Brooklyn, New York, Aug. 25, 2023 (GLOBE NEWSWIRE) --
Glycolic Acid(C₂H₄O₃) is one of the types of Acid Hydroxyl Acid (AHA), which is obtained from sugarcane. It is Colourless, Odourless water-soluble, non-volatile, and less flammable that is derived from natural source. It is prepared by the reaction of formaldehyde with synthetic gas in the presence of catalyst. It is used in various industries such as personal care, Food, Mining, Water Treatment, and many more. Comprehensive analysis and insights into the global Glycolic Acid Market provide valuable information for businesses in the industry. Clarity and understanding of market trends help companies tailor their products to meet customer demands more effectively.
Glycolic Acid Market Report Overview:
The global Glycolic Acid Market report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with the provision of in-depth supporting information, data, and statistics and actionable insights. Though covered and provided extensively across the report, the data and information format are simple, yet dynamic in order to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use. According to Market Data Library analysis, Glycolic Acid Market was US$ 32.8 Million in 2022. Furthermore, the Glycolic Acid Market is to register a CAGR of 6.7% which is expected to result in a market forecast value for 2031 of US$58.80 Million.
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Glycolic Acid Market share and revenues are provided in detail for previous years in order to showcase the evidence upon which our estimations and forecasts are based. Sensor market growth rates and differences, as well as comparisons and relatable data are provided to further support all findings. Data points are provided for each year – from historical to end of the forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others.
Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, strategies, product launches, agreements, expansion, mergers & acquisitions, and others.
The global Glycolic Acid Market report is segmented according to form, source, applications and regions. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Poland, BENELUX, NORDIC, and Rest of Europe); Asia Pacific (China, India, Japan, South Korea, ASEAN, Australia & New Zealand, & Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina, & Rest of Latin America); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Egypt, Israel, and Rest of MEA).
Glycolic Acid Market Trend Analysis and Insights:
Some of the key trends Analysis and Insights of the Glycolic Acid Market:
- Personal care and Cosmetic Industry: Glycolic acid is used in cosmetic products that added the benefits of penetrating into the skin and exfoliating the outer layer of the skin. As the demand of cosmetic products are soaring, the demand of glycolic acid is increasing.
- Food Industry: Glycolic acid is used as a preservative and a flavoring agent in food. However, it is used for the food packaging. This trend boosts the market of Glycolic acid.
- Sustainability and Environmental Concern: Glycolic acid is a biodegradable substance that can replace conventional coal-derived and plastic-derived plastic materials. This Factor can drive the glycolic market in a faster manner on the behalf of environmental concerns.
- Pharmaceutical Industry: Glycolic Acid is used in treating acne, acne scars, hyperpigmentation, wrinkles as it is antiaging, antioxidant, keratolytic and anti-inflammatory. As the demand for facing these challenges, the demand of glycolic acid is climbing up the market.
- Textile Industry: Glycolic Acid is used in the textile industry as a dyeing and tanning agent. It is used in the processing of textiles, leather materials making it more supple and durable. These properties help in the growth of glycolic acid market.
- Water Treatment: Glycolic acid is used in the treatment of water for the removal of metal deposits and that can accumulate in water pipes, boilers and heat exchangers in the industries.
What Factors Are Restraining Growth of Glycolic Acid Market?
The factors that restrain the growth of Glycolic Acid Market are:
- Health and Environmental Concerns: The excessive use of glycolic acid can affect the skin and restrain the growth of the market. It causes skin irritation, swelling and inflammation of the skin. Additionally, if the chemical peel products are used on a daily basis can make the skin more sensitive to UV radiation.
- Safety Concerns: Glycolic acid is an ingredient used in various applications such as skincare. It causes skin irritation and adverse reactions, if not used in a proper manner.
- Technological Challenges: The Production of glycolic acid involves complex chemical processes. This creates the technological challenge in the production of new products that are based on glycolic acid and affects the growth of glycolic acid market.
