Global Glycolic Acid Market

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

Report ID: SQMG15E2052 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 92 | Figures: 77

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Glycolic Acid Market size was valued at USD 327.00 million in 2022 and is poised to grow from USD 348.58 million in 2023 to USD 581.25 million by 2031, growing at a CAGR of 6.6% in the forecast period (2024-2031).

Europe and Asia-Pacific are home to significant producers. China Petroleum & Chemical Corporation (Sinopec Corp.), The Chemours Company, CABB Group, and Saanvi Corp. are a few of the major market participants. Strong regional presences, product offerings, and distribution methods have been built by key market participants. 'The Chemours Company', 'Zhonglan Industry Co., Ltd.', 'CABB Group GmbH', 'Parchem Fine & Specialty Chemicals', 'Water Chemical Co., Ltd.', 'CrossChem LP', 'Hebei Jingye Chemical Co., Ltd.', 'Chemsfield Korea Co., Ltd.', 'SIMCO Chemicals', 'Xi'an Unique Electronic and Chemical Co., Ltd.', 'Shandong Xindadi Industrial Group Co., Ltd.', 'Hefei TNJ Chemical Industry Co., Ltd.', 'Guangzhou Begin Chemical Co., Ltd.', 'Sinopec Jinling Petrochemical Co., Ltd.', 'Alpha Chemika', 'Salicylates and Chemicals Pvt. Ltd.', 'Dongguan Kaixin Battery Materials Co., Ltd.', 'Merck KGaA', 'Shaanxi Top Pharm Chemical Co., Ltd.', 'Solvay SA', 'In November 2021, The Chemours Company launched a new glycolic acid product under the brand name Glyclean D. The new product is used as a disinfectant for various household and institutional cleaning applications.'

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.

Increased demand for glycolic acid in the oil and refining industries is growing, which is favoring the overall growth of the global glycolic acid market. There are abundant prospects for market expansion due to the expanding global demand for glycolic acid in the oil and refining sector as a cost-effective cleaning solution. By offering inexpensive metal complexing, glycolic acid offers cost-effective cleaning. In oil and refinery applications, it improves cleaning and scraping procedures. Additionally, it offers biodegradable metal complexing without increasing the designed products' unwanted chemical oxygen requirement. It does not stress-crack stainless steel when combined with hydrochloric acid, is easily biodegradable, and is not volatile. Additionally, it works well in household cleaning goods.

Based on the region, the Asia-Pacific region held the greatest market share in terms of revenue and volume in the past year due to the developing textile and cosmetics industries in China and India. China is a significant customer because of its extensive presence in the cosmetics sector to satisfy the growing consumer demand. The market in the region will be driven by evolving lifestyles and an escalating population with a preference for beauty and wellness products. The ever-expanding cosmetic business is the source of the growth in the demand for the glycolic acid market.

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Global Glycolic Acid Market

Report ID: SQMG15E2052

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