Pune, India -- (SBWire) -- 11/01/2018 --Glycolic Acid Market – 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. Glycolic acid market 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.
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 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. 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.
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Regional Analysis:
The global market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest market share in terms of value and volume in 2016, and is projected to grow at the highest CAGR of 6.23% in terms of value during the forecast period. In North America, the U.S. contributed the largest market share of 53.3% in terms of volume in 2016 and is projected to grow at the highest CAGR of 5.49% followed by Canada during the review period. Europe holds the second largest market share in 2016. In Europe, Germany dominate the regional market and is projected to grow at the highest CAGR followed by France, Spain, and the UK. The Asia Pacific market is expected to grow positively during the forecast period. Emerging economies such as India, China, Japan, and Australia are projected to grow at a significant rate owing to the growing applications in various industries such as personal care and textile dyeing & finishing.
Segmentation:
The global glycolic acid market is segmented on the basis of source, application, and region. On the basis of source, the global glycolic acid market is segmented into natural and synthetic. Based on the application, the global glycolic acid market is segmented into personal care, textile dyeing & finishing, oil field, petroleum refining, and others. On the basis of region, market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Players:
Key players of the global glycolic acid market are The Chemours Company, Phibro chem, CrossChem LP, CABB Group, Sigma-Aldrich Corporation, Zhonglan Industry Co, and Mehul Dye Chem Industries among others.
Key Findings:
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.
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Glycolic Acid Market Enhanced Demand, Performance Strategies, Revenue, Current Trends and Future Scope 2023