Glycolic Acid Market to reach US$ 683.5 million by 2031: TMR Study

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Aug 24, 2022, 07:30 ET

Abundant use as a cleaning agent in range of household, industrial, and institutional applications underpins enormous revenue streams in glycolic acid market; applications in water treatment, dairy cleaning, and equipment cleaning in food & beverages industry generating lucrative opportunities

WILMINGTON, Del., Aug. 24, 2022 /PRNewswire/ -- The demand analysis of glycolic acid market indicates a widespread use of the chemical in diverse range of industrial cleaning applications, notably in cleaning equipment and cleaning of metals in various industries. Moreover, growing usage of glycolic acid as toner and cleanser agents in several skincare products has spurred sizable opportunities. The global glycolic acid market is projected to rise at a CAGR of 7.23% from 2022 to 2031 (forecast period).

Furthermore, attractive toxicity profile makes the chemical useful in haircare and skincare products, thereby making personal care & cosmetics one of the key market segments in glycolic acid. Industry stakeholders operating in the glycolic acid market have benefitted from good chemical stability of glycolic acid. Stridently, the growth is fueled by expansion of personal care industry in various developing and developed economies.

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Key Findings of Glycolic Acid Market Study

Widespread Use as Ingredient in Personal Care & Cosmetics Products to Propel Substantial Revenue Growth: Chemical companies in the glycolic acid market are garnering stable revenue streams from steady use of the chemical in range of personal care and cosmetics products, where it is popularly used as exfoliating and moisturizing agent. The segment accounted for the leading market share of 43.2% in 2021. The industry is keen on adopting products that are biodegradable and environmental-friendly. Furthermore, rise in demand for anti-aging cosmetic products has unlocked incredible avenue.
Rising Utilization in Numerous Industrial Cleaning Applications Presents Vast Growth Opportunities: Abundant demand in the glycolic acid market stems from the use of the chemical as a cleaning agent in several industries. The popularity of glycolic acid household, industrial, and institutional cleaning applications can be attributed to good safety profile, low corrosiveness, and remarkable cleaning efficacy. These product attributes are massively utilized in cleaning application in the food & beverages industry, dairy cleaning, and water treatment. Of note, glycolic acid 70% grade is preferred in industrial and household applications.
Growing Use in Other Applications to Expand Avenues: Firms in the glycolic acid market have diversified their revenue streams by catering to the requirements in biomedical and drug delivery applications. Over the past several years, its use in absorbable surgical sutures has bolstered sales projections in glycolic acid market. Additionally, it is preferred in making polymers used in medical implants.

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Glycolic Acid Market: Key Drivers

Rising production of personal care and cosmetics is a key driver for the glycolic acid market. Growing demand for industrial cleaners in various sectors has accelerated the utilization of glycolic acid.
Rise in demand for bio-absorbable suture material in various surgeries is fueling the market prospects. Growing biomedical applications of polyglycolic acid will expand the revenue potential.

Glycolic Acid Market: Regional Growth Dynamics

Asia Pacific is projected to be lucrative market during the forecast period. The region held a key share of the glycolic acid market in 2021. Revenue growth is propelled by rise in demand for hair care and skincare products containing glycolic acid as a key ingredient, particularly widespread demand for facewashes, cleansers, and toners. Growing demand for industrial cleaning products will open up new revenue streams in glycolic acid market.
North America is another remarkably lucrative region in glycolic acid market. Rising utilization of the products in industrial cleaning applications and massive use in cosmetics formulations are propelling profitable opportunities in the region. The regional market is projected to advance at CAGR of 6.34% during the forecast period.

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Glycolic Acid Market: Key Players

The study finds that a relatively large number of small and large-scale manufacturers and suppliers control demand and supply dynamics in the glycolic acid market.

Some of the key players are Shandong Xinhua Pharmaceutical Co.Ltd., Saanvi Corp, Hefei TNJ Chemical Industry Co.Ltd., Hebei Chengxin Co., Ltd., Water Chemical Co., Ltd., Zhonglan Industry Co., Ltd., Shandong Xinhua Pharmaceutical Co.Ltd., CrossChem LP, CABB Group GmbH, and The Chemours Company.

Glycolic Acid Market Segmentation

Grade

≤68%
70%
≥99

Application

Personal Care & Cosmetics

Hair Care
Skin Care
Others (Including Nail Care, Dental Care)

Cleaning Agents

Household
Industrial
Institutional

Regions

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Countries

U.S.
Canada
Germany
U.K.
France
Italy
Spain
Russia & CIS
Rest of Europe
China
India
Australia
ASEAN
Rest of Asia Pacific
GCC
South Africa
Rest of Middle East & Africa
Brazil
Mexico
Rest of Latin America

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