Glycolic Acid Market Growth 2022-2030
Glycolic acid market is slated to grow at CAGR of 6.09% over the review period and reach USD 375.5 million by the end of 2023. Glycolic acid is an alpha hydroxyl acid (AHA) that is highly soluble in water and is odourless, colourless, and soluble at room temperature. Glycolic acid can be made naturally or by a chemical reaction. Glycolic acid is naturally produced by vegetables and fruits such as sugarcane, pineapple, and sugar beets, among others, and is rapidly acquiring market share in the worldwide glycolic acid market.
Get Sample Report PDF @ https://www.marketresearchfuture.com/sample_request/3141
Market Trends
The demand for this chemical is increasing in a variety of industrial sectors, including food preservatives, textiles, oil and gas, and pharmaceutical items. The development of online purchasing techniques, as well as the expansion of the cosmetic business, has resulted in the formation of a large-scale network. The cosmeceutical preparation for the items has been expanded; examples include skin care creams, body lotions, oil treatments, and blackhead treatment. Skin peel treatments are also a popular way to treat facial skin, and glycolic acid is utilised as a basic component in these procedures. In the projection period, the application utilisation by end-users for personal care, domestic, and industrial cleaning agent formulation will drive Glycolic Acid demand.
The volatility in raw material prices in personal care products limits the concentration of glycolic acid, which might be a stifling factor in market growth. Apart from that, people are becoming more aware of the negative or harmful effects of glycolic acid use, which is causing allergies in specific skin types and, in turn, limiting the use of glycolic acid globally. Manufacturers in developed economies are subject to strict restrictions governing the capping of a pharmaceutical formulation that acts as a barrier over the anticipated term.
Speak to Analyst @ https://www.marketresearchfuture.com/ask_for_schedule_call/3141
The global market has been drastically changed by the COVID-19 pandemic. In the past, the chemical industry experienced a drop in demand from end-user applications such as health care and food. When the coronavirus began to have an influence on the public and had crossed international borders, China, one of the world's largest chemical suppliers, rejected to manufacture chemicals in the first quarter of 2020.
Market Segmentation
Personal care, textile dyeing and finishing, oil field, petroleum refining, and other applications are segmented in the worldwide glycolic acid market growth. In the global glycolic acid market, personal care applications hold a 28 percent market share. This can be linked to rising demand for skin care and hair treatment among the youth population, as well as increased knowledge about the importance of having good skin. Textile dyeing and finishing holds the second biggest market share, owing to the product's strong compatibility with surfactants, dyes, and biocidal agents, which is likely to fuel market expansion throughout the projection period.
Regional Overview
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the five regions that make up the worldwide glycolic acid market.
In terms of both value and volume, North America has the largest market share. The United States is the top country, with a CAGR of 5.49 percent expected over the forecast period. The rising number of middle-aged women utilising anti-ageing products such as anti-wrinkle creams and acne scar removal scars is expected to fuel the industry's expansion.
Over the projection period, Asia Pacific is expected to increase significantly. Due to growing urbanisation and changing consumer lifestyles, as well as low manufacturing costs, China and India are the leading countries, prompting manufacturers to transfer production bases in order to expand market share.
Ask for Customization @ https://www.marketresearchfuture.com/ask_for_customize/3141
Competitive Dynamics
The notable players of the market are China Petrochemical Corporation (Sinopec Corp) (China), The Chemours (U.S.), CABB Group (Germany), Saanvi Corp (India), Water Chemical Co. Ltd. (China), Shandong Xinhua Pharmaceutical Co.Ltd (China), Mehul Dye Chem industries (India), Avid Organics (India), Zhonglan Industry Co. Ltd. (China), Eastman Chemical Company (U.S.), Corbion (Netherlands), Crosschem LP (U.S.), Kureha Corporation (Japan), Huizhou Foryou Medical Devices Co., Ltd (China), BMG Incorporated (Japan), Teleflex Inc (US), Shenzhen Polymtek Biomaterial Co., Ltd (China), and Huizhou Foryou Medical Devices Co., Ltd (China).
Related Reports:
Contact:
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone:
+1 628 258 0071(US)
+44 2035 002 764(UK)
Email: sales@marketresearchfuture.com
