Market Drivers and Restraints:
Glycolic Acid is majorly utilized for the production of personal care products such as skin creams, lotions, moisturizers, shampoo formulations and others. The benefits of Glycolic Acid in treating skin conditions like breakouts, acne, clogged pores and others are inducing high demand for skin care products that contain Glycolic Acid as their major component, which in turn is propelling the expansion of the Global Glycolic Acid Market. Multiple industrial uses of Glycolic Acid such as it is used in the formulation of polyglycolic acid which is then utilized for the extraction of shale gas and utilization of glycolic acid for the production of PET bottles owing to its biodegradable nature are some other factors that are driving the growth of the Global Glycolic Acid Market. However, stringent regulatory framework over the production and utilization of Glycolic Acid and allergic reaction towards the use of skin care products made from Glycolic Acid are likely to restrain the growth of the Global Glycolic Acid Market during the forecast period.
The players in the Global Glycolic Acid Market are aiming towards business expansion by introducing innovative application range of Glycolic Acid in various end-use industries. The initiatives like strategic mergers and acquisitions are aiding these players in creating dominance over the competitive environment on the Global Glycolic Acid Market. The major players profiled by MRFR that are operating in the Global Glycolic Acid Market are the Chemours Company, Phibro chem, CrossChem LP, CABB Group, Sigma-Aldrich Corporation, Zhonglan Industry Co, Mehul Dye Chem Industries and others.
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Glycolic Acid is a component in the group of active compounds known as alpha hydroxy acids or AHAs and is highly soluble in water. It can also be obtained from cane sugar and other sugar crops. Market Research Future (MRFR) has published a report asserting that the Global Glycolic Acid Market is marked to expand at a notable CAGR of 6.09% during the forecast period of 2017-2023.
The Global Glycolic Acid Market has been segmented on the basis of Source and Application.
Based on Source, the Glycolic Acid Market has been segmented into natural and synthetic.
Based on Application, the Glycolic Acid Market has been segmented into personal care, textile dyeing and finishing, oil field, petroleum refining and others. The personal care application segment commanded for the major share in the Global Glycolic Acid Market owing to the high demand for Glycolic Acid in the production of various skin care products and hair nourishment solutions.
Geographically, the Global Glycolic Acid Market has been segmented into Europe, North America, Latin America, Asia Pacific and the Middle East and Africa. The North America region commanded for the major share in the Global Glycolic Acid Market and has been forecasted to expand at a CAGR of 6.23% during the assessment period. Rise in demand for skin care products that have Glycolic Acid as their main component and growing application of Glycolic Acid in various end-use industries are propelling the growth of the Glycolic Acid Market in the North America region. Rise in research and development activities for introducing larger application areas of glycolic acid and increased production of product made from Glycolic Acid are fueling the growth of Glycolic Acid Market in the Europe region. Increased application of Glycolic Acid in rapidly growing personal care and textile industries in the emerging economies such as India, China and Australia are leading to the significant expansion of the Glycolic Acid Market in the Asia Pacific region. The Middle East and Africa region is projecting steady growth in the Global Glycolic Acid Market owing to the low utilization of personal care products that are rich with Glycolic Acid and low demand for Glycolic Acid in other industrial sectors of the underdeveloped areas in this region.
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