Glycolic Acid Market Size, Share, Outlook

The global glycolic acid market size stood at US$ 330 million in 2022 and is poised to register 7.4% growth over the forecast period from 2023 to 2030.

Key market driving forces include increasing demand for veterinary glycolic acid products, high-performance glycolic acid blends being widely marketed, and increasing demand for cosmetics in emerging markets, demand for polyglycolic acid (PGA) in biomedical applications, and others are identified among the main market dynamics.

 

Glycolic Acid market analysis

The glycolic acid market is witnessing steady growth over the recent past, driven by robust growth in end-user demand. In particular, the demand for the water-soluble alpha hydroxy acid (AHA) made from sugar cane is gaining revenue growth from cosmetic segments. Further, several small to medium-scale companies are developing products for diverse applications.

The consumption outlook is predominantly dependent on shifting consumer trends towards glycolic acid-based cosmetics. Increasing use of cosmetics driven by self-care awareness and increasing skin-related problems supports the market for high-purity grade glycolic acid. Further, it is also widely used in skin conditions like acne scars, dark patches, melasma, and age spots.

Superior properties of copper include colorless, odorless, high solubility in water, biodegradability, and other properties of the hygroscopic crystalline solid. In cosmetic applications, it is used to exfoliate the skin, speed up cell turnover, and boost collagen production. Further, it offers the environmental benefits of biodegradability, sourced from natural products, and skin-friendly, supporting widespread adoption.

Among applications of technical grade glycolic acid, industrial cleaning, institutional cleaning, household applications, use in the oil and gas industry, tanning of leather, medical applications, cleaning water treatment plants, textile industry, food processing industries, and others are increasing steadily, providing strong scope for the acid.

Leading companies are marketing diverse grades of glycolic acid, to cater to the end-user requirements. Most of the small and medium-scale companies cater to the demand from local cosmetic and household industry segments. Further, with increasing sales through online channels, most companies are gaining significant revenue growth.

The global Glycolic Acid market is characterized by a large number of small- and medium-scale players operating in the market. Amidst a robust increase in glycolic acid demand, a large number of companies are investing in R&D to widen the applications of the product. Further, several blends of glycolic acid are being developed for superior performance.

 

Market Dynamics

Market Trend- Increasing Demand for Veterinary Glycolic Acid Products

Increasing demand for glycolic acid-based shampoos, conditioners, Wet Wipes, Dry baths, Otic, and other forms is observed across markets.  Glycolic Acid is an effective and beneficial component in many topical veterinary products. Companies market advantages of glycolic acid products such as gentle enough to clean, and Strong enough to treat Pyoderma and Malassezia. All-natural products in different applications are widely procured by consumers.

Glycolic acid is currently marketed in different cosmetic formulations to benefit a range of animals with a variety of therapeutic needs. In particular, products for cats, dogs, and horses find a strong market for glycolic acid. Skin cleansing, grooming, maintenance, antiseborrheic, antimicrobial shampoos, combining glycolic acid, boric acid, and others are sold across distribution channels.

Ongoing R&D efforts to handle the challenges of glycolic acid in animals coupled with the launch of new product formulations will drive the market segment.

 

Market Driver- Increasing demand for cosmetics in emerging markets

Rapid urbanization and an increasing number of working-class women are encouraging the demand for cosmetics across the world. The global cosmetics industry is valued at around $11.8 billion in 2022 and is forecast to grow at 4.7% CAGR (Compounded Annual Growth Rate) over the forecast period to 2030. Comparatively, the Asian market, which accounts for over 36.7% of the market share, is poised to register a 5.1% CAGR during the forecast period. In particular, China, India, and South-East Asian countries continue to witness robust demand for skincare products.

Glycolic acid, with its wide adoption across skincare and hair care products, is poised to gain a robust market in the Asia Pacific cosmetics industry. A large number of chemical companies are marketing glycolic acid and its blends customized for different applications such as anti-aging products, cleaning masks, moisturizers, hair care, and other products for both men and women.

In addition, Latin American countries, the Middle East and African markets, and other emerging markets are rapidly embracing glycolic acid-based products, driven by the health benefits offered by glycolic acids. A large population, shifting consumer preferences and increased spending on personal care tend to drive the market outlook.

