Glycolic
Acid Market Overview
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.
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.
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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.
Global
Glycolic Acid Market Segmentation:
The global glycolic acid market has
been segmented on the basis of source and application.
Based on source, the glycolic acid
market has been segmented into natural and synthetic.
Based on application, the glycolic
acid market has been segmented into personal care, textile dyeing and
finishing, oil field, petroleum refining and others.
The personal care application
segment commanded for the major share in the global glycolic acid market owing
to the high demand for glycolic acid in the production of various skin care
products and hair nourishment solutions.
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Regional
Analysis:
Geographically, the global glycolic
acid market has been segmented into Europe, North America, Latin America, Asia
Pacific and the Middle East and Africa.
The North America region commanded
for the major share in the global glycolic acid market and has been forecasted
to expand at a CAGR of 6.23% during the assessment period. Rise in demand for
skin care products that have glycolic acid as their main component and growing
application of glycolic acid in various end-use industries are propelling the
growth of the glycolic acid market in the North America region. Increased
application of glycolic acid in rapidly growing personal care and textile
industries in the emerging economies such as India, China and Australia are
leading to the significant expansion of the glycolic acid market in the Asia
Pacific region.
The Middle East and Africa region
is projecting steady growth in the global glycolic acid market owing to the low
utilization of personal care products that are rich with glycolic acid and low
demand for glycolic acid in other industrial sectors of the underdeveloped
areas in this region.
Prominent
Players:
The major players profiled by MRFR
that are operating in the global glycolic acid market are the Chemours Company,
Phibro chem, CrossChem LP, CABB Group, Sigma-Aldrich Corporation, Zhonglan
Industry Co, Mehul Dye Chem Industries and others.
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