Thursday, May 30, 2024

Glycolic Acid Market Is Expected to Grasp the Value of USD 853.41 million with Growing A CAGR of 7.7%by 2027

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Market Overview The global Glycolic Acid Market is anticipated to experience a value-based growth rate of 7.7%, transitioning from USD 469.71 million in 2019 to an estimated USD 853.41 million by 2027. Glycolic acid, an alpha-hydroxy acid (AHA), is known for its high solubility and holds the distinction of being the smallest AHA. This colorless, odorless crystalline compound is derived from various sugar crops, including sugar cane, pineapple, cantaloupe, beet sugar, and unripe grapes. The primary method of obtaining Hydro-Acetic Acid involves the reaction of chloroacetic acid with sodium hydroxide, oxalic acid hydrogenation, and cyanohydrin-mediated formaldehyde hydroxylation. The formaldehyde reaction with gas synthesis in the presence of a catalyst is the most commonly utilized method due to its cost-effectiveness.

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Applications of glycolic acid extend to the cosmetic industry, where it serves various purposes such as a skincare agent. Additionally, it finds utility in the garment industry as dyeing and tanning agents, and in the food and beverage industry for flavoring and glycerin. The compound is also integral in the formulation of adhesives and plastics.

The rising demand for skincare and hair care products containing glycolic acid is anticipated to be a significant driver for market growth. The compound’s chemical properties, including excellent water solubility and moderate acidity, make it a preferred choice for wrinkle care and wound reduction creams and ointments.

Purity Outlook: Glycolic acid with a purity of 99% holds the largest market share, fueled by its increasing use in beauty products. The demand for this high-purity acid extends across homes, pharmaceuticals, textiles, and food processing sectors. In the pharmaceutical industry, glycolic acid with 70% purity is utilized in the manufacturing of polymers for medicinal sutures and creams. Glycolic acid with 30% purity is commonly used in chemical skin peels to address various skin issues.

Application Outlook: The Personal Care segment is expected to maintain its dominance in terms of market sales and value. Hydroxy-acetic acid is a crucial element in the manufacture of anti-aging creams, lipsticks, shampoos, beauty treatment sprays, moisturizers, cleansers, and other personal care products. The textile industry also contributes significantly to the glycolic acid market, driven by the increasing demand for high-quality fabrics in the apparel sector.

Market-O-Nomics:

  • The Glycolic Acid Market was valued at USD 469.71 million in 2019, with a projected reach of USD 853.41 million by 2027.
  • The demand for glycolic acid with 99% purity is on the rise, with a revenue of USD 174.18 million in 2019 and a forecasted CAGR of 8.1%.
  • Cosmetic-grade glycolic acid generated USD 222.47 million in revenue in 2019, driven by increased daily usage of cosmetic items.
  • Textile applications contribute approximately 8.2% by value to the total market in 2019, propelled by the growing apparel industry and evolving customer lifestyles.
  • Asia-Pacific holds the largest market share, contributing around 43% of the overall market in 2019.

Competitive Landscape: Key players in the Glycolic Acid Market include Shandong Xinhua Pharmaceutical Co. Ltd., Zhonglan Industry Co. Ltd., Parchem Fine & Specialty Chemicals, China Petroleum & Chemical Corporation, Water Chemical Co. Ltd., Mehul Dye Chem Industries, Eastman Chemical Company, CABB GmbH, Avid Organics, and Saanvi Corporation. These companies have implemented various strategies to enhance their market presence.

Start-up Traction: The industry presents numerous growth opportunities, attracting startups such as Dermacell Private Limited, Acuro Organics Limited, Choice Organochem LLP, NRS Chemicals LLP, and Uniron Cosmoceutics. These startups focus on innovative products and technologies.

Deals Landscape: Mergers and acquisitions are integral to the Glycolic Acid industry. Notable deals include Merz’s asset acquisition agreement with Laboratoire HRA Pharma SAS in April 2019 and Avantium’s purchase of the properties of Liquid Light Inc. in January 2017.

Expert Insights: Industry experts predict promising developments with increased adoption of Glycolic Acid. The market is expected to witness growth in the production from personal care and household applications, particularly in developing economies. The entry of new manufacturers is anticipated, focusing on innovation and advanced technologies to reduce complexity and overall operational costs. The rise in product adoption in emerging nations is identified as a key development area for various industries.

Segments Covered in the Report: The report segments the global Glycolic Acid sector based on purity, grade, application, and region:

Purity Outlook:

  • Glycolic Acid 99%
  • Glycolic Acid 70%
  • Glycolic Acid 30%
  • Others

Grade Outlook:

  • Cosmetic
  • Technical
  • Others

Application Outlook:

  • Personal Care
  • Household
  • Textile
  • Food Processing
  • Pharmaceutical
  • Others

Regional Outlook:

  • North America (US, Canada)
  • Europe (Germany, UK, France, Benelux, Rest of Europe)
  • Asia Pacific (China, Japan, South Korea, Rest of APAC)
  • MEA (Saudi Arabia, UAE, Rest of MEA)
  • Latin America (Brazil, Rest of LATAM)

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