Global Demand For Glycolic Acid Is Projected To Register A CAGR Of More Than 7% During The Assessment Period 2022-2032

Glycolic acid is widely used as an intermediate in the formulation of various skin and hair care products, and acts as an exfoliating and moisturizing agent. Thus, increase in demand for skin and hair products becomes a key driving factor for the sales of glycolic acid.

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It is used for the variety of applications in the chemical industry, which includes the production of polyglycolic acid.  In the industrial and research application, polyglycolic acid is used to make drug delivery systems for small-molecule drugs, proteins, and macromolecules. Because of its tuneable mechanical properties, biodegradability, and biocompatibility, it’s often used in a variety of tissue-engineering applications. In the near time, this trend is projected to boost global demand for polyglycolic acid.

As per a new report published by Fact.MR, the glycolic acid market is poised to expand at a CAGR of around 7% over the next ten years.

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Key Takeaways from Market Study

• In 2020, the global glycolic acid market was worth over US$ 270 million
• Global demand for glycolic acid is projected to register a CAGR of more than 7% during the assessment period
• Primary factor expected to drive the market is rising use of skin care and hair care products around the world
• The Asia Pacific region dominates the global market as compared to other regions
• As a natural alternative to synthetic chemicals in beauty products, formaldehyde-free glycolic acid is widely used
• Use of formaldehyde-free glycolic acid as a clean alternative to synthetic chemicals is increasing in beauty products

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Key Market Segments Covered

• Grade
  • Glycolic Acid ≤68%
  • Glycolic Acid 70%
  • Glycolic Acid ≥99%
• Application
  • Personal Care & Cosmetics
    • Skin Care
    • Hair Care
    • Others (including Nail Care and Dental Care)
  • Plant Growth Stimulation
  • Food Flavoring & Preservation
  • Polyglycolic Acid (PGA) Manufacturing
  • Cleaning Agent
    • Household
    • Industrial
    • Institutional
  • Oil & Gas
  • Electronics
  • Leather Dyeing & Tanning
  • Others (including Biomedical & Drug Delivery and Gas Barrier Packaging)
• Regions
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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