolic acid is used in personal care and cosmetic products such as skin cream, moisturizer, acne face lines and shampoos formulation owing to its exfoliating property and high-water solubility. Glycolic acid market is expected to reach USD 375.5 million by the end of 2023. Growing demand of acne products among aging population for reducing face lines, scars and marks are further anticipated to drive the market growth.
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Glycolic acid is produced naturally through vegetables and fruits such as sugarcane, pineapple and sugar beets among others are gaining high importance in the global glycolic acid market. Glycolic acid market expected to grow at CAGR of 6.09% owing to increasing use in skin and hair care products coupled with rising development in cosmetic industry. Further, growing demand of glycolic acid as additive in inks and paints is likely to propel the overall market growth.
- Chemours Company,
- Phibro chem,
- CrossChem LP,
- CABB Group,
- Sigma-Aldrich Corporation,
- Zhonglan Industry Co,
- Mehul Dye Chem Industries
Global Glycolic Acid Market Segmentation:
The global glycolic acid market has been segmented on the basis of source and application.
Based on application, the glycolic acid market has been segmented into personal care, textile dyeing and finishing, oil field, petroleum refining and others.
The personal care application segment commanded for the major share in the global glycolic acid market owing to the high demand for glycolic acid in the production of various skin care products and hair nourishment solutions.
Based on source, the glycolic acid market has been segmented into natural and synthetic.
Geographically, the global glycolic acid market has been segmented into Europe, North America, Latin America, Asia Pacific and the Middle East and Africa.
The North America region commanded for the major share in the global glycolic acid market and has been forecasted to expand at a CAGR of 6.23% during the assessment period. Rise in demand for skin care products that have glycolic acid as their main component and growing application of glycolic acid in various end-use industries are propelling the growth of the glycolic acid market in the North America region.
Rise in research and development activities for introducing larger application areas of glycolic acid and increased production of product made from glycolic acid are fuelling the growth of glycolic acid market in the Europe region.
The Middle East and Africa region is projecting steady growth in the global glycolic acid market owing to the low utilization of personal care products that are rich with glycolic acid and low demand for glycolic acid in other industrial sectors of the underdeveloped areas in this region.
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List of Tables
Table 1 Impact Analysis: Drivers
Table 2 Impact Analysis: Restraints
Table 3 Global Glycolic Acid Market For Source, By Region (2017-2023) (USD Million)
Table 4 Global Glycolic Acid Market For Source, By Region (2017-2023) (000’mt)
Table 5 Global Glycolic Acid Market By Source, (2017-2023) (USD Million)
Table 6 Global Glycolic Acid Market By Source, (2017-2023) (000’mt)
Table 7 Global Glycolic Acid Market For Synthetic , By Region (2017-2023) (USD Million)
Table 8 Global Glycolic Acid Market For Synthetic , By Region (2017-2023) (000’mt)
Table 9 Global Glycolic Acid Market For Natural , By Region (2017-2023) (USD Million)
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