Glycolic Acid Market Share | Global Industry Trends, Size, Growth, Opportunity and Forecast 2021-2027
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 Share is anticipated to register
a CAGR of 11.56%, surpassing a valuation of USD
415,340.1 thousand during the forecast period (2017-2030),
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.
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
market share 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.
Regional Frontiers
Geographically, the glycolic acid market industry 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.
Competitive Dashboard
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).
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