The Glycolic Acid Market Size was valued at USD 0.58 Billion in 2022. The Glycolic Acid industry is projected to grow from USD 0.60 Billion in 2023 to USD 2.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.2% during the forecast period (2023 - 2030). C₂H₄O₃, also known as Hydroacetic acid is used in various applications such as dyeing and tanning agent in the textile industry, flavoring agent & preservative in the food & beverage industry, and the cosmetic industry for the manufacturing of anti-aging products. It is also used in plastics and adhesives manufacturing. The increasing use of hydroxyacetic acid in diverse applications owing to its properties, such as cell recovering and exfoliation, is expected to propel the market growth over the forecast period.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
As per L’Oréal’s statistics, the cosmetics market witnessed a gain of around 5.5% in 2019. Skincare accounted for around 40% of the glycolic acid market share in 2019. With the introduction of the e-commerce business, online companies, expansion of social networks, rise in per capita disposable income, and consumer interest in new, premium, and different products have emerged as prime factors for the overall cosmetics market growth. The rising demand for online shopping for cosmetic products has allowed most manufacturers or producers to establish a wide sales network, which in turn may accelerate the market growth of hydroacoustic acid.
Additionally, Continuous developments in the cosmetic industry will lead to an upsurge in the market. Glycolic acid is majorly used in the manufacturing of various skincare products such as creams, face masks, and peels, which will drive the demand. Growing consumer awareness, along with a rise in per capita disposable income with an improved standard of living mainly in India, Malaysia, and China, is the key contributing factor to the increasing product demand.
Cosmetic products include face and anti-aging creams, lipsticks, shampoo, hair care treatment sprays, moisturizers, cleansers, scrubs, fragrances, 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, enlarged pores, and dead skin, and improving overall skin health.
The Glycolic Acid market segmentation, based on Purity, includes 99%, 70%, 30%, and others. Amongst these, 99% accounts for the largest market share owing to the increased use of this grade of hydroacoustic acid in cosmetic products. Increasing usage of hydroacoustic acid with 99% purity in households, pharmaceuticals, textile, and food processing industries are the key factors expected to drive market growth.
70% based purity is used in the pharmaceutical industry for the production of polymer for medical sutures and creams. Polymers with timed-release properties are used to manufacture products such as staples, sutures, implants, and meshes.
Based on Application, the Glycolic Acid market segmentation includes personal care & cosmetics, household, textile, food processing, pharmaceutical, and others. Amongst these applications, the 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, shampoos, hair treatment sprays, moisturizers, cleansers, scrubs, fragrances, 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 the market growth rate.
Figure 2: Glycolic Acid Market, by Purity, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific accounted for the highest market share in terms of revenue and volume in 2019 and is expected to remain the largest throughout the forecast period due to expanding cosmetics and textile industries in China and India. China is a major consumer due to the huge presence of the cosmetic industry to meet the increasing consumer demand. Changing lifestyles and an increasing population with an inclination towards beauty and wellness products will drive the market in the region. This increasing demand for hydroxyacetic acid from the ever-growing cosmetic industry is responsible for the growth of this market.
Figure 3: GLYCOLIC ACID MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe is projected to witness significant growth in the market due to high demand from the textile industry. The fashion industry, which is dominant in the region, requires high-quality fabrics to convert them into different outfits. To achieve this, companies are undertaking innovative product development by incorporating advanced technologies, which is expected to foster market growth in the region.
North America is expected to witness significant growth in the market. The pharmaceutical industry in the U.S. is one of the major consumers of hydroxyacetic acid, which 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 market growth.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Glycolic Acid market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Glycolic Acid industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Glycolic Acid. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Glycolic Acid industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Glycolic Acid industry to benefit customers and expand the market sector. The Glycolic Acid market has recently given medicine some of the most important advantages. Major Glycolic Acid market players, including China Petrochemical Corporation (Sinopec Corp) (China) and The Chemours (U.S.) CABB Group (Germany) Saanvi Corp (India) Water Chemical Co. Ltd. (China) Shandong Xinhua Pharmaceutical Co.Ltd (China) and others are attempting to increase market demand by funding R&D initiatives.
Sinopec (China Petroleum & Chemical Corporation, is a petroleum and petrochemical company. It operates through five segments: Exploration and Production, Refining, Marketing and Distribution, Chemicals, and Corporate and Others. The Exploration and Production segment consists of activities related to exploring and developing, producing, and selling crude oil and natural gas.
Also, CABB is a manufacturer of chemical products. It offers mono-chloroacetic acids, reagents, precursors, base chemicals, individual molecules, and other products. The company caters to agrochemical, food and beverage, textile, pharmaceutical sectors, and more.
