San Francisco, CA -- (SBWIRE) -- 05/15/2014 -- Glycolic acid is an Alpha Hydroxyl Acid used extensively in applications such as Industrial, Personal Care and Household cleaning among others. Glycolic acid is naturally available but commercially is manufactured using formaldehyde. It is used as a key ingredient in products which fight signs of ageing and considering that anti ageing products are expected to be the fastest growing personal care product segment over the forecast period, glycolic acid demand is expected to grow at a substantial pace over the next five years. A single North American producer dominated the market and accounted for over 60% of the production in 2012. The manufacturing of PGA (Polyglycolic Acid) is also expected to be a key application segment for glycolic acid market and is expected to witness appreciable growth from 2013 to 2018.
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Personal Care products were the largest consumers of glycolic acid in 2012 and accounted for over 50% of the global consumption. Skincare and haircare are the two most important users of glycolic acid owing to the acids anti oxidation and exfoliating properties. The growing consumer awareness regarding the benefits of glycolic acid makes it an ideal ingredient in moisturizers, face peels, shampoos and conditioners. In addition, the rising use of anti ageing products by younger population in developed and emerging nations is expected to drive the demand. The other key application was PGA (Polyglycolic Acid) which is extensively used in the manufacturing of medical devices. PGA is derived from glycolic acid and is biodegradable in nature resulting in its use in the manufacturing of absorbable sutures. With the improvement in medical technologies in countries such as India, China, Brazil and Russia, the demand for absorbable sutures is expected to outpace the demand for non-absorbable sutures resulting in direct pressure on the demand for PGA. Glycolic acid is as used as a industrial and household cleaner.
North America and Europe were the largest consumers of glycolic acid owing to the predominant personal care product manufacturing in these regions. These regions together accounted for over 60% of the global consumption and are expected to remain market leaders over the forecast period. However, Asia Pacific is expected to be the fastest growing market over the forecast period and is expected to grow at a CAGR of over 12% from 2013 to 2018. The growing awareness of benefits of glycolic acid as a personal care product ingredient coupled with improved lifestyle is expected t be a key driver for this market. In addition, the growing ageing population of countries such as China and Japan would result in increased demand of glycolic acid based anti ageing creams.
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Our market research study takes a closer look at the salicylic acid industry, providing a holistic perspective on market dynamics, trends, supply and demand. Our report deep-dives into the market and segments it on multiple levels and providing key insights on a macro as well as micro level. The study aims at providing granular information, regarding estimates and forecasts for key applications including pharmaceuticals, cosmetics, food and preservative and others, along with yearly forecast up to 2018. The report also provides the same level of information for key regional markets.
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