New York, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global glycolic acid market size is slated to expand at ~9.60% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 4 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022.The major element for the expansion of the market is the growing production of textiles. For instance, around 23 million metric tons of textile fibers were manufactured globally in 1975. That amount has nearly quadrupled by 2021, topping about 112 million metric tons. Glycolic acid is employed as a dyeing and tanning agent in the textile industry. It strengthens color fastness and aids in dye fixing. Additionally, it aids in the tanning process, thereby enhancing the suppleness and durability of leather.
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Moreover, environmental concerns in this decade are motivating eco-toxicological component regulation. In excess of about 3 gigatons of greenhouse gases are produced by the chemical sector each year globally. In that setting, industrial environments' health and safety throughout the application, storage, use, and disposal of chemicals occupie the spotlight. These laws have enforced strict regulations as well as modifications to chemical finishes and processing methods. As a result, these elements are promoting the market for glycolic acid in industrial applications.
Growing Production of Plastic to Boost the Growth of Global Glycolic Acid Market
Numerous industries, including food & beverage, consumer goods, automotive, and electrical & electronics, are experiencing an increase in demand for plastic. As a result, the production of plastic is surging. However, the use of petroleum is high in plastic production which further leads to environmental issues. It is believed that by 2050, approximately 19% of oil & gas in the world will be used to produce plastic. Hence, the market demand for glycolic acid is estimated to grow. Glycolic acid (GA) is a potential component for the production of biodegradable polymers that could replace traditional coal-derived and petroleum-derived plastics.
Glycolic Acid Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Urban Population to Drive the Market Growth in Asia Pacific
The glycolic acid market in Asia Pacific is projected to capture the highest share of about ~38% over the projected period. This growth of the market in this region could be owing to the growing urban population. Asia is inhabited by a greater than 2.2 billion people, or 54% of the world's metropolitan population. In Asia, another 1.2 billion people are expected to reside in urban areas by 2050, a growth of 50%. As a consequence, the construction projected in this region is stated to surge which is further projected to boost market growth. This is because glycolic acid is slated to be used in tile flooring.
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Surge in Disposable Income to Influence the Market Expansion in North America
The glycolic acid in the North America market is poised to gather a significant market share of about ~24% over the coming years. This could be on account of rising disposable income. For instance, In the United States, disposable personal income reached about 20268 USD billion in August from approximately 20222 USD billion in July of 2023. Therefore, their spending on cosmetics is surging. As a consequence, the market demand for glycolic acid is set to increase as it is utilized in pharmaceutical as skin care agents.
Glycolic Acid, Segmentation by Application
- Personal Care & Dermatology
- Tanning & Dyeing
- Agriculture
- Medical
- Food
The personal care & dermatology segment is estimated to capture the highest share of about ~40% over the coming years. This could be owing to growth in number of people suffering through skin disease. Public health is seriously affected by skin-related issues. Between 40% and 70% of people worldwide are affected by them, and they are the most common cause of consultation in general practice.
Glycolic Acid, Segmentation by Grade
- Cosmetic Grade
- Technical Grade
- Pharmaceutical Grade
- Industrial Grade
The cosmetic grade segment is projected to garner the significant growth in the market over the forecast period. This growth in the segment share could be owing to rise in number of people using cosmetics. Currently, approximately 57% of America woman spend of organic and natural products for skincare.
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A few of the well-known industry leaders in glycolic acid market that are profiled by Research Nester are China Petrochemical Corporation, The Chemours Company, CABB Group, Saanvi Corp, Parchem Fine & Specialty Chemicals, Water Chemical Co, Ltd, Shandong Xinhua Pharmaceutical Co., Ltd., Mehul Dye Chem Industries, Avid Organics, Zhonglan Industry Co, Ltd., Eastman Chemical Company, and others.
Recent Development in the Glycolic Acid Market
- The Chemours Company has introduced a brand-new glycolic acid solution called Glyclean D, which is used for a variety of institutional and home cleaning tasks.
- The production of this product has received funding from the French government totaling $1,012,00,000. The Metabolic EXplorer (METEX) was given glycolic acid (GA).
- Skinceuticals just introduced the glycolic acid lotion Glycolic 10 Renew. The skin glow is increased by 36% over night while still being tolerable. Targeting dullness, fine lines, and uneven skin texture is effectively done by the cream. It encourages cell regeneration to produce skin with improved tone, texture, and clarity.
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