Glycolic Acid Market Report, By Grade (Cosmetic Grade and Technical Grade), Application (Hypermarket/Supermarket, Specialty Store, Convenience Store, Online Stores) and Geography - Global Market Share, Trend Analysis & Forecast

Glycolic acid is an alpha-hydroxy acid, soluble in alcohol, derived from fruit and milk sugars. Glycolic acid is currently available in cosmetic formulations (creams, pads, and lotions) and present as excipient in some topical drug products. Glycolic acid has been recognized as an important adjunctive therapy in a variety of conditions including photodamage, acne, rosacea, striae albae pseudofolliculitis barbae, hyperpigmentation disorders, actinic keratoses, fine wrinkles, lentigines, melasma and seborrheic keratosis. 

Glycolic Acid Market Trends

• Increasing use of the product in various industrial applications, such as high purity electronics and semiconductor processing and tanning and leather dying, is expected to augment the segment growth
• In addition, it is used as a raw material for the production of Polyglycolic Acid (PGA), which is extensively used in medical sutures owing to high biodegradability

Glycolic Acid Market Outlook

• The current demand for cosmetic grade glycolic acid is majorly supported by the increasing use of cosmetic products in day to day owing to rising self-care awareness and increasing skin related problems
• In addition, rising expenditure on R&D has resulted in an increased scope of application, which is expected to drive the product demand over the forecast period

Glycolic Acid Market COVID-19 Impact

• The cosmetics industry has observed a relatively sluggish growth due to the COVID-19 pandemic unlike other industries
• Products which have a lower risk of contamination owing to automation and longer shelf lives helping the rationing of consumer supplies are expected to stand out in the near future
• Also, big brands are also converging on refining their supply lines in terms of firming their online channel along with offering at-home cosmetic products, which are highly appropriate in this unpredictable business situation

Glycolic Acid Market Regional Trends

The global market is studied for the key regions such as, North America, Europe, Asia Pacific and Rest of the World. North America comprises of U.S., Canada and Mexico. Whereas, Europe covers UK, France, Germany, Italy, Spain and Rest of Europe. The key countries included under Asia Pacific are China, India, Japan and Rest of Asia Pacific. The Rest of the world include Latin America and Middle East & Africa. Europe was a lucrative region for the glycolic acid market in 2019. Increasing demand for anti-aging and acne removal creams is expected to drive the market further over the forecast period. Presence of various cosmetics manufacturers in Italy and France is also likely to boost market growth. However, stringent regulations by the European Commission regarding the product use may hinder the growth. China is expected to exhibit the highest CAGR in Asia Pacific over the forecast period driven by increasing product use in industrial, cosmeceutical, and household applications. Furthermore, low manufacturing cost coupled with a rapidly developing economy is expected to drive the demand in the country. 

Glycolic Acid Market Segmental Highlights

• The report analyses the global glycolic acid market based on grade, application and geography
• Various grades studied in this report are cosmetic grade and technical grade
• The major applications of the market are hypermarket/supermarket, specialty store, convenience store, online stores and other applications household, industrial, personal care & dermatology, others (tanning & dyeing, agriculture, adhesive, medical and food)

Glycolic Acid Market Key Players

The key companies in the glycolic acid market are Avid Organics, CABB Group Gmbh, Cangzhou Goldlion Chemicals Co., Ltd, China Petrochemical Corporation, Crosschem LP, Hangzhou Lingrui Chemical Co., Ltd., Hebei Chengxin Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Jiaxing Jlight Chemicals Co., Ltd., Mehul Dye Chem Industries, Phibro Animal Health Corp., Sancaiindustry, Siddharth Chlorochem, The Chemours Company, Velocity Chemicals Ltd., Water Chemical Co., Ltd, Wuhan Biocar Bio-Pharm Co., Ltd., Xinhua Pharm, Xinji City Taida Sinopec Co., Ltd., Zhonglan Industry Co., Ltd. Etc. Companies in the market focus on product innovation to capture larger industry share. For example, Allergan Pharma launched a range of glycolic acid-based products under the trade name SkinMedica to increase its market share. Companies also invest in R&D to develop application-specific products.