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.
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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.
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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.
Europe is the world's second-largest market, and it will continue to be so in the coming years. The market is expected to rise because to an increase in the number of cosmetic and personal care manufacturers, particularly in France, the United Kingdom, and Italy. Furthermore, the market is predicted to rise due to strict rules governing the use of glycolic acid in household and personal care products.
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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).
Table of Content
1 Prologue
2 Market Introduction
2.1 Definition 21
2.2 Scope Of The Study 21
2.3 Market Structure 21
3 Research Methodology
3.1 Research Process 22
3.2 Primary Research 23
3.3 Secondary Research 24
3.4 Market Size Estimation 24
3.5 Forecast Model 25
3.6 List Of Assumptions 26
4 Market Insights
5 Market Factor Analysis
5.1 Supply Chain Analysis 30
5.1.1 Raw Materials 30
5.1.2 Glycolic Acid Producers 31
5.1.3 Distribution Channel 31
5.1.4 Applications 31
5.2 Porter’s Five Forces Analysis 32
5.2.1 Threat Of New Entrants 32
5.2.2 Threat Of Rivalry 32
5.2.3 Threat Of Substitutes 33
5.2.4 Bargaining Power Of Suppliers 33
5.2.5 Bargaining Power Of Buyers 33
5.3 Market Price Analysis 2010-2030 33
6 Market Dynamics
6.1 Introduction 36
6.2 Drivers 37
6.2.1 Growing Personal Care Cosmetic Industry Across The Globe 37
6.2.2 Extensive Use Of Glycolic Acid As A Cleaner 38
6.2.3 Increasing Application In The Oil Gas Industry 38
6.3 Restraints 41
6.3.1 Volatile Raw Material Prices 41
6.3.2 Limitations On The Concentration Of Glycolic Acid In Personal Care Products 42
6.4 Opportunity 42
6.4.1 Use Of Glycolic Acid In Food Industry 42
6.5 Trends 43
6.5.1 Growing Adoption Of Glycolic Acid In Water Treatment And Water Well Cleaning Processes 43
6.5.2 Application Of Glycolic Acid In Printed Circuit Boards 44
7 Global Glycolic Acid Market, By Source
7.1 Introduction 45
7.2 Synthetic 46
7.3 Natural 48
8 Global Glycolic Acid Market, By Purity Level
8.1 Introduction 49
8.2 70% Purity 51
8.3 99% Purity 52
8.4 30% Purity 53
8.5 60% Purity 54
8.6 Others 55
9 Global Glycolic Acid Market, By Grade
9.1 Introduction 57
9.2 Cosmetic Grade 59
9.3 Industrial Grade 60
9.4 Technical Grade 61
9.5 Medical 62
10 Global Glycolic Acid Market, By Application
10.1 Introduction 64
10.2 Skin Care Facial Rejuvenation 66
10.3 Household Cleaners 67
10.4 Industrial Cleaners 69
10.5 Medical 70
10.6 Oil Field And Petroleum Refining 71
10.7 Textile Dyeing Finishing 72
10.8 Electropolishing 73
10.9 Others 74
11 Global Glycolic Acid Market, By Region
11.1 Introduction 75
11.2 North America 81
11.2.1 US 85
11.2.2 Canada 89
11.3 Europe 94
11.3.1 Germany 99
11.3.2 France 103
11.3.3 UK 107
11.3.4 Italy 111
11.3.5 Russia 115
11.3.6 Spain 119
11.3.7 The Netherlands 123
11.3.8 Belgium 127
11.3.9 Austria 131
11.3.10 Rest Of Europe 135
11.4 Asia-Pacific 140
11.4.1 China 145
11.4.2 Japan 149
11.4.3 India 153
11.4.4 South Korea 157
11.4.5 Australia And New Zealand 161
11.4.6 Thailand 165
11.4.7 Malaysia 169
11.4.8 Indonesia 173
11.4.9 Rest Of Asia-Pacific 177
11.5 Latin America 181
11.5.1 Mexico 185
11.5.2 Brazil 189
11.5.3 Argentina 193
11.5.4 Rest Of Latin America 197
11.6 Middle East And Africa 202
11.6.1 Turkey 207
11.6.2 South Africa 211
11.6.3 UAE 215
11.6.4 Saudi Arabia 219
11.6.5 Israel 223
11.6.6 North Africa 227
11.6.7 Rest Of Middle East And Africa 231
12 Competitive Landscape
12.1 Introduction 236
12.2 Market Strategy Analysis 236
13 Company Profiles
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