 

Market Segmentation

The global Glycolic Acid Market is segmented into Types, Applications, and Countries.

Cosmetic Grade held the dominant position in 2022

High-purity, low-concentration glycolic acid is widely used in the industry. Due to its small size, it can penetrate the skin and is used for skin peels, creams, serums, lotions, sunscreens, and lightening creams to stimulate cellular activity and readjust the water percentage in the epidermis.

In different products for anti-aging cosmetics and the treatment of superficial skin conditions, cosmetic grade glycolic acid is widely used. Key features marketed by manufacturers and vendors include- Exceptional purity levels for personal care products, Clear, colorless appearance, reliable, consistent supply, compatibility with other compounds and ingredients, biodegradable, odorless, and others.

 

Personal Care and Dermatology segment is poised to grow at the highest CAGR during the forecast period

Glycolic acid is a major user of personal care products including skincare, haircare, nail care, and others. It is used in low concentrations of around 10% in cosmetic applications. Rapid growth in the cosmetics industry is a key factor driving the use of glycolic acid.

In the skincare segment, wrinkle creams, acne treatment, and other personal care products. Glycolic acid can penetrate the cell-producing dermis and facilitate the regeneration and production of those elastic and moisturizing compounds to produce a more youthful-looking complexion. It is among the key ingredients used in the manufacture of exfoliation products, skin peeling products, and anti-aging products such as creams, lotions, cleansers, toners, and others. Further, it is also used in the manufacture of moisturizing skin creams and lotions, skin-lightening formulations, men’s care products, and other skincare products.

In the hair care segment, revitalizing shampoos, conditioners, detanglers, hair, and scalp masks, and others are used manufactured using glycolic acid as it penetrates the hair shaft, stabilizes the keratin within, and provides stronger, more manageable hair.

Glycolic acid also enhances nail care, where glycolic acid-based products are used to gently exfoliate the skin around cuticle beds. Exfoliation removes dry skin and hangnails from the nail plate, rejuvenates living skin, and conditions, and moisturizes the skin in the nail area. Glycolic acid-based peels, thicker creams, oils, ointments, exfoliating scrubs, and others are widely marketed worldwide.

 

Asia Pacific region registered a strong growth rate for the period 2023 to 2030

Driven by rapid adoption across different applications, Asia Pacific dominates the global glycolic acid market with over 35.8% market share in value terms.

China's market presents strong potential across a whole range of personal care products, from the skincare segment to the haircare segment. Skincare and haircare segments account for over 60% of the total personal care market in the country.

Increasing urbanization, rising consumption from men and women, and increasing adoption of new fashion and beauty trends are the main market drivers. Both domestic players and international majors have an active presence in the country. The key players present in the market are following enhanced advertising and marketing strategies that enable them to improve their sales and revenue.

The discounts and offerings provided by e-commerce sites, shopping malls, and other distribution channels are driving the demand for cosmetic products with glycolic acid ingredients.

The launch of new products with multiple features or benefits is being observed, which will drive demand for glycolic acid. China Petrochemical Corporation, Zhonglan Industry Co., Ltd, Water Chemical Co., Ltd, Xinhua Pharm, Hebei Chengxin Co., Ltd, Hefei TNJ Chemical Industry Co., Ltd., and others continue to market different grades of glycolic acid.

On the other hand, widely available substitute products pose significant challenges to market growth.

 

Segmentation

By Type

• Cosmetic Grade
• Technical Grade

 

By Application

• Personal Care and Dermatology
• Household
• Industrial
• Others

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Key Players

The market is relatively fragmented in nature with intense competitive conditions among leading market players. Intense competitive conditions exist among large conglomerates, resulting in increased mergers and acquisitions activities.

