GVR Report cover 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

  • Report ID: 978-1-68038-006-4
  • Number of Pages: 75
  • Format: Electronic (PDF)

Report Overview

The global glycolic acid market size to be valued at USD 415.0 million by 2024 and is expected to grow at a compound annual growth rate (CAGR) of 11.3% during 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 market growth further.

Glycolic Acid Market size, by application

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 are 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.

Glycolic Acid Market Trends

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

Based on application, the 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 a 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. The 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.

Glycolic Acid Market share, by region

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.

Glycolic Acid Market Trends by Region

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.

Recent Developments

  • In November 2021, Chemours Company announced a unique glycolic acid in its existing Glyclean D brand. The particular brand is utilized for a variety of domestic and commercial cleaning purposes as a sanitizer

  • In January 2022, Skinceuticals launched a new Glycol Renewal Serum. This serum is a scientifically approved product that helps combat dull skin issues

Some of the key manufacturers include

  • Parchem

  • CrossChem LP

  • Phibro Animal Health Corporation

  • DuPont

  • Griffin International

  • Chemsolv, Inc. Hair

Glycolic Acid Market Report Scope

Report Attribute

Details

Revenue forecast in 2024

USD 415.0 million

Growth rate

CAGR of 11.3% from 2016 to 2024

Base year for estimation

2015

Historical data

2013 - 2014

Forecast period

2016 - 2024

Quantitative units

Revenue in USD billion and CAGR from 2016 to 2024

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, region

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

Key companies profiled

Parchem; CrossChem LP; Phibro Animal Health Corporation; DuPont; Griffin International; Chemsolv, Inc.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Glycolic Acid Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2016 to 2024. For the purpose of this study, Grand View Research has segmented the glycolic acid market on the basis of application, and region.

Global Glycolic Acid Market Segmentation

  • Glycolic Acid Market Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)

    • Personal Care

    • Household

    • Industrial

    • Others

  • Glycolic Acid Market Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Italy

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

      • South Africa

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