- Production Cost: The production of high-quality glycolic acid can involve complex processes that increase the production cost. This cost affects the demand of glycolic acid among consumers and industries.
What are the Opportunities for Leading Glycolic Acid Market Manufacturers?
The opportunities for Leading Glycolic Acid Market Manufacturers are:
- Biodegradable Polymers: The process of ring polymerization of glycolide, a diester of glycolic acid make a compound named as Polyglycolic acid which is used in the medical industry. The properties such as low toxicity, degradation make a biodegradable polymer for biomedical devices and tissue engineering applications. Manufactures can innovate the use this acid in various industries that can drive the market growth of Glycolic Acid Market.
- Research and Development: Manufacturers can invest in more research on the Glycolic acid by collaborate with the research institutions, universities and organizations. The new innovation of products based on glycolic acid can drive the growth of Glycolic Acid Market.
- Rising Utilization in Industrial Cleaning Applications: Glycolic acid is used in household, industrial, and institutional cleaning applications that drives the growth of glycolic acid market. The glycolic acid-based products are also used in the other industries such as food & beverage industry due to the low corrosive and cleaning efficiency.
- Natural and Organic trends: The demand for organic and natural products is climbing up in the market, and manufacturers can explore eco-friendly and sustainable sourcing of glycolic acid and products based on this acid.
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Region-wise Analysis of Glycolic Acid Market:
What are the Factors Driving the Glycolic Acid Demand in North America Region?
In North America, the demand for glycolic-based products such as lotions, Ointments, Peel-offs, and Anti-aging creams is climbing up due to the presence of a large aging population in this region. The population is growing with the personal care products demand which boosts the demand of glycolic acid-based product market. Additionally, glycolic acid is also used in the food as a preservative and flavoring agent. The demand is increased in food industry which also drives the glycolic acid market.
What Fuels Glycolic Acid Demand in Europe?
The demand of glycolic-based products increases as the population increases in Europe. The glycolic-based products used in various industries that lead to the growth of the glycolic acid-based market. Glycolic acid is biodegradable, and non-reactive in nature. The high use of glycolic acid is in the cosmetic industry that leads to the demand of products based on glycolic acid. In this region, consumers are more focussed on nail care, and hair care which drive the glycolic acid-based products in demand.
What are the Factors Contributing to the Significant of Asia Pacific Glycolic Acid Market?
In Asia Pacific Region, the demand of cosmetic products based on glycolic acid contributes to the growth of the glycolic acid market. Glycolic acid is used in lotions, ointments, medicines and other applications. As there is an increase in rapid urbanization and population, the demand of skin care products increased. This factor leads to the growth of the glycolic acid market.
What are the Aspects that are Driving the Glycolic Acid in Latin America?
In Latin America, consumers spend on personal care products, and industrial cleaning agents, in the textile industry, drives the demand of glycolic acid. Glycolic acid-based products are used in these industries that drives the growth of the glycolic acid market. In this Region, as the population increases the demand for the products that are based on glycolic acid is growing.
What is the Stance on the Glycolic Acid Market in the Middle East and Africa?
In Middle East and Africa, the demand for glycolic acid-based products increases as they are biodegradable materials that are concerned with sustainability. The government also shows interest in investing in industries that are based on glycolic acid. Many manufacturers invest in research and development of new technologies and products that are based on glycolic acid drives the growth of the glycolic acid market in this region.
Leading Glycolic Acid Manufacturers & Competitive Landscape:
The Glycolic Acid Market is highly competitive, with several key players vying for market share and actively engaging in strategic initiatives. These companies focus on product innovation, technological advancements, and expanding their product portfolios to gain a competitive edge. These companies are continuously investing in research and development activities to enhance their product offerings and cater to the evolving needs of customers in terms of efficiency, performance, and sustainability.
