The Global Glycolic Acid Market size is projected to reach USD 766 million by 2026, exhibiting a CAGR of 7.3% during the forecast period.
Escalating Demand for Cosmetic Products to Accelerate Sales
Hydroacetic acid is witnessing increasing demand from the cosmetic industry owing to its high applicability in the production of skincare products. This acid is known to wide-ranging benefits for the skin. For instance, glycolic acid is efficient in getting rid of dead skin cells, giving the skin a healthier appearance. It also aids production of collagen, which makes this substance the perfect fit for anti-ageing creams. As a result, majority of cosmetic skin products contain glycolic acid as it helps in removing dark spots, dead skin, and prevents irregular pigmentation. Thus, rising application of this acid in the cosmetic industry will augur well for the hydroxyacetic acid market growth. Furthermore, increasing disposable incomes, coupled with spiraling popularity of online retail, will feed the growing appetite of this market in the coming decade.
Glycolic Acid Market Drivers and Restraints
Rising importance of glycolic acid in the textile industry will be one of the prime growth drivers of this market in the near future. Glycolic acid, also known as hydroacetic acid and hydroxyacetic acid, is a colorless and odorless crystalline solid derived from sugar-containing crops such as sugarcane, cantaloupe, and pineapple. It is an essential substance in the textile industry as it is the most preferred ingredient for dyeing processes, owing to its several benefits. For example, hides dyed using hydroxyacetic acid are softer in texture and the color hue is more intense and deep in textiles dyed using this acid. An expanding textile industry brings more good news for this market. According to the World Trade Organization (WTO), the value of world textile exports rose by 4.2% in 2017 from 2016 levels, hitting USD 296.1 billion. Thus, a steadily rising textile industry, along with a thriving leather industry, will govern the glycolic acid market trends in the forecast period.
Prospering Cosmetics Industry in China to Propel the Market in Asia-Pacific
Asia-Pacific is set to dominate the glycolic acid market share on account of speedy expansion of the cosmetics and textile industries in China. Rising disposable income in the country will further drive the demand in the region during the forecast period.
A well-established pharmaceuticals industry will bode well for the hydroacetic acid market in North America. The market size in the region was USD 108 million in 2018 and it is expected to grow at a considerable rate till 2026. Glycolic acid is being used to produce bio-absorbable sutures in the US and it is also enabling manufacturers to make high-quality medical equipment. In Europe, the market will be mainly driven by a thriving fashion industry and a robust textile industry. Growing popularity of packaged foods and beverages will boost the market in Latin America.
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Prominent Players Identified:
- Corbion
- Zhonglan Industry Co., Ltd.
- Mehul Dye Chem Industries
- Water Chemical Co., Ltd
- Saanvi Corp
- The Chemours Company
- Eastman Chemical Company
- Avid Organics
- Shandong Xinhua Pharmaceutical Co., Ltd
- Parchem Fine & Specialty Chemicals
- CABB Group
- China Petroleum & Chemical Corporation (Sinopec Corp.)
Catering to the Cosmetics Industry by Market Players to Spruce up Competition
The glycolic acid market report foresees a period of intense competition in the market as key competitors race against time to mark their presence in the global market. Most of the companies are focusing on coming up with innovative products tailored for the cosmetics industry.
