Glycolic Acid Market Regional Analysis:
APAC Market Insights
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 Insights
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 Insights
Europe region is set to witness significant growth till 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.
