Glycolic Acid Market size is poised to surpass USD 4 Billion by the end of 2035, growing at a CAGR of 9.60% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of glycolic acid was USD 1 Billion. The growth of the market can be attributed to the increasing demand for glycolic acid from various end-use industries. Further, the growing use and demand for emulsion polymers are also expected to contribute to the growth of the market in the forecast period. For instance, worldwide emulsion polymer consumption is 410 thousand metric tonnes. The increased demand from the cosmetic industry is another factor that is predicted to keep growing in the coming years.
In addition to these, factors that are believed to fuel the market growth of glycolic acid include the rise in skincare products. In 2021, approximately 40 % of the world glycolic acid market will be made up of products for skin care. The main drivers for the entire growth of the cosmetics industry have been emerging as internet businesses, social networking activities, a higher per capita disposable income, and consumers' interest in new, more premium, or differentiated products. Additionally, the growing production of chemicals with glycolic acid as an intermediate is predicted to present the potential for market expansion over the projected period.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~9.60% |
|
Base Year Market Size (2022) |
~ USD 1 Billion |
|
Forecast Year Market Size (2035) |
~ USD 4 Billion |
|
Regional Scope |
|
Application (Personal Care & Dermatology, Tanning & Dyeing, Agriculture, Medical, Food)
The global glycolic acid market is segmented and analyzed for demand and supply by application into personal care & dermatology, tanning & dyeing, agriculture, medical, and food. Out of the three types of glycolic acid, the personal care & dermatology segment is estimated to gain the largest market share of about ~40% in the year 2035. The growth of the segment can be attributed to the increasing number of cosmetic and personal care products in the market and spending. For instance, in Europe, the market value of skin care products made up to one-fifth of the entire cosmetic industry. Glycolic acid also known as hydroxyacetic acid is used as a key ingredient for the manufacture of antiaging creams, lipsticks, shampoos, hair treatment sprays, moisturizers, cleansers, deodorants, fragrances, and body wash products due to improving and healing skin, and anti-aging properties. There will be an increasing demand for these products from the cosmetics sector, thus leading to an increase in the demand for glycolic acid market, which will further support market growth. These factors are estimated to contribute to the market growth in the forecast period.
Grade (Cosmetic Grade, Technical Grade, Pharmaceutical Grade, Industrial Grade)
The global glycolic acid market is also segmented and analyzed for demand and supply by grade into cosmetic grade, technical grade, pharmaceutical grade, and industrial grade. Amongst these four segments, the cosmetic grade segment is expected to garner a significant share in the year 2035. Amorphous PET is used for the manufacture of containers and packaging because it has a high transparency that's similar to glass. An aqueous solution or crystalline powder with a concentration ranging from 10 to 99 % purity is the cosmetic grade glycolic acid. Due to its unparalleled and exceptional performance in combating aging and antipollution skin treatments, it is a very popular and favored grade of glycogenic acid. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
|
By Purity Level |
|
|
By Grade |
|
|
By Application |
|
APAC Market Statistics
The market share of glycolic acid in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~38% by the end of 2035. The growth of the market can be attributed majorly to the increasing textile and cosmetic industries in the region. China is a major customer because of the large presence of the cosmetics sector, in order to meet increasing consumer demand. For instance, China is the leading market for cosmetics, fragrances, and personal care products, with a net worth of USD 80 Billion. Further, rising consumer spending on beauty products, as well as high demand for quality and innovation in the fields of skincare and haircare is also estimated to contribute to the growth of the market in the forecast period. There is a huge consumption of glycolic acid in anti-aging products owing to the growing old age population in China, Japan, South Korea, and other countries will positively impact the market. In addition, the region's expanding e-commerce sector and rising commercialization of cosmetic products are also anticipated to boost market growth during the forecast period.
North American Market Forecast
The North American glycolic acid market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the increasing demand from the pharmaceutical industries in the region. As glycolic acid is used to produce bioabsorbable suture material without any harm, the pharmaceutical industry in the U.S. is a major user of glycolic acid. Technological developments in the field of medicine have led to improved quality medical instruments which are expected to support market growth. In the case of glycolic acid as a food preservative and flavoring agent, growing consumer awareness about packaged foodstuffs and beverages has led to its use. All these factors are estimated to contribute to the growth of the market growth during the forecast period.
Europe Market Forecast
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing demand from the textile industry. High-quality fabrics are required by the fashion industry, which is dominant in the region, to transform them into different types of clothing. In order to do so, companies are engaged in innovative product development with the introduction of advanced technology that could contribute to market growth across the region.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?