About the Report
The global glycolic acid market is projected to expand at a CAGR of around 7% over the 2021 to 2031 assessment period. Rising usage in skin care and hair care products is expected to shape market growth over the coming years.
Glycolic acid is water soluble compound used as an ingredient in personal care and cosmetic products, skin treatment products along with as a tanning agent in textile chemical or auxiliary formulations. Cosmetics and personal care products containing glycolic acid helps to enhance texture of and also aids in the reduction of wrinkles, acne scars etc. In addition, it is also a key ingredient in medicine used to treat actinic keratosis, hyperkeratosis, and seborreheic keratosis, among other skin disorder.
Foremost objective of this new report by Fact.MR is to pitch insights on the market scenario, and demand and supply advancements in this space. The report provides a taxonomy elaborating on key segments. The report also outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends and pricing analysis, along with key success factors.
Market trends have been tracked in 20+ high-growth countries, pointing towards countries in North America, Europe, and Asia Pacific holding bulk of the market share.This comprehensive report on glycolic acid is intended to provide readers with a 360 degree understanding of the dynamics of the market.
The report also provides several decision-supporting frameworks that can help stakeholders in the glycolic acid industry to take data-driven decisions on growth, expansion, acquisitions, and capacity addition.
Historical Trends Vs Future Market Projections
Over the span of the past half-decade, per capita spending on personal care and cosmetic products that ameliorate the skin texture has doubled. Furthermore, brands offering skin treatment based OTC product have also penetrated beyond metro cities across high potential countries.
Resultantly, a surge in consumer demand for such products reported worldwide. Since, glycolic acid is a key ingredient used in skin benefitting formulations, the usurped demand of skin befitting agent translated in the heightened demand for glycolic acid.
Producers, wholesalers and importers resonated to the increased demand for glycolic acid and ensured regular supply to the market. In order to maintain a regular supply, companies also enhanced their production capacity or optimized existing production.
Demand for glycolic acid is projected to gain registering an impressive growth of 7% over the forecast period (2021-2031). The textile industry is one of the driving factor for the increase in demand for glycolic acid, as it acts as a dyeing and tanning agent in the textile industry.
In addition to this, glycolic acid is colorless and odorless, which is soluble in water and also act as the preservatives and flavoring agent in the food processing unit.
Owing to these factors, demand over the long-term forecast period can be estimated by breaking the forecast timeline into three parts.
- Short-run: Recovery growth from the pandemic is set to be observed over this term.
- Medium-run: Demand and price normalization are set to be observed over this period.
- Long-run: Aims to increase the economic cycles and inflation rates to increase the CAGR
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What are the Key Factors Driving Demand for Glycolic Acid?
Beauty and personal care, electronics, leather dyeing and tanning, plant growth stimulation, food flavouring and preservation, polyglycolic acid processing, and cleaning agents are some of the application area that use glycolic acid, that likely to create a strong growth foundation for glycolic acid in the short to long term forecast period.
Glycolic acid is widely used in application where low levels of metallic impurities are needed. It’s used in electronics to clean copper substrates. Glycolic acid has strong metal ion complexing properties, low corrosion rates, a fast pH adjustment profile, and excellent environmental, protection, and handling properties. During the forecast period, these factors are expected to fuel the glycolic acid demand.
Why is China a Huge Market for Glycolic Acid?
Due to population growth, enhanced living standard, and an increase in e-commerce activities, countries of Asia Pacific is expected to have a highly profitable market for glycolic acid during the forecast period. The country’s economy is growing at a rapid pace as a result of easy availability of raw materials and cheap labour, many leading players have begun investing in the chemical sector. Dominant players from other regions are collaborating with local players through partnerships, acquisitions and mergers.
In addition, China is a major producer of specialty chemical along with the significant number of glycolic acid manufacturers. Some of the major manufacturers in the country are Shandong Xinhua Pharmaceuticals Co. Ltd., Zhonglan Industry Co. Ltd., Water Chemicals Co. Ltd., Hebel Chengxin Co. Ltd., and Hefei TNJ Chemical Industry Co. Ltd.
How is the Medical Sector Steering Demand for Glycolic Acid in Europe?
