From 2022 to 2032, the glycolic acid market is predicted to grow at a 7% CAGR and is projected to reach US$ 988.3 million. The industry is anticipated to generate a valuation of US$ 500 million by 2022. Widespread applications in a variety of end-use sectors are anticipated to improve growth possibilities.
Sales of glycolic acid showed a 5% value CAGR during the historical period from 2015 to 2021, with the market ending at a value of US$ 475 Million. Spending on personal care and cosmetics that improve skin texture has increased over the past five years per individual. Additionally, companies that sell OTC products based on skin treatments have expanded outside of major cities and into high-potential nations.
Producers, dealers, and importers responded to the rising demand for glycolic acid and made sure that the market always had a consistent supply. Companies also increased their manufacturing capacity or improved existing output in order to maintain a consistent supply. When minimal quantities of metallic impurities are required, glycolic acid is frequently utilized. It is applied to clean copper substrates in electronics. Strong metal ion complexing abilities, low rates of corrosion, a quick pH change profile, and exceptional handling, environmental, and protective qualities are all features of glycolic acid.
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Key Takeaways from the Market Study
- From 2022 to 2032, the market for glycolic acid will expand by two times.
- Asia Pacific is predicted to be an attractive market with US$ 183 million in revenue in 2022.
- Europe is projected to be the second-most opportunistic region, accounting for more than one-third of the market.
- Personal skincare is expected to lead in terms of application, growing at a 6.3% CAGR.
- According to grade, the >99% glycolic acid category will account for 55% of sales.
“The excellent environmental, protection, handling, as well as strong metal ion complexing properties, low corrosion rates, and a fast pH adjustment profile are factors which are expected to drive glycolic acid demand during the forecast period,” claims FactMR analyst.
Competitive Landscape
The aforementioned players rely on a combination of organic and inorganic strategies to expand their presence in lucrative markets. Product launches, collaborations with key players, partnerships, acquisitions, and the strengthening of regional and global distribution networks are examples of these strategies.
- In January 2019, Skinceuticals introduced Glycolic 10 Renew Overnight, a new glycolic acid cream that improves skin glow by 36% while remaining tolerable. The cream effectively treats dullness, fine lines, and uneven skin texture. It promotes cell regeneration, resulting in improved tone, texture, and a brighter complexion.
- In November 2021, The CABB Group, a global leader in contract development and manufacturing (CDMO) for crop science and life sciences, announced a corporate structure change today.
Key Segments Covered in the Glycolic Acid Industry Report
- Glycolic Acid by Grade :
- Glycolic Acid ≤68%
- Glycolic Acid 70%
- Glycolic Acid ≥99%
- Glycolic Acid by Application :
- Personal Care & Cosmetics
- Skin Care
- Hair Care
- Others (including Nail Care and Dental Care)
- Plant Growth Stimulation
- Food Flavoring & Preservation
- Polyglycolic Acid (PGA) Manufacturing
- Cleaning Agent
- Household
- Industrial
- Institutional
- Oil & Gas
- Electronics
- Leather Dyeing & Tanning
- Other Applications (including Biomedical & Drug Delivery and Gas Barrier Packaging)
- Personal Care & Cosmetics
- Glycolic Acid Market by Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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The market for thermoplastic elastomers is divided into the automotive, building & construction, footwear, wires & cables, medical, engineering, and other sectors based on the end-use industry.
A rise in automotive sales has been noted recently all over the world, and this has increased activity in the manufacture of automobiles and automotive parts, which is anticipated to primarily fuel the growth of the TPE market in the long run. In order to broaden the scope of their operations, major players in the thermoplastic elastomers market are concentrating on releasing new products that are intended for usage in the automotive and other industries.
Country-wise Analysis
How will Glycolic Acid Industry Grow in the Asia Pacific?
On the other hand, the Asia Pacific market is anticipated to expand at the fastest rate. In 2022, the Asia Pacific market is anticipated to generate US$ 183 million in sales. increased disposable income and increased demand for natural products will support in-market possibilities.
The region’s prosperity will also be considerably aided by the booming textile sector. Other significant elements are an increase in consciousness and a greater level of living. India, China, Japan, South Korea, Singapore, and Thailand are important markets in the area.
Challenges and Future Outlook
While the thermoplastic elastomers market holds immense promise, it also faces certain challenges:
- Competition from Rubber: Traditional rubber materials still dominate specific applications due to their long-standing reputation for performance and durability.
- Material Cost: TPEs can be more expensive than conventional plastics, which can be a barrier to adoption in some industries.
However, ongoing research and development efforts are addressing these challenges, focusing on enhancing TPE performance, reducing costs, and developing new formulations that can cater to a wider range of applications.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global glycolic market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of grade (< 68%, 70% and >99%), and application (personal care & cosmetics, plant growth stimulation, food flavoring & presentation, polyglycolic acid (PGA) manufacturing, cleaning agent, oil & gas, electronics, leather dyeing & tanning, and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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