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Glycolic Acid Market By Type (Liquid Form, Powder/Crystal Form); By Application (Personal Care, Household, Industrial, Others); By Region – Growth, Future Prospects & Competitive Analysis, 2024 – 2032

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Published: | Report ID: 32185 | Report Format : PDF

Glycolic Acid Market Overview

Glycolic acid, an alpha-hydroxy acid (AHA), is extensively utilized in the skin care and cosmetic sectors as a chemical exfoliant. In 2023, the global glycolic acid market was valued at USD 307.94 million and is projected to expand at a compound annual growth rate (CAGR) of 9.08% from 2023 to 2032, anticipating a valuation of over USD 676.01 million by 2032.

This market growth is predominantly attributed to the escalating demand in the skin care and personal care industries for products such as anti-aging creams, facial washes, and peels. Glycolic acid is revered for its efficacy in diminishing aging signs and enhancing skin health. Additionally, the surge in disposable income and increased expenditure on personal grooming, particularly in developing regions, have significantly contributed to the market’s expansion.

In 2022, the Asia-Pacific region held the largest market share, exceeding 35.3%, with China being a major consumer. North America also maintains a substantial market portion, primarily driven by its prevalent use in high-end skin care formulations. Prominent market players include CrossChem LP, Phibro Animal Health Corporation, Griffin International, Chemsolv Inc., and Hefei TNJ Chemical Industry Co. Ltd., among others.

Looking ahead, the market is likely to benefit from the growing preference for natural ingredients and the expanding use of glycolic acid in hair care products. However, potential challenges such as competition from alternative products like salicylic acid and lactic acid, along with regulatory concerns regarding higher concentrations of glycolic acid, may impact the market dynamics.

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Market Drivers

  1. Rising Demand from the Polyglycolic Acid Industry: Glycolic acid is a critical component in the production of polyglycolic acid, especially in processes like polycondensation and ring-opening polymerization. The expansion and innovations within the polyglycolic acid industry are crucial to driving the growth of the glycolic acid market. The use of polyglycolic acid in various applications, such as medical, packaging, and biodegradable materials, directly influences the demand for glycolic acid.
  2. Increasing Product Use in Industrial, Cosmeceutical, and Household Applications: There is a growing trend of incorporating glycolic acid in various sectors, including industrial, cosmeceutical, and household applications. Its versatility and effectiveness in different applications, ranging from skin care formulations to cleaning agents, have broadened its market scope. This widespread use significantly contributes to the overall market growth of glycolic acid.
  3. Technological Advancements: Continuous innovation and technological advancements in product development are key contributors to the market’s expansion. The introduction of new formulations and products by leading market players, along with strategic expansions, are enhancing the efficiency and applications of glycolic acid, thereby fueling market growth.
  4. Regional Growth, Especially in Asia Pacific: The Asia Pacific region is emerging as a prominent market for glycolic acid, holding a substantial market share. The region’s growth is attributed to the increasing use of glycolic acid in various industrial, cosmeceutical, and household applications. The surge in demand in these sectors within the region is a significant driver of the glycolic acid market. The economic growth in Asia-Pacific countries, coupled with rising awareness and availability of glycolic acid-based products, further amplifies this trend.

Market Restraints

The glycolic acid market, while experiencing growth, is confronted with several challenges that could impede its expansion. Compliance with stringent regulations regarding the use of glycolic acid in diverse applications presents a major hurdle for manufacturers, necessitating adherence to complex and often costly regulatory standards. Additionally, the market is characterized by intense competition among a wide array of manufacturers and suppliers, leading to potential price wars and reduced profit margins. Macroeconomic factors, such as inflation, interest rates, and exchange rates, also play a critical role in influencing the demand for glycolic acid and its derivatives, introducing uncertainty into market dynamics. Furthermore, the threat posed by substitutes, including other chemical exfoliants and natural alternatives, challenges the market share of glycolic acid-based products, as consumers and industries might opt for these alternatives for various reasons, potentially diminishing the demand for glycolic acid.

Opportunities

The glycolic acid market offers several key opportunities:

  • The demand for glycolic acid is rising in sectors such as personal care, pharmaceuticals, chemicals, and electronics, offering manufacturers opportunities to expand their product lines.
  • Market participants are engaging in strategic activities, including the release of new products, allowing them to introduce innovative solutions and secure a competitive edge.
  • Key players are adopting mergers and acquisitions as a strategy to enhance their market position, facilitating access to new technologies, expanding their customer bases, and increasing their market share.
  • Market participants are expanding their product portfolios, providing opportunities to offer a more diverse range of products and meet the varied needs of customers.
  • There is a specific increase in demand for high-purity glycolic acid, especially 70%-based purity, in the pharmaceutical industry for polymer production in medical applications, presenting an opportunity for manufacturers to focus on this segment.

