Glycolic Acid Market Overview
Glycolic acid, also acknowledged as hydroxyacetic acid (C₂H₄O₃), can be defined as the smallest alpha-hydroxy acid (AHA), which is an odorless, colorless, and hygroscopic crystalline substance and is soluble in water. The global glycolic acid market is anticipated to register a CAGR of 11.56%, surpassing a valuation of USD 415,340.1 thousand during the forecast period (2021-2030), Market Research Future (MRFR) reveals in a detailed report.
Glycolic acids are extensively used as an ingredient in cosmetics and personal care products owing to its excellent penetrability properties into the skin. It is majorly used to treat acne, fine lines, dullness, blackheads, and oiliness of the skin. Glycolic acid is also used to treat melasma, psoriasis, and seborrheic keratosis. Such factors are estimated to encourage the market growth across the globe.
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The top players operating in the global glycolic acid market include Phibro Animal Health Corporation (US), The Chemours Company (US), CABB Group GmbH (Germany), CrossChem LP (US), Mehul Dye Chem Industries (India), Merck KGaA (Germany), Saanvi Corp (India), Siddharth Chlorochem (India), Zhonglan Industry Co., Ltd (China), and Tokyo Chemical Industry Co., Ltd (Japan).
The extensive use of glycolic acid in the oil & gas industry is considered a primary growth stimulant for the market. It is widely used in the oil & gas industry, majorly in the rehabilitation, acidizing, and finishing procedures. It offers acidification properties, which decomposes the viscosity and carbonates, thereby improving the chemicals. It also helps in removing toxic and harmful deposits and also reduces corrosion owing to its attributes like low toxicity, low odor, non-flammability, and low vapor pressure. Such factors will contribute to the market’s growth in the review.
Global Glycolic Acid Market: Segmental Analysis
The glycolic acid market has been segmented on the basis of source, purity level, grade, and application.
By source, the glycol acid market is segmented into synthetic and natural. Of these, the synthetic segment is likely to gain prominence due to its low-cost and easy production process.
By purity level, the market comprises 30% purity, 60% purity, 70% purity, 99% purity, and others. Of these, the 70% grade glycolic acid is on the rise due to its extensive use in personal care and cosmetics products, industrial, technical, as well as in medical grade.
By grade, the market is segmented into industrial grade, cosmetic grade, technical grade, and medical. Of these, the cosmetic grade is considered to surpass a valuation of USD 205,202.7 thousand by the end of 2023. The soaring demand for cosmetics and personal care items owing to its affordability is likely to encourage the market growth in the region.
By application, the market comprises household cleaners, skincare and facial rejuvenation, medical, industrial cleaners, oil field and petroleum refining, electropolishing, textile dyeing & finishing, and others. Of these, the skincare & facial rejuvenation segment is likely to register a CAGR of 11% owing to the surging demand for several anti-aging and cosmetics across the globe.
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Geographically, the glycolic acid market spans across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific acquired the largest market share in 2021. The regional market is predicted to register a CAGR of 12% in the foreseeable future. The growing industrial base has resulted in greater demand for industrial cleaning agent for cleaning equipment in industries like food, transportation, paper, and others. This is likely to spur the market growth in the APAC. The soaring demand for glycolic acid in furnishing and textile dying will further promote the market growth in the coming years.
The glycol acid market in the Middle East & African regions will emerge as the fastest developing regional markets and register a CAGR of 11% in the foreseeable future. The growth can be attributed to the soaring demand for glycolic acid across applications like oil & gas. Moreover, the presence of large oil & gas reserves in the region is likely to promote the market growth during the review period.
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