The Chemours Company introduced Glyclean D in November 2021 as an effective sanitizer and cleanser capable of killing SARS-CoV-2 virus alongside other viruses and bacteria. This product has been successfully registered by the United States Environmental Protection Agency (EPA). In terms of formulation, Glyclean D contains a 70.0% GA content—an EPA approved antimicrobial ingredient specifically designed for use in liquid form, non-porous hard surface disinfectants only. It is amazing as it is derived from natural sources, unlike other effective disinfectants such as quats or bleach, which are harsh and corrosive; therefore, it is highly biodegradable, making it extremely eco-friendly and hence safe for human beings’ lives.
China Petrochemical Corporation (Sinopec Corp) (China)
The Chemours (U.S.)
CABB Group (Germany)
Saanvi Corp (India)
Water Chemical Co. Ltd. (China)
Shandong Xinhua Pharmaceutical Co.Ltd (China)
Mehul Dye Chem industries (India)
Avid Organics (India)
Zhonglan Industry Co. Ltd. (China)
Eastman Chemical Company (U.S.)
Corbion (Netherlands)
Crosschem LP (U.S.)
Kureha Corporation (Japan)
Huizhou Foryou Medical Devices Co., Ltd (China)
BMG Incorporated (Japan)
Teleflex Inc
In June 2023, The Chemours Company, a global chemicals company known for its performance materials expertise, titanium technologies and thermal & specialized solutions was able to sell off its glycolic acid business. PureTech Scientific Inc. will buy the business on cash consideration basis at $137m. With this acquisition, PureTech Scientific aims at being one of the world’s major producers of ultra-high purity alpha hydroxy acids which are organic and supply specialty chemicals as well as life science sectors. Closing terms and conditions, which include regulatory approvals will be met hence it is projected that by the end of Q3 2023 the transaction will have taken place.
In July 2022, Kinship released its latest product, a 10% glycolic acid serum that works overnight for smooth skin, illuminating the personal care segment.
Pacira agreed to acquire Flexicon in October 2021 and will add its approved OA knee pain treatment to Pacira’s portfolio. By using a poly lactic-co-glycolic acid matrix together with triamcinolone acetonide, the therapy employs microsphere technology.
A government subsidy worth US$10.12M was received by METabolic EXplorer (METEX) from France in February 2021 to support investment into an industrial plant to produce glycolic acid in France. This would be the world’s first industrial plant to produce bio-based glycolic acid, which is estimated to use fermentation technology.
Glycolic Acid Purity Outlook
Glycolic Acid 99%
Glycolic Acid 70%
Glycolic Acid 30%
Others
Glycolic Acid Application Outlook
Personal Care & Cosmetics
Household
Textile
Food Processing
Pharmaceutical
Others
Glycolic Acid Regional Outlook
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.58 Billion |
| Market Size 2023 | USD 0.60 Billion |
| Market Size 2030 | USD 2.1 Billion |
| Compound Annual Growth Rate (CAGR) | 8.2% (2023-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Purity, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | China Petrochemical Corporation (Sinopec Corp) (China), The Chemours (U.S.), CABB Group (Germany), Saanvi Corp (India), Water Chemical Co. Ltd. (China), Shandong Xinhua Pharmaceutical Co.Ltd (China), Mehul Dye Chem industries (India), Avid Organics (India), Zhonglan Industry Co. Ltd. (China), Eastman Chemical Company (U.S.), Corbion (Netherlands), Crosschem LP (U.S.), Kureha Corporation (Japan), Huizhou Foryou Medical Devices Co., Ltd (China), BMG Incorporated (Japan), Teleflex Inc (US, Shenzhen Polymtek Biomaterial Co., Ltd (China), Huizhou Foryou Medical Devices Co., Ltd (China) |
| Key Market Opportunities | The application usage by the end-user for personal care, household, and industrial cleaning agent formulation will grow. |
| Key Market Dynamics | The cosmeceutical preparation has been increased for the products. |
Glycolic Acid Market Highlights:
Frequently Asked Questions (FAQ) :
The Glycolic Acid market size was valued at USD 0.58 Billion in 2022
The market is projected to grow at a CAGR of 8.2% during the forecast period, 2023-2030
Asia Pacific had the largest share of the Glycolic Acid market
The key players in the market are China Petrochemical Corporation (Sinopec Corp) (China), The Chemours (U.S.), CABB Group (Germany), Saanvi Corp (India), Water Chemical Co. Ltd. (China), Shandong Xinhua Pharmaceutical Co.Ltd (China), Mehul Dye Chem industries (India), Avid Organics (India), Zhonglan Industry Co. Ltd. (China) & others
The 99% categories dominated the market in 2023
Personal care & cosmetics had the largest share in the market for Glycolic Acid
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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