Global Glycolic Acid Market 2017-2021
About Glycolic Acid
Glycolic acid is an alpha-hydroxy acid (AHA), which is colorless, odorless, and highly soluble in alcohol. It is also derived from fruit and milk sugars. It is synthesized from ethylene glycol-oxidizing microorganisms. Glycolic acid contains a keratolytic, germinative layer and produces a fibroblast stimulating action. Its chemical formula is C2H4O3.
Glycolic acid can be formed in various ways. The common approach used is the catalyzed reaction of formaldehyde with synthesis gas to produce glycolic acid, and this method is a low-cost process. It is also formed by the reaction of chloroacetic acid with sodium hydroxide, followed by re-acidification. It is also extracted from natural sources, such as sugarcane, sugar beets, pineapple, cantaloupe, and unripe grapes.
Technavio’s analysts forecast the global glycolic acid market to grow at a CAGR of 11.50% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global glycolic acid market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Glycolic Acid Market 2017-2021
Technavio recognizes the following companies as the key players in the global glycolic acid market: CrossChem LP, Phibro Animal Health Corporation, SimcoQC, The Chemours Company, and Zhonglan Industry Co
Other Prominent Vendors in the market are: Ava Chemicals, Avid Organics, CABB, Euromi, Griffin International, Hefei TNJ Chemical Industry, Jlight Chemicals Company, Kureha Corporation, Mehul Dye Chem Industries, Simco Chemicals, and Vornia Biomaterials.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Development of new applications to manufacture shampoo for companion animals. 0Major vendors have increased their research and development activities to explore new applications. One such application is the formulation of shampoo for companion animals. Glycolic acid is used in the formulation of shampoo for companion animals, such as dogs, cats, and horses. It offers moisture and restores dry and damaged skin cells, supports natural skin barrier, helps in reducing scales and crusts, and relieves itching and irritation of the skin.”
According to the report, one of the major drivers for this market is Growing demand from cosmetics industry. Glycolic acid is largely used in personal care and cosmetics. It is used as an ingredient in major products such as skin care, nail care, hair care, and men’s care products. Increase in demand from these applications is generating huge demand for glycolic acid in the personal care segment.
Further, the report states that one of the major factors hindering the growth of this market is Availability of inexpensive alternative products. Glycolic acid is largely used in cosmetic products. The high cost of glycolic acid has made end-users look for alternatives. Many alternatives such as Jessner's trichloracetic acid (TCA), phenol, and salicylic acid are available in the market. They are cost-effective, offer similar benefits as glycolic acid, and are more effective than glycolic acid. Among these alternatives, salicylic acid is preferred the most. In addition, lactic acid is some time is preferred over glycolic acid.
CrossChem LP, Phibro Animal Health Corporation, SimcoQC, The Chemours Company, Zhonglan Industry Co, Ava Chemicals, Avid Organics, CABB, Euromi, Griffin International, Hefei TNJ Chemical Industry, Jlight Chemicals Company, Kureha Corporation, Mehul Dye Chem Industries, Simco Chemicals, and Vornia Biomaterials.