The global glycolic acid market size reached US$ 425.9 Million in 2022. Looking forward, the market is expected to reach US$ 642.8 Million by 2028, exhibiting a growth rate (CAGR) of 7.10% during 2022-2028. The growing demand for skincare products and anti-aging treatments, increasing focus on dermatological treatments and cosmetic procedures, and extensive research and development (R&D) activities in the chemical industry are some of the major factors propelling the market.
Glycolic acid, also known as hydroxyacetic acid, is a naturally occurring organic compound with the chemical formula C2H4O3. It serves as a versatile building block for the synthesis of numerous compounds and acts as a precursor for the production of various esters, polymers, and derivatives. It is also classified as an alpha-hydroxy acid (AHA) and is highly soluble in water, making it suitable for various applications. With its small molecular size and excellent permeability, it finds extensive applications in the cosmetic, pharmaceutical, and chemical industries.
The global market is primarily driven by the rapid product utilization as a chelating agent and pH regulator in the agriculture industry. In one with this, the growing product adoption as corrosion inhibitors and scale removers in wastewater treatment industry is providing an impetus to the market. Additionally, the market is influenced by the increasing awareness among consumers regarding clean and sustainable beauty products. In addition to this, the growing awareness of the benefits of chemical peels and professional skincare treatments contributes to the product demand in the medical and aesthetic sectors. The market is further fueled by the growing product usage in metal cleaning and surface treatment purposes on a global level. Furthermore, government initiatives promoting sustainable practices and the use of environmentally friendly chemicals in various industries are creating a positive outlook for the market.
The synthetic segment is primarily driven by its cost-effectiveness, as it is often more affordable than its natural counterpart. Synthetic production methods offer scalability, which allows for more efficiency in large-scale production to meet market demands. Consistency is another advantage of the synthetic variant, as it can be produced with consistent quality and purity levels.
On the other hand, the growing demand for natural products drives the demand for natural glycolic acid on the global level as consumers increasingly prefer organic ingredients. It is derived from renewable sources and is considered more environmentally friendly, aligning with the growing focus on sustainability. Additionally, it is often perceived as having additional health benefits due to its organic origin.
High-quality requirements in industries such as pharmaceuticals and medical applications fuel the product demand with the highest purity levels. 99% purity ensures product efficacy and safety in such applications. Precision in formulation is achieved with highly pure product, making it essential for certain industries. Moreover, products using 99% purity variant are expected to deliver superior results compared to lower purity alternatives.
On the other hand, cost efficiency is a key consideration for opting for 70% purity variant, as it offers a balance between performance and affordability. Some formulations may require a specific concentration, which can be achieved with 70% purity. Broad applicability is another advantage, as 70% purity variant can be used in various industries, including personal care, household, and textiles.
Besides this, 60% purity variant provides a balance between cost and effectiveness, making it suitable for industries seeking a middle ground. Its versatility allows for utilization in a wide range of products and formulations, providing flexibility to manufacturers. Moreover, 30% purity variant is commonly used when the product needs to be diluted to a specific concentration for certain applications. It offers a cost-effective option for industries looking to optimize expenses or reduce the concentration of glycolic acid. Products with lower sensitivity to glycolic acid concentration can benefit from using 30% purity variant.
The main factors that are driving the growth of the personal care and cosmetics industry segment include the growing product demand due to its exfoliating and rejuvenating properties. It is popular in anti-aging and skin brightening formulations, thanks to its ability to reduce fine lines, wrinkles, and hyperpigmentation. Its versatility allows for its incorporation into various personal care and cosmetic products such as cleansers, toners, serums, and peels.
On the other hand, its cleaning and disinfecting properties make it suitable for household cleaning products. It can dissolve and remove dirt, grime, and mineral deposits effectively. Additionally, it can be used to adjust the pH levels of certain household products, enhancing their effectiveness. Its versatile applications include toilet cleaners, surface cleaners, and descaling agents.
In addition to this, the product finds widespread application as a dyeing assistant and printing agent in the textile industry, aiding in color fixation and improving printing quality. It is also utilized in fabric finishing processes to enhance fabric softness, improve dye uptake, and increase overall fabric quality. The growing emphasis on sustainable practices in the textile industry drives the product demand as a more environmentally friendly option.
