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Market Highlights:The Global Glycolic Acid Market valued USD 249.9 million in 2016 and is expected to grow at a CAGR of 6.09 % to reach USD 375.5 million by the end of 2023. Glycolic Acid consumption in the global market can be attributed to the considerable demand from various industries such as personal care, textile dyeing & finishing, oil field, and petroleum refining. It has anti-inflammatory and anti-oxidant properties, which play an important role in the manufacturing of personal care products.
Rising disposable income coupled with changing consumers’ lifestyle have considerably increased the spending on personal care, which has boosted the demand for various personal care products. Furthermore increasing demand for anti-aging products along with rising awareness regarding skincare and hair care products among youths have added fuel to the market growth. Moreover, an increasing expenditure on household cleaning has further propelled the demand for Glycolic Acid. Thus, the industrial growth has a positive influence on the demand for naturally processed glycolic acid over the chemically processed glycolic acid. However, strict regulations over the concentration of Glycolic Acid in personal care products may hamper the market growth over the assessment period. Furthermore, availability of substitute products may negatively influence the market growth over the same period.
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Segmentation:
The Global Glycolic Acid Market is segmented on the basis of source and application. On the basis of source, the Global Glycolic Acid Market is bifurcated into natural and synthetic. Based on application, the global glycolic acid market is segmented into personal care, textile dyeing & finishing, oil field, petroleum refining, and others. By source, synthetic market accounted for the 68% share in terms of value in 2016, and is projected to grow at the highest CAGR of 6.49% during the forecast period. Natural Glycolic Acid was the second largest segment in terms of value and volume in 2016. Based on the application covered in the report, the personal care accounted for nearly USD 70.0 million in 2016 at a CAGR of 6.56%. Rising health concerns and increasing expenditure on personal care in developing and developed economies have boosted the growth of the Global Glycolic Acid Market, specifically, in the personal care sector. The textile dyeing & finishing market has been expanding across the globe and is expected to grow rapidly. Due to various properties of glycolic acid it is used in keratolytic therapy, and a fibroblast stimulation, which makes it suitable for wide applications in textile dyeing & finishing, personal care, and petroleum refining.
Key Findings:
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.
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Regional Analysis:
Geographically, the Global Glycolic Acid Market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. As per MRFR analysis, North America dominated the Glycolic Acid Market and accounted for the largest share of the market in 2016. The market is expected to grow at CAGR of 6.23% across all the regions. In North America, the U.S and Canada are the major contributor to the regional market growth. The North American market is followed by Europe and Asia Pacific.
Key Points from Table of Contents:
10 Company Profile
10.1 The Chemours Company
10.1.1 Overview
10.1.2 Product Overview
10.1.3 Financial Updates
10.1.4 Key Developments
10.2 Phibro Chem
10.2.1 Overview
10.2.2 Product/Business Segment Overview
10.2.3 Financial Updates
10.2.4 Key Developments
10.3 CrossChem LP
10.3.1 Company Overview
10.3.2 Product/Business Segment Overview
10.3.3 Financial Updates
10.3.4 Key Developments
10.4 CABB Group
10.4.1 Company Overview
10.4.2 Product/Business Segment Overview
10.4.3 Financial Updates
10.4.4 Key Developments
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