By the end of forecast period, the European market is expected to develop at a rapid pace because medical facilities have been rapidly expanding in countries such as Germany, France, the United Kingdom, and the Netherland, so the medical industry would be a key factor driving demand for glycolic acid in Europe.
It is used as an intermediate in the formulation of various medicine. When creams or medicine made from glycolic acid is applied to the skin, it breaks the bindings between outer layer of skin cells and next layer of cells, as this causes the peeling effect, making the skin look smoother.
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Why is Glycolic Acid Demanded from Various Industries?
Glycolic acid is widely used in body care formulations as an exfoliating and moisturising agent. Various hair products such as shampoos, conditioners as well as hair and scalp masks, all contain glycolic acid as ingredients. Exfoliation cosmetics, creams, serums, lotions, cleaner and tonners, moisturising skin creams and lotions all contain glycolic acid.
Glycolic acid has great potential due to its wide range of applications in the leather industry as it can be used in the leather deliming method and have leather dyeing and tanning applications.
How are Manufacturers in the Tissue Engineering Industry Benefiting from Innovative Biomaterials?
Biomaterials for tissue engineering are providing prospects for glycolic acid manufacturers. Since biomaterials are increasingly being used to create scaffolds in the field of regenerative medicines, this phenomenon is generating incremental opportunities for manufacturers.
As a result, manufacturers are improving the efficiency of scaffold manufacturing. Thus, revolutionary polymers involving polyglycolic acid for the development of synthetic polymers have been developed. As a result, the glycolic acid market’s polyglycolic acid manufacturing application segment is expected to hit 9,800 tonnes by 2027.
Will Demand for Glycolic Acid-based Skin Care Products Rise Due to Digital Pollution?
These days as people have become more aware of digital emissions. The blue light produced by LED screens on smartphones, televisions and computer-based has been found to infiltrate the skin’s dermis, causing oxidative stress and premature ageing in people.
As a result, glycolic acid manufacturers are raising awareness and expanding the availability of glycolic acid-based skincare products. By 2027, the personal care and cosmetics application segment’s skincare sub-segment is expected to consumeover 25 KT of glycolic acid. As a result, manufacturers are constantly concentrating on developing new skincare products.
Why are Traditional Mineral Acid-based Cleaners Being Replaced by Sustainable Cleaning Agents?
One of the major functioning areas for glycolic acid in household cleaning and maintenance. As a result, manufacturers are developing new cleaning agent to meet the needs of end-users in both domestic and commercial applications, such as hotel housekeeping and restaurant maintenance.
As a result, the cleaning agent application segment is expected to produce over 30 KT by 2031. Thus, glycolic acid manufacturers are developing new cleaning agents.
Aforementioned players rely on a blend of organic and inorganic strategies to deepen penetration across lucrative markets. These strategies include product launches, collaborations with key players, partnerships, acquisitions, and strengthening of regional and global distribution networks.
An Adaptive Approach to Modern-day Research Needs
Historical Data Available for
US$ Thousand for Value
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Key Market Segments Covered
- Glycolic Acid ≤68%
- Glycolic Acid 70%
- Glycolic Acid ≥99%
- Personal Care & Cosmetics
- Skin Care
- Hair Care
- Others (including Nail Care and Dental Care)
- Plant Growth Stimulation
- Food Flavoring & Preservation
- Polyglycolic Acid (PGA) Manufacturing
- Cleaning Agent
- Oil & Gas
- Leather Dyeing & Tanning
- Others (including Biomedical & Drug Delivery and Gas Barrier Packaging)
- Personal Care & Cosmetics
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Glycolic Acid Market - Scope of Report
A recent study by Fact.MR on the glycolic acid market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of glycolic acid.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing glycolic acid, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and supply of glycolic acid across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of glycolic acid during the forecast period. Price point comparison by region with global average price is also considered in the study.
Analysis on Market Size Evaluation
The market has been analyzed for each market segment in terms of volume (Tons) and value (US$ Thousand).
Market estimates at global and regional levels for glycolic acid are available in terms of “US$ Thousand” for value and in “Tons” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the supply and distribution perspective in the global glycolic acid market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the market during the forecast period.
Country-specific valuation on demand for glycolic acid has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of glycolic acid, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of glycolic acid has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
Yes, you can request a sample, and it will be sent to you through an email.