The Chemours Company, Phibro chem, CrossChem LP, CABB Group,
Sigma-Aldrich Corporation, Zhonglan Industry Co, and Mehul Dye Chem Industries
among others are some of the prominent players at the forefront of competition
in the Global Glycolic Acid Market Trends and are profiled in MRFR Analysis.
Glycolic Acid Market Trends – Market Overview
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 Trends. Glycolic Acid Market
Trends 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.
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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
Trends 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. Commercially,
glycolic acid is prepared through synthesis of formaldehyde in presence of
catalyst. This method is widely adopted by various manufacturer owing to cost
effective and advance technology. Thus, rising expenditure on innovative and
development in production process for increasing scope of application is likely
to boost the global Glycolic Acid Market Trends. Glycolic acid is used in
formulation of polyglycolic acid which is further used in extraction of shale
gas. In addition, adoption of polyglycolic acid in absorbable medical sutures
and PET bottles owing to high biodegradability are anticipated to provide new
opportunity for market participants in coming years. Subsequently, rising
awareness about side effects in cosmetics and personal care products along with
stringent regulatory trends are hampering the market growth.
The global Glycolic
Acid Market Trends is segmented according to application as personal
care, textile dyeing and finishing, oil field, petroleum refining and others.
Personal care application is dominating with 28% of market share in global Glycolic
Acid Market Trends. This is attributed to increasing demand of skin care and
hair treatment among youth population coupled with rising awareness about
healthy skin is likely to further boost the overall market growth. The textile
dyeing and finishing segment account for second largest market share owing to
high compatibility of product with surfactants, dyes and biocidal agents is
expected to drive the market growth over the forecast period.
The global glycolic acid is divided into five regions
including North America, Europe, Asia Pacific, Latin America and Middle East
& Africa. North America accounts for highest market share in terms of value
and volume. U.S. is leading country and projected to grow at CAGR of 5.49%
during forecast period. Increasing number of middle aged women using
anti-ageing products such as anti-wrinkle and acne removal scar is likely to
propel the growth. Europe is second largest market and will continue its
dominance in coming years. Rising number of cosmetic and personal care
manufacturer especially in France, UK and Italy are anticipated to drive the
market growth. Further, stringent regulations related to consumption of glycolic
acid in household products as well as personal care is expected to drive the
market growth. Asia Pacific exhibits significant growth over the forecast
period. China and India are leading countries owing to rapid urbanization and
changing lifestyle of consumer coupled with low manufacturing cost driving
manufacturer to shift the production base in order to increase market share.
Glycolic Acid Market Trends – Competitive Analysis
Glycolic Acid Market Trends appears to be fragmented market owning to the
presence of numerous small and tier 2 players active in regional market. The
strategies traced from the analysis of recent developments of the key players
include acquisition and product launch. Migration of personal care and
household furnishing industries to emerging markets in order to tap
opportunities are further fuelling the growth of Glycolic Acid Market Trends.
Product development and joint venture or collaboration are some of the
strategies followed by regional players. Company like The Chemours Company are
prominent manufacturer in global Glycolic Acid Market Trends. Moreover,
pharmaceutical companies are launching new products based on glycolic acid to
increase their market share.
Industry/ Innovation/ Related News:
October 2016 - Chemrous has launched a new product Glypure
Gl Cosmetic grade. The launch of new product will benefit the company in adding
a new product line in Glycolic acid. Glypure is an active ingredient in
anti-aging formulation which used in many personal care and cosmetic products.
With unique advantages, this product has proven ability to be first choice for
cosmetic grade glycolic acid.
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