Moreover, rapid product utilization as a pH adjuster and acidity regulator in various food processing applications, including fruit and vegetable processing and dairy products. Its tangy or sour taste can enhance flavors in certain food products. Moreover, it exhibits antimicrobial properties, contributing to the extension of the shelf life of certain food products by inhibiting the growth of microorganisms.
Furthermore, it is widely used in dermatological treatments such as chemical peels and skincare products due to its exfoliating and regenerative properties. It plays a role in drug formulation as an excipient or active ingredient, aiding in drug delivery, solubility enhancement, and stability. Additionally, it can promote collagen synthesis and remove dead skin cells, which makes it useful in wound healing applications, including dressings and topical treatments.
North America is witnessing a growing product demand from numerous end-use industries such as cosmetics, personal care, pharmaceuticals, and textiles. In line with this, continual technological advancements and product innovations are contributing to the development of advanced formulations. Moreover, there is an increasing preference for natural and organic products, and therefore glycolic acid derived from natural sources is creating a positive outlook for the market.
Furthermore, the implementation of supportive regulatory environment ensures the safety and compliance of glycolic acid-based products. Additionally, the strong presence of key market players in North America and their investments in research, production, and marketing activities are positively influencing the market growth.
The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
In July 2021, China Petrochemical Corporation (Sinopec) launched China's first megaton carbon capture, utilization, and storage (CCUS) project known as the Sinopec Qilu-Shengli Oilfield CCUS. This groundbreaking project aims to establish itself as the largest whole industrial chain CCUS demonstration base in China.
In April 2023, CrossChem Limited announced the launch of GlySmart, which is a smart release glycolic acid complex for sensitive skin. GlySmart utilizes the di-pole bond between glycolic acid and arginine to effectively regulate the release of free acid, which helps to minimize irritation, particularly for individuals with slightly higher skin pH levels.
Glycolic acid, also known as hydroxyacetic acid, is a naturally occurring organic compound with the chemical formula C2H4O3. It serves as a versatile building block for the synthesis of numerous compounds and acts as a precursor for the production of various esters, polymers, and derivatives. It is also classified as an alpha-hydroxy acid (AHA) and is highly soluble in water, making it suitable for various applications. With its small molecular size and excellent permeability, it finds extensive applications in the cosmetic, pharmaceutical, and chemical industries.
The global market is primarily driven by the rapid product utilization as a chelating agent and pH regulator in the agriculture industry. In one with this, the growing product adoption as corrosion inhibitors and scale removers in wastewater treatment industry is providing an impetus to the market. Additionally, the market is influenced by the increasing awareness among consumers regarding clean and sustainable beauty products. In addition to this, the growing awareness of the benefits of chemical peels and professional skincare treatments contributes to the product demand in the medical and aesthetic sectors. The market is further fueled by the growing product usage in metal cleaning and surface treatment purposes on a global level. Furthermore, government initiatives promoting sustainable practices and the use of environmentally friendly chemicals in various industries are creating a positive outlook for the market.
Glycolic Acid Market Trends/Drivers
Growing demand for skincare products and anti-aging treatments
The market is witnessing a considerable rise in demand due to the increasing consumer interest in skincare products and anti-aging treatments. As individuals strive to maintain youthful and healthy-looking skin, the demand for products containing glycolic acid continues to rise. It is known for its exfoliating and rejuvenating properties, making it a sought-after ingredient in various skincare formulations. Its ability to promote cell turnover, reduce fine lines and wrinkles, and improve skin texture has contributed to its popularity. Moreover, the growing emphasis on self-care and personal grooming, coupled with rising disposable incomes, further fuels the expansion of the market. Consumers are willing to invest in products that provide effective solutions for their skincare needs, which in turn is impelling the market.Increasing focus on dermatological treatments and cosmetic procedures
An enhanced focus on advanced dermatological treatments and cosmetic procedures in the healthcare industry is a significant driver of the market. With the increasing preference for personalized medicine and minimally invasive techniques, glycolic acid-based products and treatments are experiencing heightened adoption. Skin disorders such as acne and hyperpigmentation are prevalent concerns, impelling the product demand in the pharmaceutical sector. Dermatologists and healthcare professionals are increasingly incorporating glycolic acid into their treatment regimens, recognizing its efficacy in addressing various skin concerns. Moreover, the versatility of the product in cosmetic procedures, such as chemical peels, has contributed to its popularity among individuals seeking professional skincare treatments. The growing geriatric population that is more susceptible to aging related issues and dermatological issues are also acting as a significant growth-inducing factor for the market.Extensive Research and Development (R&D) activities in the chemical industry
