Glycolic Acid Market Size, Share & Trends Report

Glycolic Acid Market Size, Share & Trends Analysis Report By Application (Household, Personal Care, Industrial), By Region (North America, Latin America, Asia Pacific, MEA, Europe), And Segment Forecasts, 2016 - 2024

  • Published Date: Jul, 2016
  • Base Year for Estimate: 2015
  • Report ID: 978-1-68038-006-4
  • Format: Electronic (PDF)
  • Historical Data: 2013 - 2014
  • Number of Pages: 75

Industry Insights

The global glycolic acid market size was valued at USD 159.6 million in 2015 and is expected to register a CAGR of 11.3% over the forecast period. Growing demand for glycolic acid-based skin and hair care products is expected to drive the market over the forecast period. In addition, product properties, such as excellent water solubility and a high degree of acidity, make it an ideal choice for creams and ointments for wrinkle treatment and scar removal.

Furthermore, increasing use of the compound in emulsion polymers and additive for inks and paints is expected to propel the demand over the forecast period. Glycolic acid is present in fruits, such as beet, pineapple, and unripe grapes. Growing production of formaldehyde coupled with technological advancements to optimize the production technology is expected to boost the glycolic acid market  growth further.

U.S.glycolic acid market

In addition, rising expenditure on R&D has resulted in an increased scope of application, which is expected to drive the 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 the product usage in cosmeceutical formulations is also likely to hinder the growth. On the other hand, rising popularity of natural cosmetics is likely to positively affect the industry dynamics over the years to come.

Application Insights

Based on application, the glycolic acid market is segmented into personal care, household, and industrial. Personal care application led the market and accounted for over 60.0% of the global share owing to increasing demand for glycolic acid-based products for scalp treatment and hair nourishment.

The household cleaning segment is expected to be valued at over USD 110 million by 2024 owing to increasing product usage in bathroom and kitchen cleaners. In addition, increasing product use for cleaning hard surfaces owing to its properties, such as high surface penetration and easy biodegradability, is expected to drive the segment.

Increasing use of the product in various industrial applications, such as high purity electronics and semiconductor processing and tanning and leather dying, is expected to augment the segment growth. In addition, it is used as a raw material for the production of Polyglycolic Acid (PGA), which is extensively used in medical sutures owing to high biodegradability. However, high costs of such medical sutures may hamper the segment growth.

Regional Insights

Europe accounted for the substantial market share of over 30% in 2015 due to a rapidly developing skin and hair care industry. Increasing demand for anti-aging and acne removal creams is expected to drive the market further over the forecast period. Presence of various cosmetics manufacturers in Italy and France is also likely to boost market growth. However, stringent regulations by the European Commission regarding the product use may hinder the growth.

China is expected to exhibit the highest CAGR in Asia Pacific over the forecast period driven by increasing product use in industrial, cosmeceutical, and household applications. Furthermore, low manufacturing cost coupled with a rapidly developing economy is expected to drive the demand in the country.

Global glycolic acid market

North America accounted for the maximum share of over 35.0% in 2015. Increasing demand for anti-wrinkle and acne removal creams is expected to propel the regional market further. In addition, wide usage of the product in face peels for skin nourishment is expected to drive the market in the region over the forecast period.

Glycolic Acid Market Share Insights

Companies in the market focus on product innovation to capture larger industry share. For example, Allergan Pharma launched a range of glycolic acid-based products under the trade name SkinMedica to increase its market share. Companies also invest in R&D to develop application-specific products. Some of the key manufacturers include Parchem; CrossChem LP; Phibro Animal Health Corporation; DuPont; Griffin International; and Chemsolv, Inc. Hair and skincare manufacturers, such as Neutrogena, Garnier, St. Ives, and Clean & Clear, are the major consumers in the market.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2013 - 2014

Forecast period

2016 - 2024

Market representation

Revenue in USD Million, Volume in Tons, and CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Country scope

U.S., Canada, Mexico, Italy, Germany, France, China, India, Japan, Brazil, and South Africa

Report coverage

Revenue and volume forecast, company share, competitive landscape, growth factors and trends

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