Growth Factors of Glycolic Acid Market
The glycolic acid market has experienced significant growth in recent years, driven by its diverse applications across various industries, including personal care, pharmaceuticals, textiles, and food processing. This organic compound, a type of alpha-hydroxy acid (AHA), has gained prominence due to its versatile uses, ranging from skincare products to industrial applications. According to the latest research by Fortune Business Insights, the global glycolic acid market, valued at USD 468.2 million in 2019, is projected to reach USD 820.3 million by 2027, growing at a compound annual growth rate (CAGR) of 7.3% during the forecast period.
Key Drivers of Growth
1. Demand in the Cosmetics Industry
Glycolic acid has become an essential ingredient in the beauty and personal care industry, especially in anti-aging and exfoliating products. It is used in chemical peels, cleansers, and moisturizers, helping to improve skin texture, reduce wrinkles, and even skin tone. As consumers continue to demand more effective skincare solutions, the adoption of glycolic acid in cosmetics is expected to rise, fueling market growth. Additionally, its ability to promote cell turnover and collagen production further enhances its appeal in the personal care sector.
2. Growing Industrial Applications
Beyond cosmetics, glycolic acid has found various industrial applications. In the textile industry, it is used as a dyeing and tanning agent, while in food processing, it serves as a preservative. These applications contribute significantly to the demand for glycolic acid. Furthermore, its role in the production of biodegradable polymers is positioning it as an eco-friendly alternative to petroleum-based chemicals, which could drive its adoption in more sustainable industries.
3. Sustainability and Organic Synthesis
In the face of growing environmental concerns, industries are increasingly seeking sustainable and eco-friendly alternatives. Glycolic acid has gained attention as a green chemical due to its biodegradability and role in organic synthesis. It can be derived from natural sources, including sugarcane, making it an attractive alternative to synthetic acids like lactic and salicylic acid. Its ability to serve as a precursor in the production of various chemicals further contributes to its growing market share.
Market Segmentation and Regional Insights
1. By Purity
The glycolic acid market can be segmented based on purity levels. Glycolic acid with a purity of 99% is expected to witness the fastest growth due to its higher efficacy in various applications, particularly in cosmetics and pharmaceuticals. The demand for high-purity glycolic acid is also spurred by its use in specialized applications where precision and performance are critical.
2. By Application
The personal care and cosmetics sector dominates the glycolic acid market. With the increasing demand for anti-aging skincare products and exfoliants, this segment is expected to maintain its lead throughout the forecast period. Additionally, the pharmaceutical and food processing industries also contribute significantly to the demand for glycolic acid, although to a lesser extent compared to cosmetics.
3. By Region
Asia Pacific led the global glycolic acid market in 2019, accounting for 39.02% of the total market share. The region’s dominance can be attributed to its strong manufacturing base, coupled with growing demand for glycolic acid in personal care products, textiles, and industrial applications. China and India, in particular, are major contributors to the market growth in this region. North America and Europe follow as key markets, driven by demand in the cosmetic and pharmaceutical sectors.
Key Market Players
Several key players are driving innovation and competition in the glycolic acid market. These include:
CrossChem Limited (U.K.)
PureTech Scientific, LLC (U.S.)
CABB Group GmbH (Germany)
Fengchen Group Co., Ltd. (China)
Nikko Chemicals (Japan)
Mehul Dye Chem Industries (India)
Junsei Chemical Co., Ltd. (Japan)
These companies are engaged in various strategies, including mergers and acquisitions, product innovations, and regional expansion, to strengthen their position in the market.
Challenges and Future Outlook
Despite its growth prospects, the glycolic acid market faces several challenges. The volatility in the price of raw materials and the availability of synthetic alternatives could impact the market dynamics. Additionally, the growing awareness of side effects associated with overuse of glycolic acid in skincare products may hinder market growth. Manufacturers will need to address these challenges by focusing on product innovation, safety, and regulatory compliance.
Looking ahead, the glycolic acid market is poised for continued growth, driven by its expanding applications in the cosmetic, pharmaceutical, and industrial sectors. The increasing preference for sustainable and eco-friendly solutions, coupled with ongoing demand for high-quality skincare products, positions glycolic acid as a key ingredient for the future.
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Million); Volume (Tons)
Segmentation Purity; Application; and Geography
By Purity
99%
70%
30%
Others
By Application
Personal Care & Cosmetics
Household
Textile
Food Processing
Pharmaceutical
Others
By Geography
North America
By Purity
By Application
By Country
U.S.
Canada
Europe
By Purity
By Application
By Country
Germany
UK
Russia
Italy
Spain
Rest of Europe
Asia Pacific
By Purity
By Application
By Country
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America
By Purity
By Application
By Country
Brazil
Argentina
Rest of Latin America
Middle East & Africa
By Purity
By Application
By Country
South Africa
Saudi Arabia
UAE
Rest of Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Emerging Trends
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Industry SWOT Analysis
- 4.3. Regulatory Analysis
- 4.4. Recent Industry Developments - Policies, Joint Ventures, New Product Launches, and Mergers & Acquisitions
- 5. Global Glycolic Acid Market Analysis, Insights and Forecast, 2016-2027
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Purity (Value/Volume)
- 5.2.1.1. Glycolic Acid 99%
- 5.2.1.2. Glycolic Acid 70%
- 5.2.1.3. Glycolic Acid 30%
- 5.2.1.4. Others
- 5.2.2. By Application (Value/Volume)
- 5.2.2.1. Personal Care & Cosmetics
- 5.2.2.2. Household
- 5.2.2.3. Textile
- 5.2.2.4. Food Processing
- 5.2.2.5. Pharmaceutical
- 5.2.2.6. Others
- 5.2.3. By Region (Value/Volume)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. Latin America
- 5.2.3.5. Middle East & Africa
- 6. North America Glycolic Acid Market Analysis, Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Purity (Value/Volume)
- 6.2.1.1. Glycolic Acid 99%
- 6.2.1.2. Glycolic Acid 70%
- 6.2.1.3. Glycolic Acid 30%
- 6.2.1.4. Others
- 6.2.2. By Application (Value/Volume)
- 6.2.2.1. Personal Care & Cosmetics
- 6.2.2.2. Household
- 6.2.2.3. Textile
- 6.2.2.4. Food Processing
- 6.2.2.5. Pharmaceutical
- 6.2.2.6. Others
- 6.2.3. By Country (Value/Volume)
- 6.2.3.1. U.S.