The market is also driven by the extensive research and development (R&D) activities in the chemical industry. Manufacturers are investing in innovative and sustainable production processes for glycolic acid to meet the growing demand while minimizing environmental impact. The market is witnessing the emergence of eco-friendly production methods and bio-based derivatives that have a reduced carbon footprint. These developments align with the industry's commitment to sustainability and contribute to the overall expansion of the market. Researchers and scientists are actively exploring new extraction techniques, refining processes, and purification methods to enhance the production efficiency and quality. By investing in research and development, manufacturers aim to improve the product availability, affordability, and sustainability, thereby driving market growth and meeting evolving consumer demands.Glycolic Acid Industry Segmentation
This research provides an analysis of the key trends in each segment of the global glycolic acid market report, along with forecasts at the global, regional and country levels from 2023-2028. The report has categorized the market based on source, purity level, and application.Breakup by Source:
- Synthetic
- Natural
- Synthetic dominates the market
The synthetic segment is primarily driven by its cost-effectiveness, as it is often more affordable than its natural counterpart. Synthetic production methods offer scalability, which allows for more efficiency in large-scale production to meet market demands. Consistency is another advantage of the synthetic variant, as it can be produced with consistent quality and purity levels.
On the other hand, the growing demand for natural products drives the demand for natural glycolic acid on the global level as consumers increasingly prefer organic ingredients. It is derived from renewable sources and is considered more environmentally friendly, aligning with the growing focus on sustainability. Additionally, it is often perceived as having additional health benefits due to its organic origin.
Breakup by Purity Level:
- 99% Purity
- 70% Purity
- 60% Purity
- 30% Purity
- 99% purity dominates the market
High-quality requirements in industries such as pharmaceuticals and medical applications fuel the product demand with the highest purity levels. 99% purity ensures product efficacy and safety in such applications. Precision in formulation is achieved with highly pure product, making it essential for certain industries. Moreover, products using 99% purity variant are expected to deliver superior results compared to lower purity alternatives.
On the other hand, cost efficiency is a key consideration for opting for 70% purity variant, as it offers a balance between performance and affordability. Some formulations may require a specific concentration, which can be achieved with 70% purity. Broad applicability is another advantage, as 70% purity variant can be used in various industries, including personal care, household, and textiles.
Besides this, 60% purity variant provides a balance between cost and effectiveness, making it suitable for industries seeking a middle ground. Its versatility allows for utilization in a wide range of products and formulations, providing flexibility to manufacturers. Moreover, 30% purity variant is commonly used when the product needs to be diluted to a specific concentration for certain applications. It offers a cost-effective option for industries looking to optimize expenses or reduce the concentration of glycolic acid. Products with lower sensitivity to glycolic acid concentration can benefit from using 30% purity variant.
Breakup by Application:
- Personal Care and Cosmetics
- Household
- Textile
- Food Processing
- Pharmaceuticals
- Personal Care and Cosmetics hold the largest share in the market
The main factors that are driving the growth of the personal care and cosmetics industry segment include the growing product demand due to its exfoliating and rejuvenating properties. It is popular in anti-aging and skin brightening formulations, thanks to its ability to reduce fine lines, wrinkles, and hyperpigmentation. Its versatility allows for its incorporation into various personal care and cosmetic products such as cleansers, toners, serums, and peels.
On the other hand, its cleaning and disinfecting properties make it suitable for household cleaning products. It can dissolve and remove dirt, grime, and mineral deposits effectively. Additionally, it can be used to adjust the pH levels of certain household products, enhancing their effectiveness. Its versatile applications include toilet cleaners, surface cleaners, and descaling agents.
In addition to this, the product finds widespread application as a dyeing assistant and printing agent in the textile industry, aiding in color fixation and improving printing quality. It is also utilized in fabric finishing processes to enhance fabric softness, improve dye uptake, and increase overall fabric quality. The growing emphasis on sustainable practices in the textile industry drives the product demand as a more environmentally friendly option.
