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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The top players operating in the global glycolic acid market include-
- Siddharth Chlorochem (India)
- Zhonglan Industry Co., Ltd (China)
- Tokyo Chemical Industry Co., Ltd (Japan)
- 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)
The global glycolic acid market valued USD 249.9 million in 2016 and is expected to grow at a CAGR of 6.09 % to reach USD 375.5 million by the end of 2023. Glycolic acid consumption in the global market can be attributed to the considerable demand from various industries such as personal care, textile dyeing & finishing, oil field, and petroleum refining. It has anti-inflammatory and anti-oxidant properties, which play an important role in the manufacturing of personal care products.
Rising disposable income coupled with changing consumers’ lifestyle have considerably increased the spending on personal care, which has boosted the demand for various personal care products. Furthermore increasing demand for anti-aging products along with rising awareness regarding skincare and hair care products among youths have added fuel to the market growth. Moreover, an increasing expenditure on household cleaning has further propelled the demand for glycolic acid. Thus, the industrial growth has a positive influence on the demand for naturally processed glycolic acid over the chemically processed glycolic acid. However, strict regulations over the concentration of glycolic acid in personal care products may hamper the market growth over the assessment period. Furthermore, availability of substitute products may negatively influence the market growth over the same period.
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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 2017. 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.