The Global Glycolic Acid Market is expected to grow moderately at a CAGR of 6.09% over the forecast period 2017-2023.Glycolic Acid Market valued USD 249.9 million in 2016 and is expected to reach USD 375.5 million by the end of 2023. Rising awareness regarding skincare and hair care along with growth in personal care products are some of the prominent trends and drivers supporting the growth of global glycolic acid market. Furthermore, increasing demand for skin lightning and anti-aging products from youth population boost the skincare ingredients market. Moreover, the global glycolic acid market is propelling with the increasing spending on household cleaning. Naturally processed glycolic acid has surpassed the production of chemically processed glycolic acid, which is likely to affect the growth of the market over the forecast period, positively. However, stringent regulation regarding the concentration of glycolic acid in personal care products and availability & development of substitute such as salicylic acid are expected to hinder the market growth during the review period.
The Global Glycolic Acid Market 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. 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.
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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.
The Global Glycolic Acid Market is projected to reach USD 375.5 million by 2023 at a CAGR of 6.09% in terms of value during review period 2017-2023. Increasing demand for personal care products with the rising awareness regarding skin and hair care projected to boost the market growth during the forecast period. North America accounted for ~34% share of the global glycolic acid market followed by Europe. North America and Asia Pacific are estimated to grow at the healthy rate of 6.23% and 6.0% respectively during the forecast period. Based on source, synthetic will hold 68% of market share in 2017 as it is utilized the most in personal care products. In terms of value, synthetic will witness higher growth rate 6.49%. Based on application, personal care holds more than 28% of market share in 2016 as it is utilized the most in beauty products.
Additionally, consumers’ expenditure on beauty product has been increasing significantly from the last few years in developed and developing regions. The global oil field and textile & dying sector likely to hold around half of the market share in 2017, collectively. Increased demand for glycolic acid in the textile industry as dyeing and tanning agent projected to boost the market growth over the forecast period.
Glycolic Acid Market – Competitive Analysis
Glycolic Acid market 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. 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. Moreover, pharmaceutical companies are launching new products based on glycolic acid to increase their market share.
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