Moreover, rapid product utilization as a pH adjuster and acidity regulator in various food processing applications, including fruit and vegetable processing and dairy products. Its tangy or sour taste can enhance flavors in certain food products. Moreover, it exhibits antimicrobial properties, contributing to the extension of the shelf life of certain food products by inhibiting the growth of microorganisms.
Furthermore, it is widely used in dermatological treatments such as chemical peels and skincare products due to its exfoliating and regenerative properties. It plays a role in drug formulation as an excipient or active ingredient, aiding in drug delivery, solubility enhancement, and stability. Additionally, it can promote collagen synthesis and remove dead skin cells, which makes it useful in wound healing applications, including dressings and topical treatments.
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- North America exhibits a clear dominance, accounting for the largest market share
North America is witnessing a growing product demand from numerous end-use industries such as cosmetics, personal care, pharmaceuticals, and textiles. In line with this, continual technological advancements and product innovations are contributing to the development of advanced formulations. Moreover, there is an increasing preference for natural and organic products, and therefore glycolic acid derived from natural sources is creating a positive outlook for the market.
Furthermore, the implementation of supportive regulatory environment ensures the safety and compliance of glycolic acid-based products. Additionally, the strong presence of key market players in North America and their investments in research, production, and marketing activities are positively influencing the market growth.
Competitive Landscape
The top players in the market are focusing on product innovation by investing in extensive research and development (R&D) activities focusing on advanced formulations. The key companies are also expanding their production capacities to meet the increasing demand and maintain a consistent product supply. They are also entering into strategic partnerships and acquisitions to establish distribution networks and penetrate into a wider geographical area. Also, the prominent players are prioritizing sustainability by adopting eco-friendly production practices and promoting recyclable packaging materials. Furthermore, they are implementing in quality control measures and certifications for maintaining high-quality standards and ensuring compliance with regulatory requirements.The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- Avid Organics
- CABB Group GmbH
- China Petrochemical Corporation
- CrossChem Limited
- Mehul Dye Chem Industries
- Merck KGaA
- Parchem fine and specialty chemicals
- The Chemours Company
- Tokyo Chemical Industry Co. Ltd
- Water Chemical Co. Ltd
- Zhonglan Industry Co. Ltd
Recent Developments
In June 2023, the Kokkola site of CABB Group GmBH was honored with the prestigious “Chemical Industry Safety Award” in the large company category. The award acknowledges the subsidiary's commitment to maintaining high standards of safety across its operations and the positive impact of its safety initiatives.In July 2021, China Petrochemical Corporation (Sinopec) launched China's first megaton carbon capture, utilization, and storage (CCUS) project known as the Sinopec Qilu-Shengli Oilfield CCUS. This groundbreaking project aims to establish itself as the largest whole industrial chain CCUS demonstration base in China.
In April 2023, CrossChem Limited announced the launch of GlySmart, which is a smart release glycolic acid complex for sensitive skin. GlySmart utilizes the di-pole bond between glycolic acid and arginine to effectively regulate the release of free acid, which helps to minimize irritation, particularly for individuals with slightly higher skin pH levels.
Key Questions Answered in This Report:
- How has the global glycolic acid market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global glycolic acid market?
- What is the impact of each driver, restraint, and opportunity on the global glycolic acid market?
- What are the key regional markets?
- Which countries represent the most attractive glycolic acid market?
- What is the breakup of the market based on the source?
- Which is the most attractive source in the glycolic acid market?
- What is the breakup of the market based on the purity level?
- Which is the most attractive purity level in the glycolic acid market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the glycolic acid market?
- What is the competitive structure of the global glycolic acid market?
- Who are the key players/companies in the global glycolic acid market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Glycolic Acid Market
6 Market Breakup by Source
7 Market Breakup by Purity Level
8 Market Breakup by Application
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
Companies Mentioned
- Avid Organics
- CABB Group GmbH
- China Petrochemical Corporation
- CrossChem Limited
- Mehul Dye Chem Industries
- Merck KGaA
- Parchem fine and specialty chemicals
- The Chemours Company
- Tokyo Chemical Industry Co. Ltd
- Water Chemical Co. Ltd
- Zhonglan Industry Co. Ltd.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | November 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 425.9 Million |
| Forecasted Market Value ( USD | $ 642.8 Million |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
