The chemical formula for Glycolic Acid is C2H4O3, and it is also written as HOCH2CO2H that is the smallest Alpha-Hydroxy Acid (AHA). Glycolic Acid is colorless and inodorous, which is derived from sugarcane. This solid crystalline substance tends to absorb moisture from the atmosphere is highly soluble in water. It is found in some kinds of sugar-crops and is used for various skincare products and as a cleaning agent as well and also categorized as a Chemical exfoliant that develops moisture and dissolves the dead skin cell bonds. This allows the skin to reveal smoothness and looks younger.
The major sectors for the growth of Glycolic Acid are the increase in the usage of skincare products, and the household cleaning agents have also been rapidly expanded. It is a product that is used by the end-user for both domestic as well commercial purposes. The cleaning and maintenance of the surroundings have become a necessity. With such sort of growth in the application sector, the Glycolic Acid Market is expected to reach the production of 29000 tons by the end of 2030. The Global Glycolic Acid Market is expected to register a CAGR of 11.56% to reach a value of USD 415,340.1 Million by 2030.
The pandemic COVID-19 has reshaped the market in a very drastic way across the globe. The chemical sector has registered a slump in demand by the end-user applications in health care and food in the earlier time. When the impact of the coronavirus had started impacting the public and has crossed the borders, China, one of the major suppliers of the chemicals to the entire world, declined for the manufacturing of the chemicals in the very first quarter of 2020. The supply-demand management of the market got imbalanced, and the other manufactures were forced to refrain from the product or else the prices were renegotiated. During the lockdown, the Cosmetic industry was badly impacted as the market declined cosmetic production. The customers were also impacted by the lack of balance in the market and limited growth. However, the report analyses accounted that the COVID-19 is a key contributor to enhance the market revenues.
Alpha-hydroxy Acid is one of the major products that is used in cosmetic products. Apart from this, the usage of Glycolic Acid is rising in demand for glycolic Acid in the oil and refining industry as the cleaning agents and products have rapidly boosted the market growth. The demand for this chemical is gaining momentum in the many industrial sector applications such as food preservatives, textile industry, oil and gas, and pharma products as well. The enhancement in the online shopping techniques and the grown cosmetic market has established a wide-scale network.
The cosmeceutical preparation has been increased for the products; some examples are skin care creams, body lotions, oil treatments, and treatment of blackheads. Also, a very commonly used method to treat facial skin is the skin peel treatments; for this purpose, the glycolic acid acts as a base product. The driving forces in the market are the application usage by the end-user for personal care, household and industrial cleaning agent formulation will grow the Glycolic Acid demand in the forecast period.
The concentration of glycolic Acid is limited by the volatility in the raw material prices in the personal care products, and this can be a restraining factor in the market growth. Apart from this, the risen awareness in the people about the negative or ill effects of the glycolic acid usage that is leading to allergies for certain skin types and somehow it restraints the glycolic Acid globally. The developed economies have imposed stringent regulations on the manufacturers regarding the capping that is used for a pharmaceutical formulation that is acting as a barrier over the forecasted period.
The rules and regulations need to be followed by the verified agencies, and further better outcomes of the product are required. No adverse effect should be seen or accounted for that may create a negative reputation for any manufacturers in the market.
The Global Glycolic Acid Market is segmented by Source, Purity, Application, and Region. The further divisions are natural and synthetic based on the source. The Purity of the chemical is defined in percentage. The application format the manufacturing and consumption have been done by various sectors. The usage of Glycolic Acid in the market is maximum driven by the application segments. After that, based on grade, the variance has been mention. Further, the regional division has been elaborated. From 2018 till the forecast period, the global market is expected to generate the maximum revenues and profits by the application segmentation. The other segments are also maintaining the market as the chief share of the Glycolic Acid market is dependent on the production and the manufacturers. The demand and supply balance of Glycolic Acid has been propelling the global Glycolic Acid Market.
Oil Field and Petroleum Refining
Textile Dyeing & Finishing
Middle East & Africa
If we analyze the market Glycolic Acid Market geographically, the regions are split as North America and Latin America, Europe. APAC, the middle east and Africa, and the rest of the globe.
The maximum benefits and commercialization has been seen in the Asia-Pacific regions. It is predicted that this particular region will register around a CAGR of 8% and will reach $200 million shares by the end of 2030. China is the market’s largest competitor on a global scale as the raw material, and the production of Glycolic Acid is on the top. It is serving countries like India and Australia on a large scale that is making the other regions contribute to the global Glycolic Acid Market. Research has shown that markets in Latin America and the Middle East & Africa will probably catalog the CAGR to 7.3% and 7.7%, respectively, as it is accounted that the development of the major end-use enterprise such as oil and gas, pharmaceuticals, and packaging will have the higher demands in the forecast period. In 2018, North America settled for the major share in the Global Glycolic Acid Market, and around 60% of shares have been accounted for. With the growth and awareness in the medical sector by many U.S. brands, it is expected that the contribution to Glycolic Acid Market will have meaningful growth. The European market is likely to register a CAGR of 10% by the end of the forecast duration. Medical facilities have been rapidly growing in the regions like Germany, France, the U.K., and the Netherlands so, it will be a credit from the medical industry to the Global Glycolic Acid Market.
