Glycolic acid is widely used as an intermediate in the formulation of various skin and hair care products, and acts as an exfoliating and moisturizing agent. Thus, increase in demand for skin and hair products becomes a key driving factor for the sales of glycolic acid.
It is used for the variety of applications in the chemical industry, which includes the production of polyglycolic acid. In the industrial and research application, polyglycolic acid is used to make drug delivery systems for small-molecule drugs, proteins, and macromolecules. Because of its tuneable mechanical properties, biodegradability, and biocompatibility, it’s often used in a variety of tissue-engineering applications. In the near time, this trend is projected to boost global demand for polyglycolic acid.
As per a new report published by Fact.MR, the glycolic acid market is poised to expand at a CAGR of around 7% over the next ten years.
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“Glycolic acid demand for personal care and cosmetics is expected to rise at an exponential rate,” says a Fact.MR analyst.
Key Market Segments Covered
- Grade
- Glycolic Acid ≤68%
- Glycolic Acid 70%
- Glycolic Acid ≥99%
- Application
- Personal Care & Cosmetics
- Plant Growth Stimulation
- Food Flavoring & Preservation
- Polyglycolic Acid (PGA) Manufacturing
- Cleaning Agent
- Household
- Industrial
- Institutional
- Oil & Gas
- Electronics
- Leather Dyeing & Tanning
- Others (including Biomedical & Drug Delivery and Gas Barrier Packaging)
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- Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Takeaways from Market Study
- In 2020, the global glycolic acid market was worth over US$ 270 million
- Global demand for glycolic acid is projected to register a CAGR of more than 7% during the assessment period
- Primary factor expected to drive the market is rising use of skin care and hair care products around the world
- The Asia Pacific region dominates the global market as compared to other regions
- As a natural alternative to synthetic chemicals in beauty products, formaldehyde-free glycolic acid is widely used
- Use of formaldehyde-free glycolic acid as a clean alternative to synthetic chemicals is increasing in beauty products
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Winning Strategy
Glycolic acid is being used more often in skin care products and in the pharmaceutical industry to treat a variety of skin diseases. Glycolic acid producers are also looking to expand their business in the textile industry, where they can use it in dyeing and the production of tanning agents.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of theglycolic acid market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of grade (glycolic acid ≤68, glycolic acid 70%, and glycolic acid ≥99%) and application (personal care & cosmetics (under which hair care, skin care, others (including nail care and dental care)) and plant growth stimulation, food flavouring & preservation, polyglycolic acid (PGA) manufacturing, cleaning agent (under which household, industrial, institutional), electronics, oil & gas, leather dyeing & tanning, and others (including biomedical & drug delivery, and gas barrier packaging), across major regions of the world (North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Russia & CIS, Rest of Europe), Asia Pacific (China, Japan, India, ASEAN, Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa (GCC, South Africa, and the Rest of Middle East & Africa).
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