Glycolic Acid Market Size, Share & Trends Analysis Report By Application (Personal Care, Household, Industrial, Others), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

Glycolic Acid Market Size & Trends

The global glycolic acid market size was valued at USD 302.4 million in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 9.6% from 2024 to 2030. Increasing demand of skin and hair care products containing glycolic acid is driving the market. It is also used in emulsion polymers and additives for inks & paints, further expanding the market growth. Glycolic acid is a natural compound primarily obtained from citrus fruits such as oranges and grapes. Kiwi, beets, sugarcane are other rich sources of glycolic acid. Growing production of formaldehyde coupled with technological advancements to optimize the production technology is expected to boost the market growth further.

In addition, rising expenditure on R&D has resulted in an increased scope of application, which is expected to drive product demand over the forecast period. However, high awareness levels about the negative effects of glycolic acid, such as skin allergies, are expected to restrain the market growth to some extent. Stringent regulations imposed by regulatory bodies, such as the European Union, regarding product usage in cosmeceutical formulations, are also likely to hinder growth. On the other hand, the rising popularity of natural cosmetics is likely to positively affect the industry dynamics over the years to come.

The rising need for online cosmetics and personal care products such as moisturizers, body wash, fragrances, scrubs, lipsticks, sunscreens, and others has encouraged many companies or manufacturers to develop a broad sales network, which is anticipated to drive the market. With the advent of the e-commerce sector and the growth of social media, consumer demand for high-end, unique, and novel cosmetics has also emerged. Glycolic acid is a vital element in the manufacturing of the above-mentioned goods, which is anticipated to propel industry growth, coupled with rising consumer healthcare awareness. The rising demand for glucosides in biopolymers usage, due to their harmless and excellent recyclability, represents a significant potential for glycolic acid producers. Hence, it acts as an opportunity for the manufacturers in the market.

However, the excessive use of acids in personal care & cosmetic products can damage the skin. It results in skin irritation, swelling, itching, and skin burning. In addition, chemical peeling frequently can make the skin more sensitive to UV rays and make people more prone to sunburn. If inhaled at high amounts for a prolonged time, it can harm the lungs and liver, and create respiratory ailments. Furthermore, the increasing consumer inclination toward organic products as a substitute can limit market growth.

Application Insights

The personal care segment dominated the of glycolic acid market by capturing 61.1% of market share in 2023. The increasing awareness about self-care and availability of products aligning to dermatological requirements are driving the segment growth. Consumers are proactively paying attention on grooming needs, advises from professionals and social media reviews of various products, due to which scalp & hair treatments are followed.

Glycolic acid is a vital ingredient in exfoliating products such as cleansers, toners, and peels. It helps to remove dead skin cells, unclog pores, and improve overall skin texture and appearance.

Regional Insights

North America was valued at USD 89.9 million and accounted for 29.7% of market share in 2023. High population of working women and increasing awareness among these to maintain grooming standards are driving the market. Increasing influence of social media trends and celebrity endorsements are boosting the growth as well.

U.S. Glycolic Acid Market Trends

U.S is expected to grow at CAGR at 9.5% during the forecast period. The presence of key players in the cosmetics sector and continuous R&D activities to offer enhanced products are fostering the market. The growing inclination towards youthful appearance and flawless skin & hair are shaping the market of constituents in cosmetics including glycolic acid.

Europe Glycolic Acid Market Trends

Europe is projected to expand at a CAGR of 9.4% during 2024 to 2030 due to a rapidly evolving skin and hair care industry. Increasing popularity of anti-aging and acne removing creams in European population is expected to drive the market in coming years. Additionally, global fashion hubs such as France and Italy have attracted several cosmetic manufacturers in the region, positively impacting regional growth.

Asia Pacific Glycolic Acid Market Trends

Asia Pacific dominated the market and accounted for the largest revenue share of 35.4% in 2023. It is expected to grow at a CAGR of 10.2% and retain its dominance during the forecast period. Highly populated and developing countries such as China and India are the major contributors in the segment growth.

Key Companies & Market Share Insights

Some of the key participants in the glycolic acid market are PureTech Scientific Inc.,

CABB Chemicals, CrossChem Limited, Nikko Chemicals, Avid Organics Pvt. Ltd. Companies and others.

• PureTech Scientific operates in production of nature-identical and readily biodegradable glycolic acid which is used in variety of industries including personal care products. Its objective is to offer safer and healthier products through innovations, technology and research. Company aims to deliver environmentally sustainable products by reducing carbon emission in the process.

Recent Developments

• In August 2023, The Chemours Company announced the sale of its Glycolic Acid Business. It is acquired by PureTech Scientific, LLC and backed by a private equity firm, Iron Path Capital.

Glycolic Acid Market Report Scope

Global Glycolic Acid Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and analyses the latest industry trends in each of the sub-segments from 2020 to 2030. For this study, Grand View Research has segmented the global glycolic acid market report based on application and region:

• Application Outlook (Volume, tons; Revenue, USD Million, 2018 - 2030)

  • Personal Care

  • Household

  • Industrial

  • Others

• Regional Outlook (Volume, tons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Southeast Asia

    • South Korea

  • Central and South America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia