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The global glycolic acid market size is estimated to grow by USD 154.05 million between 2022 and 2027 exhibiting a CAGR of 7.92%. Glycolic acid is an alpha-hydroxy acid (AHA), which is colorless, odorless, and highly soluble in alcohol. It is also derived from fruit and milk sugars. It is synthesized from ethylene glycol-oxidizing microorganisms. Due to its distinctive properties, it is used in various applications, such as in textiles as a dyeing and tanning agent, in food processing as a flavoring agent and as a preservative, and in personal care and cosmetics.
The growth of the market depends on several factors such as the growing demand from the cosmetics industry, the rising demand from the polyglycolic acid industry, and the growing demand in oil and refining industries.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising demand from the polyglycolic acid industry is driving growth in the glycolic acid market. In the case of polyglycolic acid production, glycolic acid is primarily used as an input for synthesis via polycondensation or ring-opening polymerization. Polycondensation of glycolic acid is one of the simplest methods, yet it yields low molecular polyglycolic acid, which is widely used in the extraction process of shale gas. The demand for polyglycolic acid from a variety of applications, especially in the field of health care, packaging, shale gas extraction, municipal engineering resins, agriculture, and filtration is expected to increase over the forecast period.
The increase in packaging demand, the rising use of polyglycolic acid, increased demand for shale gas extraction, technological progress, and increasing demand from emerging countries such as China and India are the major factors driving polyglycolic acid, which, in turn, will generate the demand for glycolic acid and thus will contribute to the growth of the global glycolic acid market during the forecast period.
The rising demand for biodegradable polymers is a primary trend in the glycolic acid market. With the ability to break down in a short period of time, bioabsorbable polymers are used for supporting the body temporarily. The most common biodegradable polymer used in the medical business is polyglycolic acid, made by ring polymerization of glycolide, a diester of glycolic acid. Excellent degradation properties and minimal toxicity are some of the principal factors that make it an appealing biodegradable polymer for medical devices and tissue engineering applications.
Moreover, glycolic acid makers will benefit greatly from the predicted high demand for polyglycolic acid-based biodegradable polymers, particularly in resorbable sutures, surgical fixation devices, and drug administration devices during the forecast period. Opportunities for glycolic acid producers are expected to be generated by the growing demand for polyglycolic acid-based biodegradative polymers, particularly in surgery and drug delivery devices. Thus, the rising demand for biodegradable polymers will augment the growth of the global glycolic acid market during the forecast period.
The negative effects of glycolic acid on the skin are a primary challenge in the market challenge. Cosmetics and personal care products use glycolic acid in great quantities. Increased exposure to glycolic acid is associated with serious irritation, inflammation, itchiness, and skin disorders. It may also worsen skin conditions and may lead to the removal of the top layer of skin. The major danger of using glycolic acid is that it causes burning of the skin. In rare cases, it may lead to a change in skin tone.
There are no side effects associated with the use of glycolic concentration acid at a reduced concentration as it is a naturally occurring product and biodegradable. Nevertheless, skin diseases pose a risk to applications with high concentrations. If glycolic acid is used properly, with adequate care and precaution, it provides a satisfactory result for skin problems such as oily skin, acne, and dry skin. These side effects act as a barrier to glycolic acid use. Such factors are expected to hamper the growth of the global glycolic acid market during the forecast period.
This report extensively covers market segmentation by Application (personal care and cosmetics, household cleaners, industrial, and others), Grade type (cosmetic grade and technical grade), and Geography (APAC, North America, Europe, South America, and Middle East and Africa).
The cosmetic grade segments are estimated to witness significant growth during the forecast period. This segment is becoming inferable from the rising reception of personal care and cosmetics products. In addition, it also acts as an impermeable substrate for keratin-based cosmetic products thanks to a feature such as the tiny molecular structure of glycol acid that contributes to improving product performance. Cosmetic-grade glycolic acid is also used in various skincare applications.
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The cosmetic grade segment was the largest segment and was valued at USD 203.02 million in 2017. In order to maintain a youthful appearance and avoid early signs of aging like dark blotches, wrinkles, or dried skin, young and older people are increasingly turning to products dedicated to preventing the effects of age. Various vendors in the market in focus are providing cosmetic-grade glycolic acid. All such factors are propelling the growth of the cosmetic grade segment of the market in focus during the forecast period.
APAC is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The growing applications of glycolic acid across a variety of end-user sectors, including personal care, cosmetics, and industrial will increase the market in APAC during the forecast period. Another factor that will increase the market growth is the increase in demand for glycolic acid in different applications, it has seen a significant increase in investment across all main segments, mainly manufacturing and consumer goods. The rising demand from personal care and cosmetics, household cleaner and industrial applications, emulsion polymers, and the ink and paint industries are driving the growth of the glycolic acid market in APAC during the forecast period.
In 2020, the outbreak of COVID-19 compelled the regional governments to impose lockdowns. However, the region observed massive growth in online orders for essential items such as personal care, cosmetics, and household cleaning products due to lockdown restrictions. On the back of this, a number of leading cosmetic companies have seen strong growth in Internet orders. As a result, the E.commerce Industry in Asia Pacific is projected to grow and demand for Glycol acid products from this region will continue to increase as countries become more dependent on smartphones and Internet penetration. The high growth potential of the regional market is expected to attract several international vendors, due to which the region is likely to post a higher CAGR than other geographic regions during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Glycolic Acid Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Avid Organics - The company offers glycolic acid such as Aviga T and Aviga HP.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Acuro Organics Ltd., Avid Organics, CABB Group GmbH, China Petrochemical Corp., CrossChem Ltd., DuPont de Nemours Inc., Glentham Life Sciences Ltd., Hefei TNJ Chemical Industry Co. Ltd., Jiaxing Jlight Chemicals Co. Ltd., Kumar Industries, Kureha Corp., Mehul Dye Chem Industries, Merck KGaA, Phibro Animal Health Corp., RXChemicals, Saanvi Corp., Shandong Xinhua Pharmaceutical I and E Co. Ltd., The Chemours Co., Water Chemical Co. Ltd., and Zhonglan Industry Co. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The glycolic acid market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Glycolic Acid Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.92% |
Market growth 2023-2027 |
USD 154.05 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.52 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acuro Organics Ltd., Avid Organics, CABB Group GmbH, China Petrochemical Corp., CrossChem Ltd., DuPont de Nemours Inc., Glentham Life Sciences Ltd., Hefei TNJ Chemical Industry Co. Ltd., Jiaxing Jlight Chemicals Co. Ltd., Kumar Industries, Kureha Corp., Mehul Dye Chem Industries, Merck KGaA, Phibro Animal Health Corp., RXChemicals, Saanvi Corp., Shandong Xinhua Pharmaceutical I and E Co. Ltd., The Chemours Co., Water Chemical Co. Ltd., and Zhonglan Industry Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Grade Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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