Glycolic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The global glycolic acid market reached a value of US$ 398 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 599 Million by 2027, exhibiting a CAGR of 7.28% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use indusrties. These insights are included in the report as a major market contributor.
Glycolic acid (C2H4O3) is an alpha hydroxy acid (AHA) derived from plants, such as grapes, sugar beets, and pineapple. It is colorless, odorless, soluble in water, non-volatile, and less flammable. It is widely used as an exfoliant in skincare products, such as cleansers, moisturizers, serums, and face masks, to fight acne, fade hyperpigmentation, remove dead skin cells, and increase the penetration of other ingredients. It is also utilized in leather tanning, fabric dyeing, printing, and textile and metal processing. Besides this, it finds application as an etching agent in oil well operations and a primary ingredient in household cleaning products.
Glycolic Acid Market Trends:
Glycolic acid is used in over-the-counter (OTC) products, such as lotions, sunscreens, and creams, to treat psoriasis, melasma, scarring, skin discoloration, fine lines, wrinkles, and seborrheic keratosis. Inflating income levels, the rising influence of social media, and increasing focus on physical appearances are escalating the demand for personal care products worldwide. This represents one of the key factors strengthening the market growth. Apart from this, glycolic acid is employed in the food and beverage (F&B) industry as a preservative, flavoring agent, and adhesive for packaging products. Due to rising environmental concerns, it is also gaining traction in the manufacturing of economic and biodegradable cleaning products for industrial and household applications. Moreover, the leading players are investing in research and development (R&D) activities to enhance product efficacy and effectiveness. This is anticipated to expand the application of glycolic acid in the production of biomedical devices, such as staples, sutures, implants, and meshes.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global glycolic acid market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on source, purity level and application.
Breakup by Source:
Breakup by Purity Level:
Breakup by Application:
Personal Care and Cosmetics
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Avid Organics, CABB Group GmbH, China Petrochemical Corporation, CrossChem Limited, Mehul Dye Chem Industries, Merck KGaA, Parchem fine and specialty chemicals, The Chemours Company, Tokyo Chemical Industry Co. Ltd, Water Chemical Co. Ltd and Zhonglan Industry Co. Ltd.
Key Questions Answered in This Report:
How has the global glycolic acid market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global glycolic acid market?
What are the key regional markets?
What is the breakup of the market based on the source?
What is the breakup of the market based on the purity level?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global glycolic acid market and who are the key players?
What is the degree of competition in the industry?
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