The global Glycolic Acid Market is forecast to reach USD 853.41 Million by 2027, according to a new report by Reports and Data. The continuous growth of the makeup sector would contribute to a business upswing. Glycolic acid is used mainly in the manufacture of different skincare items, such as creams, face masks, and peels, which would cause this demand to expand. Increasing market perception, coupled with a rise in disposable per capita income with improving quality of life, mainly in India and China, are the main driving factors for growth in the industry. Since the advent of e-commerce, online companies, the proliferation of social networks, and customer demand in fresh, luxury, and various goods have emerged as a critical driver for the overall market growth. Increasing online buying demand for cosmetic products has allowed most manufacturers or suppliers to build up an extensive distribution network that, in effect, will stimulate hydroacoustic acid market development. Cosmetic items include serum for skin and anti-aging, lipsticks, mascara, sprays for hair care, moisturizers, cleansers, soap, scent, body wash, among many. About 95% of such items use hydroxyacetic acid as a raw material because it has benefits for the skin such as reduction of black circles, uneven pigmentation, widening of pores, dead skin, and enhancement of overall safety. Glycolic acid demand is also gaining popularity in other applications such as food preservatives, textiles, home appliances, automobiles, oil gas, and pharmaceutical products.
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Key participants include Shandong Xinhua Pharmaceutical Co. Ltd., Water Chemical Co. Ltd., Mehul Dye Chem Industries, Zhonglan Industry Co. Ltd., Parchem Fine Specialty Chemicals, China Petroleum Chemical Corporation, Eastman Chemical Company, CABB GmbH, Avid Organics, and Saanvi Corporation, among others.
Besides, expanded usage of the compound in emulsion polymers and ink and paint additives is projected to drive demand over the forecast era. There is glycolic acid in vegetables, such as corn, pineapple, and unripe grapes. Increasing formaldehyde development, coupled with technological advancements to automate production technologies, will fuel the glycolic acid demand further. Increasing RD spending has also culminated in an expanded market spectrum, which is projected to boost product demand across the forecast timeframe. Nevertheless, it is anticipated that high rates of knowledge regarding the adverse consequences of glycolic acids, such as skin allergies, would somehow inhibit market development. Strict regulations placed on the use of products in cosmeceutical formulations by regulatory bodies, such as the European Union, are also likely to impede production. On the other side, the growing appeal of natural cosmetics is expected to positively influence the dynamics of the industry in the coming years.
In 2019 Europe accounted for a considerable market share owing to a rapidly expanding skin and hair care industry. Increasing demand for anti-aging and acne treatment creams is anticipated to boost the business over the projected era further. Also possible is the involvement of numerous cosmetics producers in Italy and France to fuel business demand. Strict European Commission regulations on the usage of the drug, however, can impede production. China is projected to show Asia Pacific's highest CAGR over the forecast period, led by expanded drug usage in automotive, cosmeceutical, and household applications. Also, low production costs, combined with a rapidly emerging economy, are projected to fuel demand in the country. In Latin America, growing customer understanding of processed food and drinks has contributed to the application of hydroacoustic acid as a nutritional preservative and flavoring agent, further encouraging the development of the demand for glycolic acid. It is predicted the Middle East Africa will experience substantial demand development. Growing usage of hydroxyacetic acid in various applications that involve cosmetics manufacturing, household cleaning and textile is responsible for the growth of the demand in this area.
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Market Dynamics:
The emergence of COVID-19 pandemic has highlighted the importance of incorporating advanced technologies in manufacturing and production processes and increased investments in developing robust technological solutions. Companies operating in the market ramped up the value chain and global supply chain to cater to the growing global demand for disinfectants, sanitizers, and other chemicals, thereby accelerating revenue growth of the market. Capitalizing on the emerging trends such as sustainable packaging, rising demand for consumer personal care products, increasing need for packaged drinking water, and a paradigm shift to regional and local value chain have significantly contributed to the market revenue growth and are expected to be prevalent over the coming years.
Further key findings from the report suggest
- Based on the purity, glycolic acid 30% generated a revenue of USD 110.85 million in 2019 and believed to rise with a CAGR of 7.2% in the forecast period attributable to its broad applications such as chemical skin peels, enhancing dry skin, aging, lowering face folds, growing wrinkles, and rejuvenating the skin’s surface.
- The personal care application is the major contributor to the Glycolic Acid Market. The personal care sectors of the Asia Pacific region are the major shareholder of the market and held around 53.1% of the market in the year 2019, due to the growing demand from the cosmetics industry for the manufacturing of anti-aging creams, lipsticks, shampoos, beauty treatment sprays, moisturizers, cleansers, scrubbing, fragrances and body wash items to enhance and cure the skin and aging properties.
- In Europe, the Italian market is projected to display the most substantial growth rate of over 7.9% in the timeframe from 2020 to 2027 due to improved demand for glycolic acid in the manufacture of skincare moisturizers and face peels. Additionally, the rising market by cosmetics manufacturers in the country for glycolic acid is projected to fuel demand for the drug over the forecast era.
- The Asia Pacific dominated the market for Glycolic Acid in 2019, due to the cosmetic industry's large footprint coupled with the increasing lifestyle and rising population with a tendency toward facial appearance. Asia Pacific region held approximately 43% of the market, followed by North America, which contains around 20% market in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Glycolic Acid Market on the basis of purity, grade, application, and region:
Purity Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
- Glycolic Acid 99%
- Glycolic Acid 70%
- Glycolic Acid 30%
- Others
Grade Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Million; 2017-2027)
- Cosmetic
- Technical
- Others
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
- Personal Care
- Household
- Textile
- Food Processing
- Pharmaceutical
- Others
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Million; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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