The key players in the market are strengthening the market by offering a novel cosmetic range of products ins the market. Major market producers of Glycolic Acid are in the APAC and Europe regions. Some of the other players relishing in the market include China. Many industries have developed a real stronghold in product offering, regional presence, and distribution channels.
The pharma industry produces polymers, and the high quality of pure Glycolic Acid has been used by these industries. The benefit of Glycolic Acid regards the property to absorb the moisture, and the synthetic source is used here.
Companies are involved in personal care and pharmaceuticals, and 70% solution of AHA is required for the skin, hair, oral, cleaning agents, metal plating, and other medical purposes. So the chemical distribution industry is covering all the domains and segments in the market.
Some of the key contenders are mentioned below.
China Petrochemical Corporation (Sinopec Corp) (China)
The Chemours (U.S.)
CABB Group (Germany)
Saanvi Corp (India)
Water Chemical Co. Ltd. (China)
Shandong Xinhua Pharmaceutical Co.Ltd (China)
Mehul Dye Chem industries (India)
Avid Organics (India)
Zhonglan Industry Co. Ltd. (China)
Eastman Chemical Company (U.S.)
Crosschem LP (U.S.)
Kureha Corporation (Japan)
Huizhou Foryou Medical Devices Co., Ltd (China)
BMG Incorporated (Japan)
Teleflex Inc (US
Shenzhen Polymtek Biomaterial Co., Ltd (China)
Huizhou Foryou Medical Devices Co., Ltd (China)
Nowadays, companies in the market are focusing on product innovation and acquiring a larger industry share. Recently, Allergan Pharma launched a product in the market by the name SkinMedica that is a glycolic acid-based product, and it has shown commendable results to acquire better shares in the market. Also, the expenditure on R&D has risen that gives an increased scope of the application segment to drive the product demand and the market share in the said forecast period.
In October 2018, to increase the storage and production volumes of Monochloroacetic Acid (MCAA) and its derivatives at the knapsack and Gresthofen Facility. CABB Group Gmbh invested millions of euros for the expansion, and it boosted the company’s production of Glycolic Acid at the Gresthofen Facility.
In January 2019, a new glycolic acid cream was launched by Skinceuticals. This glycolic 10 renew overnight cream that improves the skin glow by around 36% along with maintaining tolerability. This cream had shown a very positive response amongst the consumers as it has effective factors that target dullness, wrinkles. The uneven texture of the skin enriched the tone and texture by stimulating the cell regeneration that gave a brighter complexion.
The report provides an in-depth description of the product and the segmentation. The trade and production analysis is being portrayed along with the recent developments. The market players are enlisted, and the regional analysis has been done thoroughly. The domestic and global market view with CAGR percentages has been evaluated. The changes and dominance of the market players have been explained. The brief intakes of the growth analysis and the product launches by the industry have been descriptive also; in the mentioned sections, the projected growth in the forecast period has been informed that will achieve the market growth.
|Market Size||2030: 415,340.1 Million|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Source, Purity, Application, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||China Petrochemical Corporation (Sinopec Corp) (China), The Chemours (U.S.), CABB Group (Germany), Saanvi Corp (India), Water Chemical Co. Ltd. (China), Shandong Xinhua Pharmaceutical Co.Ltd (China), Mehul Dye Chem industries (India), Avid Organics (India), Zhonglan Industry Co. Ltd. (China), Eastman Chemical Company (U.S.), Corbion (Netherlands), Crosschem LP (U.S.), Kureha Corporation (Japan), Huizhou Foryou Medical Devices Co., Ltd (China), BMG Incorporated (Japan), Teleflex Inc (US, Shenzhen Polymtek Biomaterial Co., Ltd (China), Huizhou Foryou Medical Devices Co., Ltd (China)|
|Key Market Opportunities||The application usage by the end-user for personal care, household and industrial cleaning agent formulation will grow|
|Key Market Drivers||The cosmeceutical preparation has been increased for the products;|
Frequently Asked Questions (FAQ) :
The glycolic acid market is projected to grow at a 11.56% CAGR between 2019-2030.
The APAC region is expected to command the largest share in the glycolic acid market.
glycolic acid market is predicted to touch USD 415,340.1 thousand by 2030.
Skincare and facial rejuvenation segment will dominate the glycolic acid market.
Volatility in raw material cost to limit market growth.