Glycolic acid market size worth USD 415,340 million by 2030
New York, U.S., June 07, 2022 (GLOBE NEWSWIRE) — Glycolic Acid Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Glycolic Acid Market Information by Source, Purity Level, Grade, Application and Region – Forecast to 2030“, the market is expected to grow at a CAGR of 11.56% to reach USD 415,340.1 million by 2030.
It is used in various industries, including textiles as a dyeing and tanning agent, food and beverages as a flavoring and preservative, and cosmetics as an anti-aging ingredient. Plastics and adhesives are two other industries that use them. The increasing use of glycolic acid in various applications owing to its characteristics including cell salvage and exfoliation is expected to drive the market expansion over the forecast period.
The cosmeceutical preparation of items has been expanded; examples include skin care creams, oil treatments, body lotions, and blackhead treatment. Skin peels are also a popular way to treat facial skin, and glycolic acid is a basic component of these procedures. During the projection period, the utilization of end-user applications for the formulation of household and industrial cleaning agents will drive the demand for glycolic acid. Being non-volatile and readily biodegradable, it does not induce stress cracking of stainless steel when using hydrochloric acid. It is also a useful ingredient in household cleaning solutions.
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|Market size 2030||$415,340.1 million|
|Year of reference||2020|
|Forecast units||Value (USD million)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By source, purity level, grade, application and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||The cosmeceutical preparation has been increased for the product|
|The end user for the formulation of personal care, household and industrial cleaning agents will grow|
Market Competitive Landscape:
Major players operating in the glycolic acid market are:
- Water Chemical Co. Ltd. (China)
- Zhonglan Industry Co.Ltd. (China)
- Eastman Chemical Company (USA)
- BMG Incorporated (Japan)
- Teleflex Inc (USA)
- Shenzhen Polymtek Biomaterial Co., Ltd (China)
- Shandong Xinhua Pharmaceutical Co. Ltd (China)
- China Petrochemical Corporation (Sinopec Corp) (China)
- The Chemours (USA)
- CABB Group (Germany)
- Corbion (Netherlands)
- Crosschem LP (USA)
- Kureha Corporation (Japan)
- Huizhou Foryou Medical Devices Co., Ltd (China)
- Saanvi Corp (India)
- Mehul Dye Chem industries (India)
- Avid Organics (India)
- Huizhou Foryou Medical Devices Co., Ltd (China)
Covered USP market:
The emerging global demand for glycolic acid as a cost-effective cleaning solution in the petroleum and refining industry presents significant market growth potential. By providing a low cost metal complex, glycolic acid provides cost effective cleaning. In petroleum and refinery applications, it improves cleaning and scraping processes. It also provides a biodegradable metal complexing agent without adding unwanted chemical oxygen demand to engineered products.
Due to the increasing popularity of online cosmetic shopping, most of the manufacturers and producers have established an extensive distribution network, which can contribute to the growth of glycolic acid. Continuous advancements in the cosmetics industry will lead to a recovery in the market. Glycolic acid is widely used in the production of skin care products such as face masks, creams and peels, which will fuel demand. Growing consumer knowledge, combined with an increase in per capita disposable income and improved living standards, is a major factor in increasing demand for products, especially in developing countries.
The volatility of raw material prices in personal care products limits the intensity of glycolic acid, which could be a stifling factor in the growth of the market. Apart from this, people are becoming increasingly aware of the harmful effects of using glycolic acid, causing allergies in specific skin types and in turn limiting the use of glycolic acid in the world. Manufacturers in developed economies are subject to strict restrictions governing the capping of a pharmaceutical preparation that acts as a barrier for the intended duration.
Browse the in-depth (256 pages) Glycolic Acid Market Research Report: https://www.marketresearchfuture.com/reports/glycolic-acid-market-3141
COVID 19 analysis
The COVID-19 pandemic has drastically changed the global market demand. In the past, the chemical industry has experienced a decline in demand from end-user applications such as healthcare and food. When the coronavirus began to influence the public and crossed international borders, China, one of the world’s largest chemical suppliers, refused to produce chemicals. Market supply and demand management became unbalanced, forcing other manufacturers to stop producing the goods or renegotiate their prices. The cosmetics business was severely impacted by the shutdown as the cosmetics market shrank. Market imbalance and limited growth affected customers, customers. COVID-19, on the other hand, is a key contributor to increasing market revenue, according to the report.
The synthetic segment is estimated to lead the overall segment during the forecast period.
By level of purity
The 99% purity segment will establish a strong segment during the forecast period.
The cosmetic grade segment will develop favorably during the forecast period.
The skincare and facial rejuvenation segment is estimated to show the greatest potential for growth during the forecast period.
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Due to the development of cosmetics and textile sectors in China and India, Asia-Pacific accounted for the largest market share in terms of revenue and volume and is expected to remain so during the projection period. China is a key consumer due to the strong presence of the cosmetics industry in the country to meet growing consumer demand. The region’s market would be driven by changing lifestyles and a growing population with a preference for beauty and health products. The expansion of this market can be attributed to the ever-increasing demand for glycolic acid from the ever-expanding cosmetic industry.
Due to the collective demand from the textile sector, Europe is expected to experience significant growth in the world. The region’s leading fashion company needs high-quality materials to make them into various outfits. Companies are developing unique products using modern technology to achieve this, which is expected to boost the market growth in the region.
On the other hand, North America is expected to grow significantly in the global market. The pharmaceutical industry in the United States is one of the largest users of glycolic acid, which is used to make non-harmful bio-absorbable suture material. Better quality medical tools including absorbable staples, nets, stents and screws are being produced due to technological advancements in the medical profession which will drive the expansion of the market.
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