Pune, India -- (SBWIRE) -- 10/22/2018 -- 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.
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.
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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.
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.
The report covers brief analysis of geographical region such as:
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
Glycolic acid manufacturers
Traders and distributors of glycolic acid
Production process industries
Raw material suppliers
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