CHICAGO, May 26, 2022 /PRNewswire/ -- According to the new market research report "Glycolic Acid Market by Grade (Cosmetic, Technical), Application (Personal Care & Dermatology, Industrial, Household) and Region (Asia Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2027", published by MarketsandMarkets, the global Glycolic Acid Market size is estimated at USD 327 million in 2022 and is projected to reach USD 450 million by 2027, at a CAGR of 6.6%, between 2022 and 2027. Growth in the glycolic acid market can primarily be attributed to the growing demand for glycolic acid in the cosmetic industry and personal care products, specifically as a preferred ingredient in anti-aging, anti-pollution, and over-the-counter skin care products. The demand for glycolic acid in anti-aging products is mainly expected to increase in developed countries, owing to the rising aging population; this trend is also expected in developing regions.
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Technical grade is the largest grade segment of the glycolic acid market
On the basis of grade, the market is segmented into cosmetic grade and technical grade. The technical grade of glycolic acid is a colorless-to-light yellow liquid solution mainly used for manufacturing household, industrial, and electronics cleaners. The increasing demand for technical grade glycolic acid from industrial cleaning, tanning & dyeing, agriculture, and other industries, is expected to drive its demand during the forecast period.
Personal Care & Dermatology is the largest application segment of the glycolic acid market
On the basis of application, the market is segmented into personal care & dermatology, industrial, household, and others. The personal care & dermatology application segment led the market in terms of both value and volume. The huge demand for glycolic acid-based products in the treatment of acne, hyperpigmentation, and old age effects such as fine lines, age spots, and dullness is expected to drive the demand for glycolic acid in this application. There is increasing demand for glycolic acid as a keratolytic agent for treating dermatological diseases.
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Asia Pacific is the largest market for glycolic acid market
The Asia Pacific region is projected to be the largest market, in terms of value. Asia Pacific is also expected to grow at the highest CAGR during the forecast period. The presence of major beauty & cosmetics market, along with rising industrialization and manufacturing activities, will drive the glycolic acid market in Asia Pacific. Emerging economies in Asia Pacific are expected to experience significant demand for glycolic acid due to the growing cosmetics and personal care, manufacturing, healthcare, industrial, and other industries. The growing population in these countries represents a strong customer base.
The Chemours Company (US), China Petrochemical Corporation (China), CABB Group GmbH (Germany), Zhonglan Industry Co., Ltd. (China), Water Chemical Co., Ltd (China) are key players in glycolic acid market.
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