Pune, India -- (SBWIRE) -- 03/23/2018 -- Based on Geography, the Global Glycolic Acid Market is divided into five regions: North America, Europe, Asia-pacific, Latin America, and the Middle East and Africa. Among the aforementioned regions, North America market acquired more than half of the market share in terms of value and volume in 2016.

The North American Glycolic Acid Market is divided into the U.S. and Canada. The U.S. accounted for USD 46.7 million and the major market share across the globe. The market is projected to grow at the highest CAGR of 6.26% during the forecast period. Canada holds the second position in terms of market share and is predicted to grow at a significant rate over the review period. North America is followed by Europe in terms of market share. European countries such as Germany, France, Spain, Italy and the UK are among the major contributors to the regional growth. In Europe, Germany accounted for the largest regional market share of 38% in 2016, and is projected to grow at the highest CAGR of 6.30% during the forecast period followed by the UK. The growing personal care and household industry due to developing domestic as well as commercial market, especially, in Europe and North America is expected to fuel the Global Glycolic Acid Market growth over the forecast period.

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Asia Pacific Glycolic Acid Market is mainly divided into China, Japan, India, Australia, New Zealand, and Rest of Asia Pacific. China dominated the regional market share and accounted for 2.9 kilo tons and is projected to grow at a CAGR of 5.05%. Japan holds the second largest market share followed by India. Major factors driving the market growth are rapid urbanization, increasing disposable along with rising awareness regarding skin care and hair care. Moreover increasing use of skin lightning and anti-aging products by the youth population further fuel the market growth. In the Middle East & Africa glycolic acid market growth is expected to register a moderate CAGR during the given period. Regional growth is mainly driven by the rising demand for multifunctional personal care products among the consumer and the manufacturers are focusing more on multi-ingredients in single products to address the need of consumer. However, due to hijab law tradition in the Middle East countries women cover entire body except face, which flourish the demand for cosmetic and beauty products. Moreover, rising usage of Glycolic Acid in skin care products owing to reduce marks and facial scars are driving the demand for anti-ageing products. Thus, the rising demand for skin whitening and anti-ageing products is expected to add fuel to the demand over the forecast period. Additionally, growing usage of Glycolic Acid in textile industry for textile dyeing & finishing further propels the market growth.

The major players profiled in the Global Glycolic Acid Market: The Chemours Company, Phibro chem, CrossChem LP, CABB Group, Sigma-Aldrich Corporation, Zhonglan Industry Co, and Mehul Dye Chem Industries among others.

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