- 6.2.3.2. Canada
- 7. Europe Glycolic Acid Market Analysis, Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Purity (Value/Volume)
- 7.2.1.1. Glycolic Acid 99%
- 7.2.1.2. Glycolic Acid 70%
- 7.2.1.3. Glycolic Acid 30%
- 7.2.1.4. Others
- 7.2.2. By Application (Value/Volume)
- 7.2.2.1. Personal Care & Cosmetics
- 7.2.2.2. Household
- 7.2.2.3. Textile
- 7.2.2.4. Food Processing
- 7.2.2.5. Pharmaceutical
- 7.2.2.6. Others
- 7.2.3. By Country (Value/Volume)
- 7.2.3.1. Germany
- 7.2.3.2. UK
- 7.2.3.3. Italy
- 7.2.3.4. Spain
- 7.2.3.5. Russia
- 7.2.3.6. Rest of Europe
- 8. Asia Pacific Glycolic Acid Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Purity (Value/Volume)
- 8.2.1.1. Glycolic Acid 99%
- 8.2.1.2. Glycolic Acid 70%
- 8.2.1.3. Glycolic Acid 30%
- 8.2.1.4. Others
- 8.2.2. By Application (Value/Volume)
- 8.2.2.1. Personal Care & Cosmetics
- 8.2.2.2. Household
- 8.2.2.3. Textile
- 8.2.2.4. Food Processing
- 8.2.2.5. Pharmaceutical
- 8.2.2.6. Others
- 8.2.3. By Country (Value/Volume)
- 8.2.3.1. China
- 8.2.3.2. India
- 8.2.3.3. Japan
- 8.2.3.4. South Korea
- 8.2.3.5. Rest of Asia Pacific
- 9. Latin America Glycolic Acid Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Purity (Value/Volume)
- 9.2.1.1. Glycolic Acid 99%
- 9.2.1.2. Glycolic Acid 70%
- 9.2.1.3. Glycolic Acid 30%
- 9.2.1.4. Others
- 9.2.2. By Application (Value/Volume)
- 9.2.2.1. Personal Care & Cosmetics
- 9.2.2.2. Household
- 9.2.2.3. Textile
- 9.2.2.4. Food Processing
- 9.2.2.5. Pharmaceutical
- 9.2.2.6. Others
- 9.2.3. By Country (Value/Volume)
- 9.2.3.1. Brazil
- 9.2.3.2. Mexico
- 9.2.3.3. Chile
- 9.2.3.4. Rest of Latin America
- 10. Middle East & Africa Glycolic Acid Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Purity (Value/Volume)
- 10.2.1.1. Glycolic Acid 99%
- 10.2.1.2. Glycolic Acid 70%
- 10.2.1.3. Glycolic Acid 30%
- 10.2.1.4. Others
- 10.2.2. By Application (Value/Volume)
- 10.2.2.1. Personal Care & Cosmetics
- 10.2.2.2. Household
- 10.2.2.3. Textile
- 10.2.2.4. Food Processing
- 10.2.2.5. Pharmaceutical
- 10.2.2.6. Others
- 10.2.3. By Country (Value/Volume)
- 10.2.3.1. UAE
- 10.2.3.2. South Africa
- 10.2.3.3. Saudi Arabia
- 10.2.3.4. Rest of Middle East & Africa
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Glycolic Acid Market Revenue Share/Ranking Analysis, By Key Manufacturer
- 12. Company Profiles
- 12.1. China Petrochemical Corporation (Sinopec Corp.), (China)
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. The Chemours Company (U.S.)
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. CABB Group (Germany)
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. Saanvi Corp (India)
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Parchem Fine & Specialty Chemicals (U.S.)
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. Water Chemical Co., Ltd (China)
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. Shandong Xinhua Pharmaceutical Co., Ltd. (China)
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. Mehul Dye Chem Industries (India)
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Avid Organics (India)
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. Zhonglan Industry Co., Ltd. (China)
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 12.11. Eastman Chemical Company (U.S.)
- 12.11.1. Overview
- 12.11.2. Description
- 12.11.3. Product Portfolio
- 12.11.4. Financials (Data as available in public domain and/or on paid databases)
- 12.11.5. Recent Developments
- 12.12. Corbion (Netherlands)
- 12.12.1. Overview
- 12.12.2. Description
- 12.12.3. Product Portfolio
- 12.12.4. Financials (Data as available in public domain and/or on paid databases)
- 12.12.5. Recent Developments
- 12.13. CrossChem LP (U.S.)
- 12.13.1. Overview
- 12.13.2. Description
- 12.13.3. Product Portfolio
- 12.13.4. Financials (Data as available in public domain and/or on paid databases)
- 12.13.5. Recent Developments
- 12.14. Other Key Players
- 12.14.1. Overview
- 12.14.2. Description
- 12.14.3. Product Portfolio
- 12.14.4. Financials (Data as available in public domain and/or on paid databases)
- 12.14.5. Recent Developments
- 13. Appendix
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