Chicago, April 17, 2023 (GLOBE NEWSWIRE) -- The global Glycolic Acid Market size is estimated at USD 327 million in 2022 and is projected to reach USD 450 million by 2027, at a CAGR of 6.6%, between 2022 and 2027, as per the recent study by MarketsandMarkets™. Glycolic acid is a type of alpha hydroxyl acid (AHA) derived from natural or synthetic routes. Glycolic acid is derived naturally from sugarcane and other sources, such as beets, pineapple, milk, apples, and all kinds of citrus fruits. Synthetically, it is prepared from formaldehyde, chloroacetic acid, and oxalic acid. Glycolic acid is mainly used in the cosmetics industry for skincare products. It is a major constituent of various chemical peels. It is widely used in differing purities for chemical peels, anti-aging creams, hair care, skincare creams, and other applications.
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Browse In-Depth TOC On “Glycolic Acid Market”
192 - Market Data Tables
38 - Figures
170 - Pages
List of Key Players in Glycolic Acid Market:
- The Chemours Company (US)
- China Petrochemical Corporation (China)
- CABB Group GmbH (Germany)
- Zhonglan Industry Co., Ltd. (China)
- Water Chemical Co., Ltd (China)
Drivers, Restraints, and Opportunities in Glycolic Acid Market:
- Driver: Growing demand for glycolic acid in cosmetics industry
- Restraint: Glycolic acid-based cosmetic products cause skin problems
- Opportunity: Growing demand for biodegradable polymers to increase glycolic acid consumption
- Challenges: Stringent regulations regarding usage of glycolic acid
Key Findings of the Study:
- Technical grade is the largest grade segment of the glycolic acid market.
- Personal Care & Dermatology is the largest application segment of the glycolic acid market.
- Asia Pacific is the largest market for glycolic acid market.
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On the basis of grade, the market is segmented into cosmetic grade and technical grade. The technical grade segment led the grade segment of the market in terms of both value and volume. They are used in anti-aging creams, industrial cleaners, and medical sutures.
On the basis of application, the market is segmented into personal care & dermatology, industrial, household, and others. The personal care & dermatology application segment led the market in terms of both value and volume. The huge demand for glycolic acid-based products in the treatment of acne, hyperpigmentation, and old age effects such as fine lines, age spots, and dullness is expected to drive the demand for glycolic acid in this application. There is increasing demand for glycolic acid as a keratolytic agent for treating dermatological diseases.
The Asia Pacific region is projected to be the largest market, in terms of value. Asia Pacific is also expected to grow at the highest CAGR during the forecast period. The presence of major beauty & cosmetics market, along with rising industrialization and manufacturing activities, will drive the glycolic acid market in Asia Pacific. The glycolic acid market is also impacted by boiler cleaning application in the industrial sector. The escalating demand for glycolic acid can be largely attributed to the growing awareness of personal care and dermatology. The cosmetic industry in the Asia Pacific region is growing due to the rise in the number of working women, increased spending on cosmetic products, and growth of young population in the region. This industry is expected to contribute significantly to the growth of the glycolic acid market.
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