Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Glycolic Acid market.
Trusted Business Insights presents an updated and Latest Study on Glycolic Acid Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Glycolic Acid market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global glycolic acid market size was USD 437 million in 2018 and is projected to reach USD 766 million by 2026, exhibiting a CAGR of 7.3% during the forecast period.
We have updated the Glycolic Acid Market with business impact analysis and disruption caused by COVID-19.
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Glycolic acid is a highly soluble and the smallest alpha-hydroxy acid (AHA). It is a colorless, odorless crystalline solid derived from various sugar crops. Glycolic acid can also be derived from natural sources such as sugarcane, pineapple, cantaloupe, sugar beets, and unripe grapes. Hydroacetic acid is synthesized through many process such as reacting chloroacetic acid with sodium hydroxide tailed by re-acidification, hydrogenation of oxalic acid, and hydrolysis of formaldehyde derived cyanohydrin. The majorly used process is the reaction of formaldehyde with gas synthesis in presence of catalyst as it has low manufacturing cost.
Glycolic acid is used in various applications such as dyeing and tanning agent in textile industry, flavoring agent & preservative in food & beverages industry, and as skin care agent in pharmaceutical industry. It is also used in plastics and adhesives manufacturing. Increasing use of hydroxyacetic acid in diverse applications owing to its properties, such as cell recovering and exfoliating, is expected to propel the glycolic acid market growth over the forecast period.
Hydroacetic acid is also a substitute to lactic acid and salicylic acid. Thus, glycolic acid is an intermediate in organic synthesis, where it is used as monomer in preparation of polyglycolic acid and other copolymers.
Rising Demand for Glycolic Acid in Cosmetic Industry to Aid Market Growth
Continuously developing cosmetic industry will lead to an upsurge in the glycolic acid market. Glycolic acid is majorly used in the manufacturing of various skin care products such as creams, face masks, and peels, which will drive the growth of this market. Growing consumer awareness along with rise in per capita disposable income with improved standard of living mainly in India, Malaysia, and China are the key contributing factors regarding the industry growth.
With the introduction of the e-commerce business, online companies, expansion of social networks, and consumer interest in new, premium, and different products has emerged as a prime factor for the overall cosmetics market growth. Rising demand of online shopping for cosmetic products has allowed most of the manufacturers or producers to establish a wide sales network, which in turn may accelerate the market growth of hydroacetic acid.
Cosmetic products include face and anti-aging cream, lipsticks, shampoo, hair treatment sprays, moisturizers, cleanser, scrub, fragrance, body wash, and others. About 95% of these products contain hydroxyacetic acid as a raw material as it provides benefits to the skin such as removal of dark spots, irregular pigmentation, enlarges pores, dead skin, and improving overall skin health.
Demand for glycolic acid is also gaining momentum in other applications such as food preservatives, textile industry, household products, electronics, oil & gas, and pharmaceutical products. This will further propel the hydroxyacetic acid market growth.
By Purity Analysis
Glycolic Acid 99% to Generate Highest Revenue during the Forecast Period
The glycolic acid market is segmented into glycolic acid 99%, glycolic acid 70%, glycolic acid 30%, and others, on the basis of purity. Amongst these, glycolic acid 99% accounts for the largest market share owing to the increased use of this grade of hydroacetic acid in cosmetic products. Increasing usage of glycolic acid 99% purity in households, pharmaceuticals, textile, and food processing industries are the key factors driving the overall market demand.
Glycolic acid 70% acid are used in pharmaceutical industry for the production of polymer for medical sutures and cream. Polymers with timed-release properties are used to manufacture products such as staples, sutures, implants, and meshes.
Glycolic acid 30% is also used as chemical peels for skin where it improves dry skin, age spots, decreases facial lines, reduces wrinkles, and rejuvenates the skins surface. It is an essential ingredient in making anti-ageing products. It is also used for skin conditions such as hyperkeratosis, actinic keratosis, and seborrheic keratosis.
By Application Analysis
Personal Care & Cosmetics Segment to Exhibit a Significant CAGR during the Forecast Period
As per glycolic acid market trends, the market is categorized into personal care & cosmetics, household, textile, food processing, pharmaceutical, and others, on the basis of application. Amongst these applications, personal care & cosmetics segment is expected to remain dominant in terms of market revenue and volume during the forecast period. In personal care & cosmetics application, hydroxyacetic acid is mainly used as a key ingredient for making anti-aging creams, lipsticks, shampoo, hair treatment sprays, moisturizers, cleanser, scrub, fragrance, and body wash products due to improving and healing skin, and anti-aging properties. Increasing demand for these products from the cosmetics industry will, in turn, lead to an increase in the demand for hydroxyacetic acid, further helping market growth.
