Glycolic Acid Market Size, Share, Growth Analysis, By Purity(99%, 70%, 30%, Others), By Application(Personal Care & Cosmetics, Household, Textile, Food Processing), By Grade(Cosmetic grade and technical grade), By Region - Industry Forecast 2024-2031

Glycolic Acid Market Driver

• Alpha-hydroxy Acid is in high demand in the cosmetics sector, which will support market expansion: According to data from L'Oréal, the global market for cosmetics increased by more than 8.0% in 2021. More than 40% of the worldwide glycolic acid market was made up of products for skin care in 2021. Online businesses, the growth of social networks, an increase in per capita disposable income, and consumer interest in new, high-end, and distinctive items have emerged as key drivers of the overall growth of the cosmetics sector. The majority of manufacturers and producers have been able to build out extensive sales networks thanks to the growing popularity of online cosmetics purchasing, which may help glycolic acid's market expansion.

The market will grow as a result of ongoing advances in the cosmetics sector. The production of numerous skincare products, including creams, face masks, and peels, mostly use glycolic acid, which will increase demand. The main driver of rising product demand is an increase in consumer awareness, as well as an increase in per capita disposable income and an improvement in living conditions, particularly in India, Malaysia, and China. Lipsticks, shampoo, hair care treatment sprays, moisturizers, cleansers, scrubs, fragrances, body washes, and other items fall under the category of cosmetics. Almost 95% of these products include hydroxyacetic acid as a raw ingredient because it improves the skin by removing dark spots, uneven pigmentation, enlarged pores, dead skin, and improving general skin health.

Other industrial applications, such as food preservatives, the textile industry, household goods, electronics, oil & gas, and pharmaceutical items, are seeing an increase in demand for this commodity. This will accelerate the market's growth for the global glycolic acid industry.

Glycolic Acid Market Restraint

• Market Will Be Affected by Glycolic Acid's Dangerous Effects on Health and the Environment: The skin may suffer from the prolonged use of glycolic acid in cosmetic and personal care products. When used excessively, it irritates the eyes and produces swelling, itchiness, and inflammation of the skin. Additionally, consistent chemical peeling might make skin more susceptible to UV radiation and make people more susceptible to sunburn. If present at high amounts for an extended period, inhalation can damage the liver, thymus, and respiratory system.

The product has certain negative environmental consequences due to the discharge of phosgene gas during the production of glycolic acid. The development of strict environmental restrictions regarding phosgene gas by various governments and groups has hampered industry expansion. Additionally, lactic and salicylic acids are the main alternatives and have a variety of uses. The use of these replacements as preservatives and the growing shift toward more organic ingredients in the manufacture of cosmetics goods are factors that limit the market growth.