Oct 9, 2019   SOURCE: BusinessWire

Global Glycolic Acid Market by Grade, Application & Region - Forecast to 2024 - ResearchAndMarkets.com

The "Glycolic Acid Market by Grade (Cosmetic, Technical), Application (Personal Care & Dermatology, Industrial, Household) and Region (APAC, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The glycolic acid market size is estimated to be USD 280 million in 2019 and is projected to reach USD 395 million by 2024, at a CAGR of 7.2%.

The rapidly developing and growing demand for glycolic acid in the cosmetics industry, specifically as a preferred ingredient in anti-aging, anti-pollution, and over the counter skincare products is expected to drive the market demand for glycolic acid during the forecast period. In addition, the considerable consumption of glycolic acid as a keratolytic agent for the treatment of dermatological diseases will further contribute to driving its market demand.

Apart from these household and industrial cleaners are also major consumers of glycolic acid the expansion of which is witnessed in developing regions owing to economic development, rising population, growing per capita income and increasing standards of living thus contributing to the development of the glycolic acid market. However, the added disadvantage of skin damage if not used with care and in accurate concentration can act as a restraint for the market growth.

The key companies profiled in this report on the glycolic acid market include The Chemours Company (US), China Petrochemical Corporation (China), CABB Group (Germany), Zhonglan Industry Co., Ltd. (China), Water Chemical Co., Ltd (China), Xinhua Pharm (China), Phibro Animal Health Corporation (US), Avid Organics (India), Hebei Chengxin Co., Ltd. (China), Hefei TNJ Chemical Industry Co., Ltd. (China).

Cosmetic is the fastest-growing grade of glycolic acid

Cosmetic is the fastest-growing grade of the glycolic acid market globally during the forecast period. The huge preference of cosmetic grade glycolic acid in personal care and cosmetics products owing its unmatched ability to treat skin problems including fine lines, irregular pigmentation, age spots, and enlarged pores along with unique advantages in hair care with the proven benefits of hair moisturization, softness, strength and others are expected to drive the cosmetic grade glycolic acid demand in future.

Personal care & dermatology is the largest application of glycolic acid

Personal care & dermatology is the most extensive application of glycolic acid. The increasing demand for glycolic acid-based night peeling concentration, sleep-in mask, acne face & body scrub, and others products along with rising per capita spending and growing beauty needs with the increase in the standard of living are some of the factors expected to drive the glycolic acid demand in personal care & dermatology application.

APAC is the largest and the fastest-growing market for glycolic acid

APAC is projected to register the highest growth rate during the forecast period owing to the presence of major glycolic acid markets such as China and Japan as well as emerging economies such as India, South Korea, Thailand, and Indonesia. The region is expected to witness substantial demand for glycolic acid during the forecasted period owing to the robust growth and development witnessed in the sectors such as cosmetics and personal care, manufacturing, healthcare, industrial and others. Further, the development of the country's economy, trade, and FDI along with minimal rules and regulatory standards governing the business operations makes the region a highly attractive market for different end-use industries of glycolic acid thus boosting the market demand.

Market Dynamics

Drivers

  • Growing Demand for Glycolic Acid in the Cosmetic Industry
  • Increasing Glycolic Acid Consumption in Varied Applications

Restraints

  • Skin Problems Caused By the Use of Glycolic Acid-Based Cosmetic Products

Opportunities

  • Growing Demand for Biodegradable Polymers to Increase the Glycolic Acid Consumption

Challenges

  • Stringent Regulations Regarding the Usage of Glycolic Acid

Companies Profiled

  • Avid Organics
  • CABB Group Gmbh
  • Cangzhou Goldlion Chemicals Co.,Ltd
  • China Petrochemical Corporation
  • Crosschem LP
  • Hangzhou Lingrui Chemical Co., Ltd.
  • Hebei Chengxin Co., Ltd.
  • Hefei TNJ Chemical Industry Co., Ltd.
  • Jiaxing Jlight Chemicals Co., Ltd.
  • Mehul Dye Chem Industries
  • Phibro Animal Health Corp.
  • Sancaiindustry
  • Siddharth Chlorochem
  • The Chemours Company
  • Velocity Chemicals Ltd.
  • Water Chemical Co., Ltd
  • Wuhan Biocar Bio-Pharm Co., Ltd.
  • Xinhua Pharm
  • Xinji City Taida Sinopec Co., Ltd.
  • Zhonglan Industry Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/xj4qeq