Hydroacetic acid has witnessed high demand for household applications such as excellent cleaners for countertops, ceramic tiles, toilet bowls, shower doors & stalls, porcelain tubs and sinks. Glycolic acid is used in food as a preservative, flavoring agent, and to increase the shelf life. The increasing population has created a high demand for packaged food which in turn has increased food preservatives market demand, thus accelerating glycolic acid market growth.
In the textile industry, hydroxyacetic acid is used as a dye for cloth and tanning agents. The growing fashion industry and improving consumer lifestyle is supporting the growth of the textile market, which in turn is driving glycolic acid market demand. There is also an increase in hydroacoustic acid market demand from the electronics industry as it is used for cleaning copper substrates in electronics, which is expected to support glycolic acid market growth.
Asia-Pacific accounted for the highest glycolic acid market share in terms of revenue and volume in 2018 and is expected to remain largest throughout the forecast period due to expanding cosmetics and textile industries in China and India. China is a major consumer of major glycolic acid due to major presence of cosmetic industry to meet the increasing consumer demand. Changing lifestyle and increasing population with inclination towards facial appearance has been the driver of cosmetic industry. This increasing demand for hydroxyacetic acid from the ever-growing cosmetic industry is responsible for the growth of this market.
Europe is projected to witness significant growth in the global glycolic acid market due to high demand from the textile industry. Fashion industry, which is dominant in the region, requires high quality fabrics to convert them into different outfits. In order to achieve this, the companies are undertaking innovative product development by incorporating advanced technologies, which is expected to foster the market growth in the region.
On the other hand, North America is expected to witness significant growth in the glycolic acid market. The pharmaceutical industry in the U.S. is one of the major consumers of hydroxyacetic acid, where it is used to make bio-absorbable suture material without any harm. Technological advancement in the medical field is helping in the production of better quality medical instruments, such as absorbable staples, screws, meshes, and stents, that will support the market growth.
In Latin America, increasing consumer awareness towards packaged food and beverages has given rise to application of hydroacetic acid as food preservative and flavoring agent, further helping the glycolic acid market growth.
The Middle East & Africa is expected to observe considerable growth in the glycolic acid market. Saudi Arabia and UAE were the major countries contributing to market growth. Increasing use of hydroxyacetic acid in numerous applications comprising of the production of cosmetics, household cleaning, and textile is responsible for the market growth in this region.
KEY INDUSTRY PLAYERS
Key Market Players to Strengthen Market Position through Novel Offerings to the Cosmetic Industry
Major producers of glycolic acid are present in Europe and Asia Pacific. Some of the key market players include China Petroleum & Chemical Corporation (Sinopec Corp.), The Chemours Company, CABB Group, and Saanvi Corp. China Petroleum & Chemical Corporation (Sinopec Corp.) is a major producer of petrochemical products, storage and transportation of refinery products, coal chemical products, other chemical products, and synthetic fiber. The company has 164 manufacturing sites in 35 countries located in the U.S., Canada, EMEA, Asia Pacific, and Latin America. On the other hand, The Chemours Company is an individual company providing services to industries including automotive, paints, plastics, electronics, energy, and telecommunications. The company has presence in North America, Europe, Middle East and Africa, Latin America, Asia Pacific with 28 offices in 120 countries across the globe. Similarly, other key players in the market have developed a strong regional presence, distribution channels, and product offerings, according to the glycolic acid market analysis.
List Of Key Companies Profiled:
- China Petroleum & Chemical Corporation (Sinopec Corp.)
- The Chemours Company
- CABB Group
- Saanvi Corp
- Parchem Fine & Specialty Chemicals
- Water Chemical Co., Ltd
- Shandong Xinhua Pharmaceutical Co., Ltd
- Mehul Dye Chem Industries
- Avid Organics
- Zhonglan Industry Co., Ltd.
- Eastman Chemical Company
A growing trend is observed in the penetration of the glycolic acid market across various industries such as cosmetics, textile, consumer goods, and pharmaceutical.
An Infographic Representation of Glycolic Acid Market
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Along with this, the report provides an elaborative analysis of the global glycolic acid market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global glycolic acid market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.
Report Scope & Segmentation
- Glycolic Acid 99%
- Glycolic Acid 70%
- Glycolic Acid 30%
- Personal Care & Cosmetics
- Food Processing
- North America (U.S., and Canada)
- Europe (Germany, UK, Italy, Spain, Russia, and Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- The Middle East & Africa (Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa)
Key Industry Developments
October 2018: CABB Group GmbH invested a few million Euros towards increasing storage and production volume of monochloroacetic (MCA) acid & its derivatives at the Knapsack and Gersthofen facility. The expansion will be boosting the companys production of glycolic acid at Gersthofen facility.
January 2015: Hefei TNJ Chemical Industry Co. Ltd. opened Chinas operation centre for serving its customers with better solutions. This operation centre had taken initiative to help the TNJs customers with problems that includes customer service, logistics, executives, documents, material purchasing, financing, and others.
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