Report Details:
15 Companies Covered
256 Pages
Pune, India, July 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Glycolic Acid Market.
Market Highlights
The Global Glycolic Acid Market is estimated to be valued at USD 2.1 Billion by 2030 and is expected to register a CAGR of 8.02% during the forecast period.
The use of glycolic acid as an ingredient in personal care and cosmetics products due to its excellent penetrability into the skin is a major driver of the global market. Additionally, the market is driven by the widespread use of glycolic acid in cleaning, textile dyeing, leather tanning, and other applications. Use of glycolic acid as a household and industrial cleaner, as well as its widespread use in the oil & gas industry, is another major driver. The use of glycolic acid as a preservative and flavoring agent in the food industry is expected to bring in lucrative opportunities for the market players.
Segment Analysis
The global market has been segmented by source, purity level, grade, application, and region.
On the basis of source, the global market has been divided into synthetic and natural, with the synthetic segment accounting for a major market share in 2018 due to easier production process.
By purity level, the market has been segmented into 70% purity, 99% purity, 30% purity, 60% purity, and others. Among these, the 70% purity level segment is projected to exhibit a CAGR of more than 11.5% due to its widespread use in cosmetic, technical, industrial, as well as in medical grades.
Based on grade, the global is categorized into cosmetic grade, industrial grade, technical grade, and medical. The cosmetic grade segment is projected to reach a value of USD 205,202.7 thousand during the review period. This is because of the rising demand for cosmetics and personal care products due to affordability and appearance consciousness among the consumers.
The market has been segmented on the basis of application into skincare & facial rejuvenation, household cleaners, industrial cleaners, medical, oil field and petroleum refining, textile dyeing & finishing, electropolishing, and others. Among the various applications, the skincare & facial rejuvenation is expected to register a CAGR of over 11% during the review period. The high demand for various cosmetics and anti-aging creams across the globe is the major factor for the growth of this segment.
Market Players
Market Research Future (MRFR) recognizes The Chemours Company (US), Phibro Animal Health Corporation (US), CrossChem LP (US), CABB Group GmbH (Germany), Merck KGaA (Germany), Mehul Dye Chem Industries (India), Saanvi Corp (India), Zhonglan Industry Co., Ltd (China), Siddharth Chlorochem (India), and Tokyo Chemical Industry Co., Ltd (Japan) as the key players in the global glycolic acid market.
Glycolic Acid Market Regional Analysis
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regions covered under the scope of the market. As per MRFR analysis, Asia-Pacific was the leading market in 2017 and is projected to witness significant growth during the review period. The North American market accounted for more than 20% of the global market share in 2017 owing to the high demand for glycolic acid in cosmetic and medical as well as in cleaning application.
Key Findings of the Study:
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The Global Glycolic Acid Market is projected to reach USD 415,340.1 thousand by 2030 at a CAGR of 11.56% during the review period of 2019 to 2030.
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