A recent report published by Infinium Global Research on the glycolic acid market provides an in-depth analysis of segments and sub-segments in the global as well as regional glycolic acid market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional glycolic acid market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global glycolic acid market. According to the report, the global glycolic acid market is projected to grow at a CAGR of above 7% over the forecast period of 2022-2028.
The revenue generated by the market was approximately more than USD 328 million in 2022 and is expected to reach over USD 532 million in 2028 and is expected to grow with a CAGR of above 7% till 2028. Glycolic acid is a type of alpha hydroxyl acid (AHA) derived from natural or synthetic routes. Glycolic acid (C2H4O3) is an alpha hydroxy acid (AHA) derived from plants, such as grapes, sugar beets, and pineapple. It is colorless, odorless, soluble in water, non-volatile, and less flammable. Exfoliants are frequently used in skincare products like cleansers, moisturizers, serums, and face masks to exfoliate dead skin cells, reduce hyperpigmentation, treat acne, and improve the penetration of other components. Additionally, it is used in textile and metal processing, printing, leather tanning, and fabric dyeing. In addition, it is used as an etching agent in oil well operations and as a key component in cleaning solutions for the home.
The market is expected to be driven by the rising demand for glycolic acid in the personal care and cosmetics sectors, particularly as a favoured ingredient in anti-aging, anti-pollution, and over-the-counter skin care products. Due to its small molecular structure and unparalleled capacity to quickly and efficiently penetrate the skin, it fights many of the harmful impacts of pollution and other anti-aging issues by washing and exfoliating the dead skin layers. Glycolic acid reduces acne breakouts, hyperpigmentation, fine lines, scars, and other age-related skin marks or spots in anti-aging and anti-pollution skincare creams, facial cleansers, gels, and scrubs. In addition to these elements, the market for glycolic acid is anticipated to be driven by the rising demand for over-the-counter skin care products (creams, toners, and masks) based on the ingredient. An alpha glycolic acid with a water base, glycolic acid is most frequently employed as a chemical component in the creation of various cosmetic and personal care products. Glycolic acid is a preferred ingredient for skincare and haircare products due to its organic nature and high exfoliating capability. Skin injury from glycolic acid, however, might be a restraint to market expansion. Increasing investments in the R&D of new innovative products based on glycolic acid is expected to offer new opportunities.
Asia Pacific accounted for a sizeable portion of the global glycolic acid market in terms of value in 2022. Throughout the forecast period, the market in the Asia Pacific region is anticipated to be very alluring. The demand for glycolic acid is expected to develop significantly as a result of rising disposable income in the area and a rise in the popularity of glycolic acid creams, face washes, toners, and cleansers among consumers. In developing nations like China and India, the cosmetics market is expanding at a healthy rate. In these nations, the demand for cosmetic products is increasing as people's standards of living rise as a result of rising income levels. Europe and North America will also be significant markets for glycolic acid in 2022 in terms of value. During the projected period, it is anticipated that the markets in Europe and North America will grow significantly.
The report on the global glycolic acid market covers segments such as purity, grade, and application. On the basis of purity, the sub-markets include 99%, 70%, 30%, and others. On the basis of grade, the sub-markets include cosmetic grade, and technical grade. On the basis of application, the sub-markets include personal care & cosmetics, household, textile, food processing, pharmaceutical, and others.
The report provides profiles of the companies in the market such as The Chemours Company, Parchem fine & specialty chemicals, CABB Group GmbH, Shandong Xinhua Pharmaceutical Co.Ltd., CrossChem LP, Avid Organics, Zhonglan Industry Co., Ltd., Hefei TNJ Chemical Industry Co.Ltd., Hebei Chengxin Co., Ltd, and Saanvi Corp.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the glycolic acid market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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