Glycolic Acid Market: Key Highlights
· Theglobal glycolic acidmarket wasvalued at ~US$ 285 Mn in 2018 and is anticipated to expand at aCAGR of ~7% during the forecast period
· Risinguse of skin care and hair care products across the globe is the primary factorprojected to drive the global glycolic acid market during the forecast period.Additionally, increase in usage of glycolic acid for industrial and householdcleaning purposes, due to rise in awareness about hygiene is anticipated todrive the global glycolic acid market during the forecast period.
Key Drivers of Glycolic Acid Market
· Glycolicacid products are widely used in industrial cleaning applications in watertreatment plants, dairies, concrete trucks, and metal cleaning plants. Glycolicacid is an ideal material for industrial cleaning, as it is eco-friendly,biodegradable, readily rinsable, dilutable, and compatible with severalformulations. Thus, growth of the global industrial cleaning sector is expectedto fuel the demand for glycolic acid during the forecast period.
· Polyglycolicacid is used to manufacture drug delivery devices for small-molecule drugs,proteins, and macromolecules in commercial and research applications. It isalso used in various tissue-engineering applications, as it possesses tunablemechanical properties, biodegradability, and biocompatibility. This factor isexpected to drive the demand for polyglycolic acid globally in the near future.
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Increase in Use of Glycolic Acid in Cleaning Agents
· In termsof application, cleaning agent was a rapidly expanding segment of the globalglycolic acid market in 2018. The segment is expected to maintain itsattractiveness during the forecast period, due to wide compatibility ofcleaning agents with a range of ingredients such as surfactants, biocidalagents, corrosion inhibitors, fragrances, and dyes.
· Glycolicacid has low dissociation constant and molecular weight, which increases itsefficiency on hard water scales and leads to low corrosion of householdsurfaces
· Glycolicacid is increasingly being used in cleaning and washing of various industrialequipment, due to its solubility and ease of handling. Additionally, it hasnegligible toxicity. Thus, it can be employed in dairy and food & beveragesindustries. Furthermore, glycolic acid is biodegradable. Thus, waste managementis easy in case of glycolic acid. Glycolic acid is increasingly being utilizedin industrial applications such as cleaning and washing. It is also employed incertain industrial applications such as finishing of metal surfaces. Growth inindustrial activities is expected to drive the demand for glycolic acid duringthe forecast period.
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Availability of Superior-performance Substitutes toGlycolic Acid Likely to Hamper Global Market
· Personalcare products, such as skin care and hair care products are driving theglycolic acid market. Glycolic acid is used as an exfoliating and moisturizingagent in the formulation of various personal care products. Development ofsubstitutes, with similar or better functional values, is a major factorrestraining the glycolic acid market. Salicylic acid, which is a beta hydroxylacid, is possibly a key substitute to glycolic acid for use in skin careproduct formulations. Salicylic acid is more effective in terms of skinexfoliation than glycolic acid. Various companies have been using salicylicacid in their product formulations. This factor is likely to hamper theglycolic acid market during the forecast period.
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Asia Pacific Dominates Glycolic Acid Market
· Amongregions, Asia Pacific accounted for a prominent share of the global glycolicacid market in 2018. The region is expected to remain a highly lucrative marketfor glycolic acid during the forecast period, owing to the growth inpopulation, improvement in the standard of living, and rise in e-Commerceactivities in the region.
· Theeconomy of Asia Pacific countries, such as China and India, is expandingsignificantly. As a result, several key players have started investing in thechemical sector of the Asia Pacific, due to easy availability of raw materialsand favorable rules and regulations in the region. Major players from otherregions are investing through collaborations, acquisitions, and mergers withlocal players.
· AsiaPacific is a hub for production of specialty chemicals. A large number ofglycolic acid manufacturers operate in the region. These include ShandongXinhua Pharmaceutical Co. Ltd., Avid Organics, Zhonglan Industry Co., Ltd.,Water Chemical Co., Ltd, Hebei Chengxin Co., Ltd., Hefei TNJ Chemical IndustryCo. Ltd., and Saanvi Corp.
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Top Six Players Account for Key Share of GlobalGlycolic Acid Market
· Theglobal glycolic acid market is consolidated. Top six players i.e. The ChemoursCompany, Phibro Animal Health Corporation, Water Chemical Co. Ltd., CABB GroupGmbH, Zhonglan Industry Co. Ltd., and CrossChem LP cumulatively accounted formore than 60% share of the global glycolic acid market in2018.
· TheChemours Company was a major producer of glycolic acid, accounting for morethan 40% share of the global glycolic acid market in 2018. Thecompany manufactures glycolic acid at its plant in Belle, West Virginia (theU.S.), which is the largest manufacturing facility for glycolic acid in theworld.
· CABBGroup GmbH is also a key manufacturer of glycolic acid. The company specializesin the manufacturing of specialty as well as fine chemicals. It alsospecializes in custom manufacturing. CABB Group GmbH runs production facilitiesin Finland, Switzerland, India, and Germany.
· Othercompanies include a large number of local manufacturers in India and China,which produce glycolic acid in smaller volumes and cater to domestic markets.These are a part of the unorganized sector.
In comingyears, as the debate on the potential impact of the chemical manufacturingacross industries on the ecology gets fiercer, new monitoring technologies willemerge. Latest compliance regulations will expand the scope of greenchemistries for businesses in the downstream value chain. Further,manufacturers in the market will increasingly leverage digital channels toreach high-value customers. Many will use them to avoid disruption such as bypandemics.
An assortmentof analytics technologies will help in augmenting the commercial productivity.However, until now, the pace of adoption of digital technologies in the overallchemicals industry has been relatively slow. It thus remains to be seen how farthe players in the market will be able to unlock long-term productivitybenefits of AI-driven management of various business functions, particularlyresearch and development and production.
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