According to the new market research report “Glycolic Acid Market by Grade (Cosmetic, Technical), Application (Personal Care & Dermatology, Industrial, Household) and Region (APAC, North America, Europe, South America, Middle East & Africa) – Global Forecast to 2024″, The glycolic acid market size is projected to grow from USD 280 million in 2019 to USD 395 million by 2024, at a CAGR of 7.2% during the forecast period.
The increasing demand for cosmetic products, such as skincare creams, facial cleansers, gels, scrubs, and others to treat skin problems related to anti-aging and antipollution are expected to drive the glycolic acid market during the forecast period. Furthermore, the rapid growth of other end-user industries including industrial & household cleaning, medical sutures, biodegradable polymers, textile dyeing, and leather tanning will escalate the demand for glycolic acid, thus driving the market growth.
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The glycolic acid market size is projected to grow from USD 280 million in 2019 to USD 395 million by 2024, at a CAGR 7.2%. Increasing demand for glycolic acid in the cosmetics industry for the formulation of anti-aging, anti-pollution, and other skincare creams to drive the market demand.
Further, huge consumption of glycolic acid products in industrial cleaning application is also one of the major factors to drive the glycolic acid market growth. Glycolic acid is the highly preferred alpha hydroxy acid (AHA) with the smallest molecular structure among other available AHA acids. To be kept in mind glycolic acid used in certain applications that are highly regulated by the US Food & Drug Administration (FDA), United States Environmental Protection Agency (EPA), and Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA).
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The global glycolic acid market size is estimated at USD 280 million in 2019 and is projected to reach USD 395 million by 2024, at a CAGR of 7.2%, between 2019 and 2024. Glycolic acid is the most harmless acid-derived either naturally or synthetically through sugarcane juice or catalyzed reaction of formaldehyde with synthesis gas respectively.
Manufacturers such as CABB group GmbH and Avid Organics also uses MCA or monochloroacetic acid route for the production of glycolic acid. Glycolic acid highly preferred to be used in the cosmetics industry, owing to its great exfoliation and hydration properties. The major applications of glycolic acid include personal care & dermatology, and industrial and household cleaning.
The key players in the glycolic acid market are The Chemours Company (US), China Petrochemical Corporation (China), CABB Group (Germany), Zhonglan Industry Co., Ltd. (China), Water Chemical Co., Ltd (China), Xinhua Pharm (China), Phibro Animal Health Corporation (US), Avid Organics (India), Hebei Chengxin Co., Ltd. (China), and Hefei TNJ Chemical Industry Co., Ltd. (China). The glycolic acid market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2019, which include expansions and new product development.
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The Chemours Company (US) is one of the major players of the glycolic acid market. The Chemours Company is a major chemical company which has been created from DuPont’s performance chemical’s businesses. The company operates through three business segments, namely, titanium technologies, fluoroproducts, and chemical solutions. The company provides glycolic acid through chemical solutions business segment. The company manufactures glycolic acid of different grades which is used in various applications such as household & cleaning, industrial and medical sutures. The company manufactures its glycolic acid at its Belle, West Virginia site.
CABB Group (Germany) is one of the leading players in the glycolic acid market. The company is one of the major players of intermediate and finished chemical product market. The company operates through two business segments, namely Custom Manufacturing and Acetyls. It offers products for the glycolic acid market through its Acetyls business segment by the brand name Glycos and Glytech. The company has a strong foothold in the European market along with five production sites situated in Europe and Asia region. The company also has sales offices in the USA and China.
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