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Key Developments:
- August 01, 2023: The Sale of Glycolic Acid Business to Iron Path Capital-backed Pure Tech Scientific, LLC for $123 Million, completed by Chemours
Mark Newman, Chemours President and CEO stated that the sale of the Glycolic Acid Business is consistent with our focus on sustainable growth for our three principal businesses and creating value for our shareholders and this transaction reflects our unwavering commitment to the disciplined execution of our strategy to compete where we are best positioned to win, enhance the quality of our earnings, and make meaningful investments that help solve some of the world’s biggest challenges through the power of our chemistry.
Company List:
- Avid Organics
- Cabb Group GmbH
- China Petrochemical Corporation
- Crosschem Lp
- Hebei ChengxinCo., Ltd.
- Hefei TNJ Chemical Industry Co., Ltd.
- Jiaxing Jlight Chemicals Co., Ltd.
- Phibro Animal Health Corp.,
- Saanvi Corp
- Shandong xinhua pharmaceutical co. Ltd.
- The Chemours Company
- Velocity Chemicals Ltd.,
- Water Chemical Co., Ltd
- Xinji City Taida Sinopec Co., Ltd.
- Zhonglan Industry Co., Ltd.
- Other Prominent Players
Research Scope:
| Report Metric | Report Details |
| Market size available for the years | 2021-2031 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Compound Annual Growth Rate (CAGR) | 6.7% % |
| Segment covered | Forms, Source, Purity, Applications, Regions |
| Regions Covered | North America: The U.S. & Canada Latin America: Brazil, Mexico, Argentina, & Rest of Latin America Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe The Middle East & Africa: Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA |
| Fastest Growing Country in Europe | Germany |
| Largest Market | North America |
| Key Players | Saanvi Corp, Phibro Animal Health Corp., The Chemours Company, Velocity Chemicals Ltd., Water Chemical Co., Ltd, Xinji City Taida Sinopec Co., Ltd., Zhonglan Industry Co., Ltd., Avid Organics, Cabb Group GmBH, China Petrochemical Corporation, Crosschem Lp, Hebei ChengxinCo., Ltd., Jiaing Jlight Chemicals Co., Ltd., Shandong Xinhua pharmaceutical Co. Ltd. |
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Glycolic Acid Market Segmentation:
By Forms:
- Natural
- Industrial
By Source:
- Sugarcane
By Purity:
- 99% Purity
- 60% Purity
- 30% Purity
- Others
By Applications:
- Personal care
- Food
- Textiles
- Pharmaceutical
- Adhesives
- Paints
- Household
- Water treatment and Simulation
- Others
By Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Poland
- Benelux
- Nordic
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- ASEAN
- Australia & New Zealand
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Israel
- Rest of MEA
Frequently Asked Questions:
Q: What are some key factors driving revenue growth of the global Glycolic Acid Market?
A: Some key factors driving revenue growth of the global Glycolic Acid Market are Personal care and Cosmetic Industry, Food Industry, Sustainability and Environmental Concern, Pharmaceutical Industry, Textile Industry, Water Treatment.
Q: What are some major challenges faced by companies in the global Glycolic Acid Market?
A: Some major challenges faced by companies in the global Glycolic Acid Market are Health and Environmental Concerns, Safety Concerns, Technological Challenges, Production Cost and many more.
Q: How is the competitive landscape in the global Glycolic Acid Market?
A: The market is competitive, with key players focusing on technological advancements, product innovation, and strategic partnerships. Factors such as product quality, reliability, after-sales services, and customization capabilities play a significant role in determining competitiveness.
Q: What are the potential opportunities for companies in the Glycolic Acid Market?
A: The potential opportunities for companies in the Glycolic Acid Market are Biodegradable Polymers, Research and Development, Rising Utilization in Industrial Cleaning Applications, natural and organic trends and may more.
Q: How is the Global Glycolic Acid Market segmented?
A: The market is segmented based on factors such as Source, Applications, Forms, Purity and Regions.