• The Chemours Company
• SINOPEC
• CABB Group
• Phibro Animal Health Corporation
• Zhonglan Industry Co., Ltd
• China Petrochemical Corporation
• Water Chemical Co., Ltd.
• Parchem Fine and Speciality Chemicals
• Saanvi Corporation

Glycolic Acid Market Outlook 2023

1 Market Overview

1.1 Introduction to Glycolic Acid Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Glycolic Acid Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Glycolic Acid Market Companies with Area Served

4.2.2 Products Offerings Global Glycolic Acid Market

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 Post-COVID-19 Scenario- Low Growth Case

5.1.3 Post-COVID-19 Scenario- Reference Growth Case

5.1.4 Post-COVID-19 Scenario- Low Growth Case

 

6 Global Glycolic Acid Market Trends

6.1 Global Glycolic Acid Revenue (USD Million) and CAGR (%) by Type (2018-2028)

6.2 Global Glycolic Acid Revenue (USD Million) and CAGR (%) by Applications (2018-2028)

6.3 Global Glycolic Acid Revenue (USD Million) and CAGR (%) by Regions (2018-2028)

 

7 Global Glycolic Acid Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Glycolic Acid Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Glycolic Acid Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Glycolic Acid Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Glycolic Acid Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Glycolic Acid Development Regional Status and Outlook

8.1 Global Glycolic Acid Revenue (USD Million) By Regions (2018-2022)

8.2 North America Glycolic Acid Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Glycolic Acid Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Glycolic Acid Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Glycolic Acid Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Glycolic Acid Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Glycolic Acid Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Glycolic Acid Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Glycolic Acid Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Glycolic Acid Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Glycolic Acid Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Glycolic Acid Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Glycolic Acid Revenue (USD Million) by Applications (2018-2022)

8.5 South America Glycolic Acid Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Glycolic Acid Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Glycolic Acid Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Glycolic Acid Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Glycolic Acid Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Glycolic Acid Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Glycolic Acid Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Glycolic Acid Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Glycolic Acid Market Revenue (USD Million), by Type, and Applications (2023-2028)

10.1 Global Glycolic Acid Revenue (USD Million) and Market Share (%) by Type (2023-2028)

10.1.1 Global Glycolic Acid Revenue (USD Million), and Market Share (%) by Type (2023-2028)

10.2 Global Glycolic Acid Revenue (USD Million) and Market Share (%) by Applications (2023-2028)

10.2.1 Global Glycolic Acid Revenue (USD Million), and Market Share (%) by Applications (2023-2028)

11 Global Glycolic Acid Development Regional Status and Outlook Forecast

11.1 Global Glycolic Acid Revenue (USD Million) By Regions (2023-2028)

11.2 North America Glycolic Acid Revenue (USD Million) by Type, and Applications (2023-2028)

11.2.1 North America Glycolic Acid Revenue (USD) Million by Country (2023-2028)

11.2.2 North America Glycolic Acid Revenue (USD Million), by Type (2023-2028)

11.2.3 North America Glycolic Acid Revenue (USD Million), Market Share (%) by Applications (2023-2028)

11.3 Europe Glycolic Acid Revenue (USD Million), by Type, and Applications (2023-2028)

11.3.1 Europe Glycolic Acid Revenue (USD Million), by Country (2023-2028)

11.3.2 Europe Glycolic Acid Revenue (USD Million), by Type (2023-2028)

11.3.3 Europe Glycolic Acid Revenue (USD Million), by Applications (2023-2028)

11.4 Asia Pacific Glycolic Acid Revenue (USD Million) by Type, and Applications (2023-2028)

11.4.1 Asia Pacific Glycolic Acid Revenue (USD Million), by Country (2023-2028)

11.4.2 Asia Pacific Glycolic Acid Revenue (USD Million), by Type (2023-2028)

11.4.3 Asia Pacific Glycolic Acid Revenue (USD Million), by Applications (2023-2028)

11.5 South America Glycolic Acid Revenue (USD Million), by Type, and Applications (2023-2028)

11.5.1 South America Glycolic Acid Revenue (USD Million), by Country (2023-2028)

11.5.2 South America Glycolic Acid Revenue (USD Million), by Type (2023-2028)

11.5.3 South America Glycolic Acid Revenue (USD Million), by Applications (2023-2028)

11.6 Middle East and Africa Glycolic Acid Revenue (USD Million), by Type, and Applications (2023-2028)

11.6.1 Middle East and Africa Glycolic Acid Revenue (USD Million), by Region (2023-2028)

11.6.2 Middle East and Africa Glycolic Acid Revenue (USD Million), by Type (2023-2028)

11.6.3 Middle East and Africa Glycolic Acid Revenue (USD Million), by Applications (2023-2028)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List Of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Glycolic Acid Market Companies with Areas Served

