Rockville, MD, May 30, 2023 (GLOBE NEWSWIRE) -- The recent research analysis by Fact.MR on the global market global hydroxyacetic acid provides a thorough overview of the industry’s product, end-user, and region categories. It also offers comprehensive details on important players and the crucial tactics they are turning to for gaining an upper hand over their competitors.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR, a market research and competitive intelligence provider, the global hydroxyacetic acid market is estimated at US$ 330 million in 2023 and is expected to expand at an impressive CAGR of 6.6% during the forecast years of 2023-2033.
The hydroxyacetic acid market has experienced significant growth in recent years and is expected to continue its upward trajectory. The increasing consumer demand for anti-aging and skincare products has driven the growth of the hydroxyacetic acid market in this segment.
Hydroxyacetic acid, a colorless and odorless alpha-hydroxy acid, is widely used in various industries such as cosmetics, personal care, healthcare, and textiles.
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In the cosmetics and personal care sector, hydroxyacetic acid is a key ingredient in skin care products due to its exfoliating properties. It helps in removing dead skin cells, reducing fine lines and wrinkles, and improving overall skin texture. In the healthcare industry, hydroxyacetic acid finds applications in pharmaceutical formulations and medical devices. It is used in the production of creams, gels, and ointments for the treatment of conditions like acne, hyperpigmentation, and scarring. The rising prevalence of skin disorders and the growing awareness about skincare have contributed to the market growth.
Moreover, hydroxyacetic acid is extensively used in the textile industry for dyeing and finishing processes. It acts as a dyeing assistant, helping to enhance color absorption and brightness on fabrics. The increasing demand for vibrant and long-lasting textile products has boosted the demand for hydroxyacetic acid in this sector.
Key Takeaways from Market Study
- The global hydroxyacetic acid market is projected to expand at an impressive CAGR of 6.6% and be valued at US$ 330 million by 2033.
- The market witnessed a CAGR of 6.6% for the period of 2018-2022.
- Under the grade segment, cosmetics dominates the market with 70% market share in 2023.
- East Asia dominated the market with 46.9% market share in 2022.
“Use of Cosmetics Grade is Driving the Demand for Hydroxyacetic Acid across Personal Care Application,” says a Fact.MR analyst.
Market Development
To capture the growing demand for hydroxyacetic Acid market players are constantly focusing on the growing demand towards the personal care and cosmetic products, hydroxyacetic Acid is widely used in the personal care and cosmetics industry due to its exfoliating and skin-rejuvenating properties. It is used in products like facial cleansers, moisturizers, peels, and anti-aging treatments. The increasing demand for skincare products and the rising consumer awareness of skincare benefits are driving the growth of hydroxyacetic Acid in this sector.
Key Market players are also investing in research and development: Ongoing research and development activities aim to explore new applications and improve the production processes of hydroxyacetic acid. This includes efforts to enhance its performance in personal care, develop new formulations, and discover novel applications in emerging industries.
The hydroxyacetic acid market is moderately competitive, with several established players and new entrants. Market players focus on product innovation, expanding their product portfolios, strategic partnerships, and mergers and acquisitions to gain a competitive edge.
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Competitive Landscape
Key hydroxyacetic acid manufacturers are investing rigorously in research and development activities to explore new application areas for this multifunctional substance. Besides this, they are adopting strategies such as mergers and hydroxyacetic acid acquisitions as well as product portfolio expansion.
For instance:
- In January 2021, Solvay SA announced the launch of its new sustainable hydroxyacetic acid product, GlyAcid® XR, produced with Solvay’s innovative biotechnology. The company aims to address the increasing demand for eco-friendly personal care, home care, and industrial applications by providing a reliable and sustainable source of hydroxyacetic acid.
- In February 2021, Arkema announced the launch of its new bio-based Hydroxyacetic Acid, which is produced from renewable raw materials and offers a sustainable alternative to traditional hydroxyacetic acid.
Fact.MR has provided detailed information about the price points of key manufacturers of hydroxyacetic acid positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Key Companies Profiled
- The Chemours Company (US)
- China Petrochemical Corporation (CHINA)
- CABB Group GmbH (Germany),
- Zhonglan Industry Co., Ltd. (China),
- Water Chemical Co., Ltd (China)
Segmentation of Hydroxyacetic Acid Industry Research
- Hydroxyacetic Acid Market by Grade:
- Cosmetic grade
- Technical grade
- Hydroxyacetic Acid Market by Application:
- Personal Care & Dermatology
- Household
- Textile
- Pharmaceutical
- Industrial
- Others
- Hydroxyacetic Acid Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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What differences can the hydroxyacetic acid report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the hydroxyacetic acid and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the hydroxyacetic acid
- Micro-economics factors that may hamper the prospects of some of the key segments
- Recent spate of research and development (R&D) funding on key hydroxyacetic acids
- New business models paving way for disruptions in demand dynamic of key segments
- Regional markets that will be future engine of growth and the industry trends that will support these markets
- Challenges overcoming which may offer industry players competitive edge
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hydroxyacetic acid, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of grade (cosmetic grade, technical grade), application (personal care & dermatology, household, textile, pharmaceutical, industrial, Other), across major regions of the world.
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