Glycolic Acid Market Overview

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.

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 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 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.

Global Glycolic Acid Market Segmentation:

The global glycolic acid market has been segmented on the basis of source and application.

Based on source, the glycolic acid market has been segmented into natural and synthetic.

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.

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Regional Analysis:

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. Increased application of glycolic acid in rapidly growing personal care and textile industries in the emerging economies such as India, China and Australia are leading to the significant expansion of the glycolic acid market in the Asia Pacific 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.

Prominent Players:

The major players profiled by MRFR that are operating in the global glycolic acid market are the Chemours Company, Phibro chem, CrossChem LP, CABB Group, Sigma-Aldrich Corporation, Zhonglan Industry Co, Mehul Dye Chem Industries and others.

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