The Chemours Company, Phibro chem, CrossChem LP, CABB Group, Sigma-Aldrich Corporation, Zhonglan Industry Co, and Mehul Dye Chem Industries among others are some of the prominent players at the forefront of competition in the Global Glycolic Acid Market and are profiled in MRFR Analysis.
Glycolic Acid Market – Market Overview
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. 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.
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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. Commercially, glycolic acid is prepared through synthesis of formaldehyde in presence of catalyst. This method is widely adopted by various manufacturer owing to cost effective and advance technology. Thus, rising expenditure on innovative and development in production process for increasing scope of application is likely to boost the global glycolic acid market. Glycolic acid is used in formulation of polyglycolic acid which is further used in extraction of shale gas. In addition, adoption of polyglycolic acid in absorbable medical sutures and PET bottles owing to high biodegradability are anticipated to provide new opportunity for market participants in coming years. Subsequently, rising awareness about side effects in cosmetics and personal care products along with stringent regulatory trends are hampering the market growth.
The global glycolic acid market is segmented according to application as personal care, textile dyeing and finishing, oil field, petroleum refining and others. Personal care application is dominating with 28% of market share in global glycolic acid market. This is attributed to increasing demand of skin care and hair treatment among youth population coupled with rising awareness about healthy skin is likely to further boost the overall market growth. The textile dyeing and finishing segment account for second largest market share owing to high compatibility of product with surfactants, dyes and biocidal agents is expected to drive the market growth over the forecast period.
The global glycolic acid is divided into five regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounts for highest market share in terms of value and volume. U.S. is leading country and projected to grow at CAGR of 5.49% during forecast period. Increasing number of middle aged women using anti-ageing products such as anti-wrinkle and acne removal scar is likely to propel the growth. Europe is second largest market and will continue its dominance in coming years. Rising number of cosmetic and personal care manufacturer especially in France, UK and Italy are anticipated to drive the market growth. Further, stringent regulations related to consumption of glycolic acid in household products as well as personal care is expected to drive the market growth. Asia Pacific exhibits significant growth over the forecast period. China and India are leading countries owing to rapid urbanization and changing lifestyle of consumer coupled with low manufacturing cost driving manufacturer to shift the production base in order to increase market share.
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Glycolic Acid Market – Competitive Analysis
Glycolic Acid market appears to be fragmented market owning to the presence of numerous small and tier 2 players active in regional market. The strategies traced from the analysis of recent developments of the key players include acquisition and product launch. Migration of personal care and household furnishing industries to emerging markets in order to tap opportunities are further fuelling the growth of glycolic acid market. Product development and joint venture or collaboration are some of the strategies followed by regional players. Company like The Chemours Company are prominent manufacturer in global glycolic acid market. Moreover, pharmaceutical companies are launching new products based on glycolic acid to increase their market share.
Industry/ Innovation/ Related News:
October 2016 - Chemrous has launched a new product Glypure Gl Cosmetic grade. The launch of new product will benefit the company in adding a new product line in Glycolic acid. Glypure is an active ingredient in anti-aging formulation which used in many personal care and cosmetic products. With unique advantages, this product has proven ability to be first choice for cosmetic grade glycolic acid.