Glycolic Acid Market: Key Highlights
- The global glycolic acid market was valued at ~US$ 285 Mn in 2018 and is anticipated to expand at a CAGR of ~7% during the forecast period
- Rising use of skin care and hair care products across the globe is the primary factor projected to drive the global glycolic acid market during the forecast period. Additionally, increase in usage of glycolic acid for industrial and household cleaning purposes, due to rise in awareness about hygiene is anticipated to drive the global glycolic acid market during the forecast period.
Key Drivers of Glycolic Acid Market
- Glycolic acid products are widely used in industrial cleaning applications in water treatment plants, dairies, concrete trucks, and metal cleaning plants. Glycolic acid is an ideal material for industrial cleaning, as it is eco-friendly, biodegradable, readily rinsable, dilutable, and compatible with several formulations. Thus, growth of the global industrial cleaning sector is expected to fuel the demand for glycolic acid during the forecast period.
- Polyglycolic acid is used to manufacture drug delivery devices for small-molecule drugs, proteins, and macromolecules in commercial and research applications. It is also used in various tissue-engineering applications, as it possesses tunable mechanical properties, biodegradability, and biocompatibility. This factor is expected to drive the demand for polyglycolic acid globally in the near future.
Increase in Use of Glycolic Acid in Cleaning Agents
- In terms of application, cleaning agent was a rapidly expanding segment of the global glycolic acid market in 2018. The segment is expected to maintain its attractiveness during the forecast period, due to wide compatibility of cleaning agents with a range of ingredients such as surfactants, biocidal agents, corrosion inhibitors, fragrances, and dyes.
- Glycolic acid has low dissociation constant and molecular weight, which increases its efficiency on hard water scales and leads to low corrosion of household surfaces
- Glycolic acid is increasingly being used in cleaning and washing of various industrial equipment, due to its solubility and ease of handling. Additionally, it has negligible toxicity. Thus, it can be employed in dairy and food & beverages industries. Furthermore, glycolic acid is biodegradable. Thus, waste management is easy in case of glycolic acid. Glycolic acid is increasingly being utilized in industrial applications such as cleaning and washing. It is also employed in certain industrial applications such as finishing of metal surfaces. Growth in industrial activities is expected to drive the demand for glycolic acid during the forecast period.
Availability of Superior-performance Substitutes to Glycolic Acid Likely to Hamper Global Market
- Personal care products, such as skin care and hair care products are driving the glycolic acid market. Glycolic acid is used as an exfoliating and moisturizing agent in the formulation of various personal care products. Development of substitutes, with similar or better functional values, is a major factor restraining the glycolic acid market. Salicylic acid, which is a beta hydroxyl acid, is possibly a key substitute to glycolic acid for use in skin care product formulations. Salicylic acid is more effective in terms of skin exfoliation than glycolic acid. Various companies have been using salicylic acid in their product formulations. This factor is likely to hamper the glycolic acid market during the forecast period.
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Asia Pacific Dominates Glycolic Acid Market
- Among regions, Asia Pacific accounted for a prominent share of the global glycolic acid market in 2018. The region is expected to remain a highly lucrative market for glycolic acid during the forecast period, owing to the growth in population, improvement in the standard of living, and rise in e-Commerce activities in the region.
- The economy of Asia Pacific countries, such as China and India, is expanding significantly. As a result, several key players have started investing in the chemical sector of the Asia Pacific, due to easy availability of raw materials and favorable rules and regulations in the region. Major players from other regions are investing through collaborations, acquisitions, and mergers with local players.
- Asia Pacific is a hub for production of specialty chemicals. A large number of glycolic acid manufacturers operate in the region. These include Shandong Xinhua Pharmaceutical Co. Ltd., Avid Organics, Zhonglan Industry Co., Ltd., Water Chemical Co., Ltd, Hebei Chengxin Co., Ltd., Hefei TNJ Chemical Industry Co. Ltd., and Saanvi Corp.