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 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).

C₂H₄O₃, Glycolic acid is a type of alpha hydroxyl acid (AHA) generated through natural or synthetic processes. It is widely utilized in a variety of applications, including the production of plastics, adhesives, anti-aging lotions, hair care products, and chemical peels. Owing to the increasing demand from end-use applications, it is projected that the global glycolic acid market will have a large potential for growth in the near future. Moreover, due to its capabilities for cell recovery and exfoliation, glycolic acid is increasingly being used in a variety of applications, which is anticipated to fuel market expansion over the forecast period. Lactic acid and salicylic acid can both be replaced by glycolic acid.

Glycolic acid serves as an intermediary step in the synthesis of organic compounds. It is utilized as a monomer to create acid PGA (polyglycolic acid) and other copolymers. Numerous skin care products are made with glycolic acid. Since coronaviruses affect the respiratory system, their use may be restricted during the COVID pandemic due to the high dangers associated with cosmetic goods if inhaled. However, the lockdown imposed as a result of the epidemic has led to a fall in the cosmetics sector. Due to workforce scarcity and required social segregation, cosmetic firms have closed their production facilities. Additionally, in light of COVID-19, cosmetic producers are expanding their line of commercial personal care products. For instance, the German cosmetics manufacturer Beiersdorf will be bolstering the regional presence of its La Prairie, Nivea, and Maestro skincare brands in August 2020. These elements have had a detrimental effect on the global glycolic acid market and have constrained its expansion.

US Glycolic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.