The
Chemours Company, Phibro chem, CrossChem LP, CABB Group, Sigma-Aldrich
Corporation, Zhonglan Industry Co, and Mehul Dye Chem Industries among others
are some of the prominent players at the forefront of competition in the Global
Glycolic Acid Market and are profiled in MRFR Analysis.
Glycolic
Acid Market – Market Overview
Glycolic
acid is alpha hydroxyl acid (AHA) which is high soluble in aqueous solution and
is generally colourless, odourless, and soluble at room temperature. Glycolic
acid is synthesized naturally as well as through chemical reaction. Glycolic
acid is produced naturally through vegetables and fruits such as sugarcane,
pineapple and sugar beets among others are gaining high importance in the
global glycolic acid market. Glycolic acid market expected to grow at CAGR of
6.09% owing to increasing use in skin and hair care products coupled with
rising development in cosmetic industry. Further, growing demand of glycolic
acid as additive in inks and paints is likely to propel the overall market
growth.
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Glycolic
acid is used in personal care and cosmetic products such as skin cream,
moisturizer, acne face lines and shampoos formulation owing to its exfoliating
property and high-water solubility. Glycolic acid market is expected to reach
USD 375.5 million by the end of 2023. Growing demand of acne products among
aging population for reducing face lines, scars and marks are further
anticipated to drive the market growth. Commercially, glycolic acid is prepared
through synthesis of formaldehyde in presence of catalyst. This method is
widely adopted by various manufacturer owing to cost effective and advance
technology. Thus, rising expenditure on innovative and development in
production process for increasing scope of application is likely to boost the
global glycolic acid market. Glycolic acid is used in formulation of
polyglycolic acid which is further used in extraction of shale gas. In
addition, adoption of polyglycolic acid in absorbable medical sutures and PET
bottles owing to high biodegradability are anticipated to provide new
opportunity for market participants in coming years. Subsequently, rising
awareness about side effects in cosmetics and personal care products along with
stringent regulatory trends are hampering the market growth.
The
global glycolic acid market is segmented according to application as personal
care, textile dyeing and finishing, oil field, petroleum refining and others.
Personal care application is dominating with 28% of market share in global
glycolic acid market. This is attributed to increasing demand of skin care and
hair treatment among youth population coupled with rising awareness about
healthy skin is likely to further boost the overall market growth. The textile
dyeing and finishing segment account for second largest market share owing to
high compatibility of product with surfactants, dyes and biocidal agents is
expected to drive the market growth over the forecast period.
The
global glycolic acid is divided into five regions including North America,
Europe, Asia Pacific, Latin America and Middle East & Africa. North America
accounts for highest market share in terms of value and volume. U.S. is leading
country and projected to grow at CAGR of 5.49% during forecast period.
Increasing number of middle aged women using anti-ageing products such as
anti-wrinkle and acne removal scar is likely to propel the growth. Europe is
second largest market and will continue its dominance in coming years. Rising
number of cosmetic and personal care manufacturer especially in France, UK and
Italy are anticipated to drive the market growth. Further, stringent
regulations related to consumption of glycolic acid in household products as
well as personal care is expected to drive the market growth. Asia Pacific
exhibits significant growth over the forecast period. China and India are
leading countries owing to rapid urbanization and changing lifestyle of
consumer coupled with low manufacturing cost driving manufacturer to shift the
production base in order to increase market share.
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Glycolic
Acid Market – Competitive Analysis
Glycolic
Acid market appears to be fragmented market owning to the presence of numerous
small and tier 2 players active in regional market. The strategies traced from
the analysis of recent developments of the key players include acquisition and
product launch. Migration of personal care and household furnishing industries
to emerging markets in order to tap opportunities are further fuelling the
growth of glycolic acid market. Product development and joint venture or
collaboration are some of the strategies followed by regional players. Company
like The Chemours Company are prominent manufacturer in global glycolic acid
market. Moreover, pharmaceutical companies are launching new products based on
glycolic acid to increase their market share.
Industry/
Innovation/ Related News:
October
2016 - Chemrous has launched a new product Glypure Gl Cosmetic grade. The
launch of new product will benefit the company in adding a new product line in
Glycolic acid. Glypure is an active ingredient in anti-aging formulation which
used in many personal care and cosmetic products. With unique advantages, this
product has proven ability to be first choice for cosmetic grade glycolic acid.
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