Global Glycolic Acid Market Report and Forecast 2024-2032

Global Glycolic Acid Market Outlook

The global glycolic acid market size attained a value of approximately USD 350.87 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 7.1%, reaching a value of around USD 652.92 million by 2032.

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Industrial applications of glycolic acid are on the rise, particularly in the oil and refining industry where glycolic acid is commonly used as a cost-effective cleaning method. The thriving oil and gas industry, and utility of glycolic acid in cleaning and scraping processes are anticipated to contribute to the glycolic acid market growth in the coming years. Glycolic acid is non-volatile and biodegradable, and can be sourced from sugarcane, sugar beets, pineapple, immature grains, and cantaloupe, and can also be synthesised from fossil resources. Increasing production capacities for glycolic acid and streamlined supply chains are enhancing the availability and usage of glycolic acid across industries.

Rising Utilisation in Personal Care Application to Bolster the Growth of the Market for Glycolic Acid

Based on application, the personal care segment accounted for a significant share in the market for glycolic acid, owing to the rising demand for glycolic acid-based products for scalp and hair treatment. Over the forecast period, the increasing awareness about the benefits of glycolic acid on skin health and the increasing demand for skin care products among consumers are likely to bolster the consumption of glycolic acid in the skincare industry, thus, aiding the growth of this segment.

In addition, rising standards of living in developing economies of the world are encouraging more people to spend on personal care products, thereby, invigorating the market for glycolic acid. The household application segment is likely to witness a considerable growth in the forecast period. This can be attributed to the increasing use of glycolic acid in products like bathroom and kitchen cleaners, which are anticipated to witness an increased demand to maintain bathroom and kitchen hygiene.

Global Glycolic Acid Market Share by Region

Europe accounts for a significant share of the market for glycolic acid, fuelled by the increasing demand for premium cosmetics and anti-aging products. The high consumer purchasing power and increased awareness about the various skin benefits of glycolic acid are likely to bolster the market growth in the forecast period. Furthermore, the presence of the leading cosmetic manufacturers in countries like Italy and France is anticipated to be another key driver for the European glycolic acid market.

Glycolic Acid: Market Segmentation

Glycolic acid is a water-soluble alpha hydroxy acid that is derived from sugarcane. It is an odourless, colourless, and hygroscopic crystalline solid that helps to separate the connections between skin cells in the outer layers of skin and promotes exfoliation.

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On the basis of grade, the market is bifurcated into:

• Cosmetic

• Technical

The glycolic acid market segments, based on application are:

• Personal Care

• Household

• Industrial

• Others

The regional markets for glycolic acid include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Cosmetic Grade Glycolic Acid to Boost the Growth of the Market

Increasing demand for cosmetic grade glycolic acid is one of the major factors driving the growth of the market. The high degree of acidity of glycolic acid and excellent water-solubility makes it ideal for cosmetics and personal care products such as creams for wrinkle treatment, skin care, scar removal, and hair nourishment, among others. The growing ageing population is escalating the sale of anti-wrinkle products, thereby, augmenting the market for glycolic acid. The increasing disposable income and rising standards of living have resulted in heightened consumer spending on cosmetics and personal care products, which is significantly contributing to the growth of the overall market.

Over the forecast period, the rising participation of women in the workforce and increasing purchasing power are likely to motivate them to use premium products, surging the demand for glycolic acid. In addition, increasing industrial applications of the glycolic acid, such as semiconductor processing, leather dying, and others, are expected to further enhance the market growth in the forecast period.

Key Players in the Global Glycolic Acid Market

The report gives a detailed analysis of the following key players in the global glycolic acid market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Jiaxing Jilat Chemical Co., Ltd. 

• Avid Organics Pvt. Ltd.

• China Petrochemical Corporation

• Water Chemical Co., Ltd

• Zhonglan Industry Co.,Ltd.

• The Chemours Company

• CABB Group GmbH 

• Shandong Xinhua Pharmaceutical I&E Co.,Ltd

• Phibro Animal Health Corporation

• Hefei TNJ Chemical Industry Co.,Ltd.

• Spectrum Chemical Mfg. Corp.

• Merck KGaA

• CrossChem Limited

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report