The global glycolic acid market
is expected to reach USD 415.0 million by 2024, according to a new report by
Grand View Research, Inc. Growing use of the product in various applications
including personal care and household is expected to drive demand. The product
is extensively used in the manufacturing of cleaning agent formulations as well
as skin care creams, thus promoting its growth.
Personal care application is
expected to be valued at over USD 96.0 million in 2015 driven by increasing use
of the product in cosmeceutical preparations such as skin creams, lotions for
treatment of blackheads, acne face lines and the treatment of oiliness. In
addition, the demand for glycolic acid based skin peels for face cleansing is
expected to bolster the demand over the forecast period.
Growing use of the product in
shampoo formulations for treatment of dandruff and hair conditioning is
expected to augment demand over the projected period. However, availability of
alternate products such as salicylic acid coupled with stringent regulations by
bodies such as Food and Drug Administration (FDA) limiting the concentration of
glycolic acid in personal care products is expected to restrain growth.
In depth research report on Glycolic Acid Market
Further key findings from the report suggest:
•
The industrial application
segment is expected to be valued at over USD 42.0 million by 2024 owing to its
increasing application scope in concrete removal, dairy and food equipment
cleaner, industrial chemical manufacturing, oil and petrol refining and metal
cleaning & finishing. Superior properties exhibited by the product
including corrosion resistance, negligible odor, low toxicity, and low
inflammability are expected to promote its use over the forecast period.
•
In Europe, the market in Italy
is expected to exhibit highest growth rate of over 11.5% from 2016 to 2024
owing to increasing demand for glycolic acid in the production of skin care
creams and lotions and face peels. In addition, increasing demand for glycolic
acid by cosmetics manufacturers in the country is expected to drive the demand
for the product over the forecast period.
•
Asia Pacific is expected to
witness highest CAGR of over 12.0% over the period 2016 to 2024 driven by
rising demand for glycolic acid based household cleaners coupled with a growing
demand for beauty products. Abundant raw material availability coupled with the
presence of a large number of manufacturer base is likely to have a positive
impact on market growth.
•
Key players in the industry
include Parchem, DuPont, CrossChem LP, Phibro Animal Health Corporation and
Chemsolv Inc.
Grand View Research has
segmented the glycolic acid market on the basis of application and region:
Glycolic Acid Market Application Outlook (Volume, Tons;
Revenue, USD Million, 2013 - 2024)
•
Personal Care
•
Household
•
Industrial
•
Others
Glycolic Acid Market Regional Outlook (Volume, Tons;
Revenue, USD Million, 2013 - 2024)
•
North America
o
U.S.
o
Canada
o
Mexico
•
Europe
o
Germany
o
Italy
o
France
•
Asia Pacific
o
China
o
India
o
Japan
•
Latin America
o
Brazil
•
Middle East & Africa
o
South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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