The global glycolic acid market is expected to reach USD 415.0 million by 2024, according to this new report. Growing use of the product in various applications including personal care and household is expected to drive demand. The product is extensively used in the manufacturing of cleaning agent formulations as well as skin care creams, thus promoting its growth.
Personal care application is expected to be valued at over USD 96.0 million in 2015 driven by increasing use of the product in cosmeceutical preparations such as skin creams, lotions for treatment of blackheads, acne face lines and the treatment of oiliness. In addition, the demand for glycolic acid based skin peels for face cleansing is expected to bolster the demand over the forecast period.
Growing use of the product in shampoo formulations for treatment of dandruff and hair conditioning is expected to augment demand over the projected period. However, availability of alternate products such as salicylic acid coupled with stringent regulations by bodies such as Food and Drug Administration (FDA) limiting the concentration of glycolic acid in personal care products is expected to restrain growth.
Further key findings from the report suggest:
The industrial application segment is expected to be valued at over USD 42.0 million by 2024 owing to its increasing application scope in concrete removal, dairy and food equipment cleaner, industrial chemical manufacturing, oil and petrol refining and metal cleaning & finishing. Superior properties exhibited by the product including corrosion resistance, negligible odor, low toxicity, and low inflammability are expected to promote its use over the forecast period.
In Europe, the market in Italy is expected to exhibit highest growth rate of over 11.5% from 2016 to 2024 owing to increasing demand for glycolic acid in the production of skin care creams and lotions and face peels.
Asia Pacific is expected to witness highest CAGR of over 12.0% over the period 2016 to 2024 driven by rising demand for glycolic acid based household cleaners coupled with a growing demand for beauty products.
Key players in the industry include Parchem, DuPont, CrossChem LP, Phibro Animal Health Corporation and Chemsolv Inc.
Key Topics Covered:
1. Methodology and Scope
2. Executive Summary
3. Glycolic Acid Industry Outlook
4. Glycolic Acid Application Outlook
5. Glycolic Acid Regional Outlook
6. Competitive Landscape
- Sigma Aldrich
- E.I.DuPont de Nemours and Company
- CrossChem LP
- Parchem fine and specialty chemicals
- Simco Chemicals
- Phibro Animal Health Corporation
- Griffin International Inc.
- Mehul Dyechem Industries
For more information about this report visit http://www.researchandmarkets.com/research/dgz2lr/glycolic_acid
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/research-and-markets---glycolic-acid-market-to-reach-415-million-by-2024-key-players-are-parchem-dupont-crosschem-phibro-animal-health-and-chemsolv-300341225.html
SOURCE Research and Markets