Table 3 Products Offerings Global Glycolic Acid Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Glycolic Acid Revenue (USD Million) And CAGR (%) By Type (2018-2028)

Table 8 Global Glycolic Acid Revenue (USD Million) And CAGR (%) By Applications (2018-2028)

Table 9 Global Glycolic Acid Revenue (USD Million) And CAGR (%) By Regions (2018-2028)

Table 10 Global Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Table 11 Global Glycolic Acid Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Glycolic Acid Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Glycolic Acid Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Glycolic Acid Market Share (%) By Regions (2018-2022)

Table 16 North America Glycolic Acid Revenue (USD Million) By Country (2018-2022)

Table 17 North America Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Table 18 North America Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Glycolic Acid Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Glycolic Acid Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Glycolic Acid Revenue (USD Million) By Country (2018-2022)

Table 26 South America Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Table 27 South America Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Glycolic Acid Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

 

Table 31 Financial Analysis

Table 32 Global Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Table 33 Global Glycolic Acid Revenue Market Share (%) By Type (2023-2028)

Table 34 Global Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Table 35 Global Glycolic Acid Revenue Market Share (%) By Applications (2023-2028)

Table 36 Global Glycolic Acid Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2028)

Table 37 North America Glycolic Acid Revenue (USD)By Country (2023-2028)

Table 38 North America Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Table 39 North America Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Table 40 Europe Glycolic Acid Revenue (USD Million) By Country (2023-2028)

Table 41 Europe Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Table 42 Europe Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Table 43 Asia Pacific Glycolic Acid Revenue (USD Million) By Country (2023-2028)

Table 44 Asia Pacific Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Table 45 Asia Pacific Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Table 46 South America Glycolic Acid Revenue (USD Million) By Country (2023-2028)

Table 47 South America Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Table 48 South America Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Table 49 Middle East and Africa Glycolic Acid Revenue (USD Million) By Region (2023-2028)

Table 50 Middle East and Africa Glycolic Acid Revenue (USD Million) By Region (2023-2028)

Table 51 Middle East and Africa Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Table 52 Middle East and Africa Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

 

List Of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Glycolic Acid Revenue Market Share (%) By Type (2022)

Figure 5 Global Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Glycolic Acid Revenue Market Share (%) By Applications (2022)

Figure 7 Global Glycolic Acid Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Glycolic Acid Market Share (%) By Regions (2022)

Figure 9 North America Glycolic Acid Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Glycolic Acid Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Glycolic Acid Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Glycolic Acid Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Glycolic Acid Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Glycolic Acid Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Glycolic Acid Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Figure 25 Global Glycolic Acid Revenue Market Share (%) By Type (2028)

Figure 26 Global Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Figure 27 Global Glycolic Acid Revenue Market Share (%) By Applications (2028)

Figure 28 Global Glycolic Acid Market Revenue (USD Million) By Regions (2023-2028)

Figure 29 North America Glycolic Acid Revenue (USD Million) By Country (2023-2028)

Figure 30 North America Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Figure 31 North America Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Figure 32 Europe Glycolic Acid Revenue (USD Million) By Country (2023-2028)

Figure 33 Europe Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Figure 34 Europe Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Figure 35 Asia Pacific Glycolic Acid Revenue (USD Million) By Country (2023-2028)

Figure 36 Asia Pacific Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Figure 37 Asia Pacific Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Figure 38 South America Glycolic Acid Revenue (USD Million) By Country (2023-2028)

Figure 39 South America Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Figure 40 South America Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Figure 41 Middle East and Africa Glycolic Acid Revenue (USD Million) By Region (2023-2028)

Figure 42 Middle East and Africa Glycolic Acid Revenue (USD Million) By Region (2023-2028)

Figure 43 Middle East and Africa Glycolic Acid Revenue (USD Million) By Type (2023-2028)

Figure 44 Middle East and Africa Glycolic Acid Revenue (USD Million) By Applications (2023-2028)

Figure 45 Bottom-Up and Top-Down Approaches For This Report

Figure 46 Data Triangulation