NEW
YORK, June 25, 2024 /PRNewswire/ -- The
global glycolic acid market size is estimated to grow by
USD 186.6 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 8.77% during the forecast period. Growing
demand from cosmetics industry is driving market
growth, with a trend towards development of new
applications to manufacture shampoo for companion animals using
glycolic acid. However, availability of inexpensive
alternative products poses a challenge. Key market players
include 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..
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segments, customer landscape, and companies- View the
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Glycolic Acid Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
8.77%
|
Market growth
2024-2028
|
USD 186.6
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
7.87
|
Regional
analysis
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 38%
|
Key
countries
|
China, US, Germany,
Canada, and UK
|
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 Driver
The global pet grooming market is experiencing notable growth,
projected to expand at a CAGR of over 4%. Factors fueling this
trend include an expanding animal population, increased pet
adoption, rising pet health expenditures, and a preference for
premium pet products. One emerging application in this sector is
the use of glycolic acid in companion animal shampoos. This
ingredient benefits dry and damaged skin, restores skin barriers,
reduces scales and crusts, and alleviates itching and irritation.
Despite challenges, glycolic acid veterinary shampoos represent a
significant market opportunity, contributing to the growth of the
glycolic acid market during the forecast period.
The glycolic acid market is experiencing significant growth,
with numerous companies producing and distributing this essential
ingredient. This alpha-hydroxy acid is commonly used in cosmetics
and skincare products due to its exfoliating properties. The use of
glycolic acid in anti-aging and skin lightening treatments is on
the rise. Additionally, its effectiveness in improving the overall
texture and tone of the skin is driving demand. The cost-effective
nature of glycolic acid production and its wide range of
applications make it a popular choice in the beauty industry.
Furthermore, research and development efforts are focused on
enhancing the efficacy and safety of glycolic acid products.
Overall, the glycolic acid market is expected to continue its
upward trend in the coming years.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The cosmetics industry's shift towards cost-effective
alternatives to glycolic acid, such as salicylic acid and lactic
acid, is expected to negatively impact the glycolic acid market
growth. Salicylic acid, a keratolytic agent, effectively removes
dead skin cells and treats acne, oily skin, and inflammatory
hyperpigmentation. Lactic acid, a humectant, attracts moisture and
is less irritating, making it a preferred choice in higher
concentrations for its cost-effectiveness. These alternatives offer
similar benefits to glycolic acid but with superior properties and
lower costs.
- The Glycolic Acid market faces several challenges in its
production and application. The primary challenge is the high cost
of production due to the complex process involved. Another
challenge is the inconsistent supply of raw materials, particularly
corncobs and sugarcane, which are key sources of glycolic acid.
Renewable sources like fruit waste are being explored as
alternatives. Regulations regarding the use of glycolic acid in
cosmetics and food industries also pose challenges. Producers must
adhere to strict guidelines to ensure safety and quality.
Additionally, the increasing demand for organic and natural
products calls for the development of sustainable and eco-friendly
production methods.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This glycolic acid market report extensively covers market
segmentation by
- Grade Type
- 1.1 Cosmetic grade
- 1.2 Technical grade
- Application
- 2.1 Personal care and cosmetics
- 2.2 Household cleaners
- 2.3 Industrial
- 2.4 Others
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Cosmetic grade- The
cosmetic-grade segment of glycolic acid is expected to grow
significantly due to the increasing use of personal care and
cosmetic products. Its tiny molecular structure enhances the
performance of keratin-based products, making it ideal for
skincare. Valued at $195 million in
2018, this segment is driven by demand from people seeking to
maintain a youthful appearance and prevent aging signs like
wrinkles and dark spots. Various vendors offer cosmetic-grade
glycolic acid, contributing to this growth trend.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
In the context of rapid urbanization and emerging economies, the
issue of greenhouse gas emissions has become increasingly
significant. The manufacturing sector, including chemical and
petrochemical industries, contributes substantially to carbon
footprint due to energy-intensive processes and the use of fossil
fuels. However, there is a growing demand for cost-effective
solutions to enhance energy efficiency and reduce emissions. One
such solution is the implementation of energy-efficient buildings,
which can significantly decrease the carbon footprint of
industries. Renewable power generation, such as solar, wind, and
hydroelectric power, is another promising approach. In this regard,
advanced technologies like Tube inserts for Shell and Plate frame
products, Air-cooled products, and materials like metals and
alloys, are being utilized to improve the energy efficiency of HVAC
systems. Moreover, the transition towards renewable energy sources
and the reduction of fluorinated gases in manufacturing processes
are essential steps towards mitigating greenhouse gas emissions.
The use of steel, aluminum, and copper in the production of
chemicals and petrochemicals can also be optimized to minimize
energy consumption and carbon emissions. Glycolic Acid, a popular
chemical used in various industries, is also subject to these
trends. Its production and application can be made more sustainable
by adopting energy-efficient manufacturing technologies and
utilizing renewable energy sources.
Market Research Overview
The glycolic acid market refers to the global trade of glycolic
acid and its derivatives. This organic compound, with the molecular
formula CH2(OH)2COOH, is a naturally occurring alpha-hydroxy acid
found in various fruits and sugars. Glycolic acid is widely used in
the cosmetics industry for skin peeling and exfoliation due to its
ability to penetrate deep into the skin and remove dead cells.
Additionally, it is employed in various industrial applications,
such as in the production of polymers and resins. The market for
glycolic acid is driven by its wide range of applications and
increasing demand for skincare products. The production of glycolic
acid involves fermentation of corn or other raw materials, followed
by purification and concentration processes. The market for
glycolic acid is expected to grow significantly in the coming years
due to its increasing use in various industries and the rising
demand for skincare products.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Grade Type
-
- Cosmetic Grade
- Technical Grade
- Application
-
- Personal Care And Cosmetics
- Household Cleaners
- Industrial
- Others
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio