Market Research Future published a research report on “Glycolic Acid Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Synopsis of Glycolic Acid Market
The Global Glycolic Acid is expected to reach market valuation of USD 362.52 million by 2023 with CAGR of 12.1% between 2016 and 2023.
Glycolic Acid or hrdroxyacetic acid is a class of chemical compound that consists of carboxylic acid substituted with hydroxyl group on the adjacent carbon. It is a colorless liquid which is odorless, and is soluble in alcohol at room temperature. Its chemical formula is HOCH2COOH and can be processed naturally & synthetically. It possess various properties such as keratolytic, germinative layer and a fibroblast stimulating action. It exhibits anti-inflammatory effects and anti-oxidant actions leading to wide application scope in personal care, textile dyeing & finishing, oil field, petroleum refining, and others.
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The Global Glycolic Acid Market is expected to grow steadily and register a CAGR of 6.09% over the forecast period. Some of the prominent trends and drivers supporting the growth of Global Glycolic Acid Market are identified as rising awareness regarding skincare and hair care along with growth in personal care products. Furthermore, increasing affinity towards skin lightening and rising demand of anti-aging products among geriatric population is anticipated to augment skincare ingredients market. Increasing spending on household cleaning is expected to further propel the Glycolic Acid Market growth. Stringent regulation by limiting the concentration of glycolic acid in personal care products coupled with availability and development of substitutes such as salicylic acid are expected to hinder market growth.
The Chemours Company
Zhonglan Industry Co
Mehul Dye Chem Industries among others
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Based on the regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest market share in terms of value and volume in 2016, and is projected to grow at the highest CAGR of 6.23% in terms of value during the forecast period of 2017 to 2023. In North America, U.S contribute the largest market share of 53.3% in terms of volume and is projected to grow at the highest CAGR of 5.49% followed by Canada during the review period. Europe held the second largest market share in 2016. Within Europe, Germany dominated the market share and is projected to grow at the highest CAGR followed by UK, France, and Spain. Emerging economies of Asia Pacific such as India, China, Japan, and Australia are projected to grow at a significant rate owing to the growth of applications such as personal care and textile dyeing & finishing.
The Global Glycolic Acid Market is segmented on the basis of source, application and region. On the basis of source, Global Glycolic Acid Market is segmented into natural and synthetic. Based on application, the global glycolic acid market is segmented into personal care, textile dyeing & finishing, oil field, petroleum refining, and others. On the basis of region, market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Global Glycolic Acid Market is projected to reach USD 263.3 Million by 2023 with CAGR of 6.09% in terms of value during review period of 2017-2023. Increase in demand of personal care products with rising awareness regarding skin and hair care augmented the market demand during the forecast period. North America accounted for largest share of around 34% in Glycolic Acid Market followed by Europe. North America is estimated to grow at a fastest growth rate of 6.23% during the forecast period. Based on source, synthetic will hold over 65% of market share in 2017 as it is utilized the most in personal care products. Based on application, personal care held more than 28% of market share in 2016 as it is utilized the most in beauty products. Additionally consumer’s expenditure on beauty products has been increasing yearly in developed and developing regions. Globally, oil field and textile & dying will together hold around half of the market share in 2017. Increased demand for glycolic acid in textile industry as dyeing and tanning agent will further boost the market growth over the forecast period.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.