Wilmington, Delaware, United States, March 12, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The market valuation of the Global glycolic acid market was measured in 2021, which accounted for about US$ 340 million. However, the forecast at market valuation by the end of 2031 is US$ 683.5 million with a moderate CAGR of 7.23%. This market advancement is subjected to various industrial forces acting positively on the subject market.
The food and beverage industry requires extensive cleaning of their equipment. The main reason behind this is to avoid food contamination due to germs. The glycolic acid helps the market to achieve the same with its easy solubility in a wide range of solvents. Thus, this proves to be the fundamental market driver for the subject market.
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The glycolic acid has positive effects on the texture of the skin. Apart from this, the cleaning efficacy exhibited by glycolic acid is more than any other solvent. Therefore, the cosmetic industry finds various applications, which creates a significant market force.
Due to the cleansing capacity of glycolic acid, 70% glycolic acid has come in demand and can be used to clean various air conditioners, electric plant pipes, boilers, and much more. Due to this surge in demand, positive market forces are experienced by the market under consideration, helping it grow.
Key Findings from the Market Report
- The global glycolic acid market can be segmented broadly into two categories. Based on the grade of the acid used, the most widely used grade is 70% glycolic acid.
- Glypure 99 is the high-purity cosmetic grade glycolic acid used in various cosmetic products due to the high concentration of acid. It helps to clean the pores of the skin more effectively. Moreover, this grade of acid is more popular in dermatological skin care products, as many of these products require low water content, which is available in the acid.
- Based on application, the healthcare sector vastly occupies the market segment. Various surgical instruments are cleaned with the help of glycolic acid.
- Similar to the healthcare sector, various industrial instruments are also cleaned with the help of acid; therefore, the popularity of concentrated acid in the industry can be explained.
- Various continents govern the Global glycolic acid market. However, Asia Pacific secures about 32.6% of the total market share. Due to this, it proves to be the largest market shareholder in the industry.
- Due to the rising cosmetic market in North America, the demand for glycolic acid is higher in this region. About 30.1% of the entire market share is secured by the area.
- The European continent also proves to be a significant contributor to the market. About 26% of the entire market share is secured by Europe.
- In August 2019, Phibro Animal Health acquired Osprey Biotechnics. This strategic move helped the organization to innovate microbial products.
- In February 2021, the French government subsidized METabolic EXplorer (METEX) with US $ 10.12, which helped the business establish and run a glycolic acid plant in France.
- Chemours Company CC introduced Glyclean D in November 2021, which was designed specially as a disinfectant in response to the COVID-19 pandemic.
- The global glycolic acid market contains fierce competition. Out of different organizations, Phibro Animal Health Corporation offers a wide range of vaccines, nutritional specialties, and many other products.
- CABB Group GmbH operates in many verticals, including fine chemicals and custom manufacturing. The organization manufactures many acid chlorides, monochloroacidic acids, their derivatives, and thermoset additives.
- Avid Organics produces various amino acids, disinfectants, carboxylic acids, and esters. This product portfolio helps the organization to operate under multiple verticals.
- The Chemours Company
- Phibro Animal Health Corporation
- CABB Group GmbH
- China Petroleum & Chemical Corporation (SINOPEC)
- Shandong Xinhua Pharmaceutical Co. Ltd.
- CrossChem LP
- Avid Organics
- Zhonglan Industry Co. Ltd.
- Water Chemical Co. Ltd
- Hebei Chengxin Co. Ltd
- Hefei TNJ Chemical Industry Co. Ltd.
- Saanvi Corp
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Market Segmentation
Grade
- ≤68%
- 70%
- ≥99
Application
- Personal Care & Cosmetics
- Hair Care
- Skin Care
- Others (Including Nail Care, Dental Care)
- Plant Growth Stimulation
- Food Flavoring & preservation
- PGA Manufacturing
- Cleaning Agents
- Household
- Industrial
- Institutional
- Electronics
- Oil & Gas
- Leather Dyeing & Tanning
- Others (including Biomedical & Drug Delivery and Gas Barrier Packaging)
Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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