According to the latest Future Market Insights report, the worldwide glycolic acid market size is set to increase from US$ 456.4 million in 2022 to US$ 764.8 million by 2032. Total glycolic acid sales are projected to surge at 5.3% CAGR between 2022 and 2032.
Burgeoning demand from various end-use industries such as textile, pharmaceutical, personal care, and chemicals, is augmenting growth in the glycolic acid market. Over the years, glycolic acid has become a commonly used substance across various industries due to its multifunctional features.
For instance, in the food industry, glycolic acid is used as a flavoring agent and preservative, in the textile industry as a dye and tanning agent, and in the pharmaceutical sector as a skin care product. It is often used in solvents, emulsion polymers, and additives for paints and ink to improve flow qualities and impart gloss.
Glycolic acid is also used in plastics and adhesives. It is a component of products used for treating surfaces that raise the coefficient of friction on tile floors. It is also the primary component of the household cleaning solution called Pine-Sol. Hence, growing application area of glycolic acid will continue to elevate demand in the global market.
Growing awareness of the advantages of glycolic acid compared to alternatives, increasing spending by numerous companies on research and development, and accelerating industrialization are expected to boost the global market.
Subsequently, rising usage of glycolic acid in skincare products to treat various skin disorders and increasing focus on technological advancement and modernization of production techniques will further aid in the expansion of the worldwide glycolic acid industry.
“Consistently growing demand from various end-use industries, particularly from the textile, and pharmaceutical industries, are expected to boost glycolic acid market over the projection period,” says a lead FMI analyst.
Key Takeaways from Glycolic Acid Market Study
- The global market of glycolic acid is estimated to witness a CAGR of 5.3% on a value basis during the forecast period.
- By source, natural glycolic acid segment is likely to generate maximum revenues throughout the forecast period.
- Based on end use, the chemicals segment is estimated to create an incremental $ opportunity of about US$ 143.4 million between 2022 and 2032.
- Europe and North America are expected to cumulatively hold around 48.8% of the overall market share.
- The USA is a prominent importer of glycolic acid with an estimated import volume of 6,156 tons of glycolic acid.
- Japan’s glycolic acid market is forecast to accelerate at 4.6% CAGR between 2022 and 2032.
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Who is Winning?
The market of glycolic acid is estimated to be a consolidated market, where key players are expected to account for a key share of the market. Some of the top manufacturers include The Chemours Company, Zhonglan Industry Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Siddharth Chlorochem Pvt. Ltd., Penta International Corporation, Connect Chemicals, Charkit Chemical Company LLC, Beijing LYS Chemicals Co., Ltd., Haihang Industry Co., Ltd., CrossChem LP, and Spectrum Chemical Manufacturing Corp.
Key players are focusing on increasing their production capacity to enhance their market footprint all over the globe and to gain traction in the market. Further certain key players are focusing on investing in glycolic acid production owing to a significant increase in the demand from the various end-use industries.