Interesting Facts About the Glycolic Acid Market

  1. Glycolic acid, a type of alpha-hydroxy acid (AHA), is primarily derived from sugar cane, making it a naturally occurring substance.
  2. It stands as the most commonly used AHA in skincare due to its proven safety and effectiveness.
  3. Glycolic acid acts as an exfoliant, helping to shed dead skin cells and reveal newer, brighter skin layers beneath.
  4. It’s particularly effective in addressing hyperpigmentation, dullness, and signs of aging, such as lines and wrinkles.
  5. With the smallest molecular structure among AHAs, glycolic acid can easily penetrate the skin, enhancing its efficacy.
  6. Beyond personal care, glycolic acid is utilized in various industries, including pharmaceuticals, chemicals, and electronics.
  7. The global market for glycolic acid is experiencing robust growth, projected to reach USD 676.01 million by 2032, growing at a CAGR of 9.08% from 2023 to 2032.
  8. It can gently remove the top layer of skin cells without the need for physical scrubbing, which can sometimes cause skin irritation.
  9. Products with a high percentage of glycolic acid can lead to skin irritation, dryness, thinning of the skin, and uneven pigmentation if not used properly.
  10. Glycolic acid is effective in treating several skin conditions, including acne, hyperpigmentation, and fine lines, making it a versatile ingredient in skincare.

Competitive Landscape

The competitive landscape of the glycolic acid market is characterized by the presence of several key players, each employing various strategies to strengthen their market position. These strategies include product innovation, mergers and acquisitions, expansion into new markets, and enhancing production capabilities. Some of the notable players in the glycolic acid market are:

  • DuPont
  • CrossChem Limited
  • Parchem fine and specialty chemicals
  • Phibro Animal Health Corporation
  • Chemsolv, Inc.
  • Griffin International
  • Mehul Dye Chem Industries
  • The Chemours Company
  • Vytrus Biotech
  • Zhonglan Industry Co., Ltd.
  • Water Chemical Co., Ltd.
  • Hefei TNJ Chemical Industry Co., Ltd.
  • Sarex Chemicals
  • Shandong Xinhua Pharmaceutical Company
  • Chemsafe Sdn. Bhd.
  • Aurora Fine Chemicals, LLC

Regional Analysis

The regional analysis of the glycolic acid market reveals a prominent dominance of the Asia-Pacific region. In 2022, Asia Pacific led the market, accounting for a substantial share of 35.3%. This commanding position is primarily attributed to the escalated use of glycolic acid in various sectors, including industrial, cosmeceutical, and household applications. Key drivers fueling this growth are the rising population, rapid urbanization, and increasing disposable incomes in significant countries such as China, India, and Japan.

Moreover, in 2022, Asia Pacific not only held a considerable portion of the market but was also identified as the most lucrative region for glycolic acid. This trend is anticipated to persist throughout the forecast period. The region’s market attractiveness is expected to be bolstered by a continuous rise in demand, closely linked to the growth in disposable income among its populace. The combination of economic development and the expanding applications of glycolic acid in diverse industries positions Asia Pacific as a central hub for the glycolic acid market’s future growth.

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Segmentation

By Type

  • Liquid Form
  • Powder/Crystal Form

By Application

  • Personal Care
  • Household
  • Industrial
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • The U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of the Middle East and Africa

Chapter No. 1 :………. Introduction.. 23

1.1.     Report Description. 23

1.1.1.    Purpose of the Report 23

1.1.2.    USP & Key Offerings. 23

1.2.     Key Benefits for Stakeholders. 23

1.3.     Target Audience. 24

1.4.     Report Scope  25

Chapter No. 2 :………. Executive Summary. 27

2.1.     Glycolic Acid Market Snapshot. 27

2.2.     Global Glycolic Acid Market, 2018 – 2032 (Kilo Tons) (USD Million) 28

2.1.     Insights from Primary Respondents. 28

Chapter No. 3 :………. Geopolitical Crisis Impact Analysis. 29

3.1.     Russia-Ukraine and Israel-Palestine War Impacts. 29

3.1.1.    Uncertainty and economic instability. 29

3.1.2.    Supply chain disruptions. 29

3.1.3.    Regional market shifts. 29

3.1.4.    Shift in government priorities. 29

Chapter No. 4 :………. Glycolic Acid Market – Industry Analysis. 30

4.1.     Introduction  30

4.2.     Market Drivers  31

4.2.1.    Driving Factor 1 Analysis. 31

4.2.2.    Driving Factor 2 Analysis. 32

4.3.     Market Restraints. 33

4.3.1.    Restraining Factor Analysis. 33

4.4.     Market Opportunities. 34

4.4.1.    Market Opportunity Analysis. 34

4.5.     Porter’s Five Forces Analysis. 35

4.6.     Value Chain Analysis. 36

4.7.     Buying Criteria  37

Chapter No. 5 :………. Import Export Analysis. 38

5.1.     Import Analysis by Region. 38

5.1.1.    Global Glycolic Acid Market Import Volume/Revenue, By Region, 2018 – 2023. 38

5.2.     Export Analysis by Region. 39

5.2.1.    Global Glycolic Acid Market Export Volume/Revenue, By Region, 2018 – 2023. 39

Chapter No. 6 :………. Demand Supply Analysis. 40

6.1.     Demand Analysis by Region. 40

6.1.1.    Global Glycolic Acid Market Demand Volume/Revenue, By Region, 2018 – 2023. 40

6.2.     Supply Analysis by Region. 41

6.2.1.    Global Glycolic Acid Market Supply Volume/Revenue, By Region, 2018 – 2023. 41

Chapter No. 7 :………. Production Analysis. 42

7.1.     Production Analysis by Region. 42

7.1.1.    Global Glycolic Acid Market Production, By Region, 2018 – 2023. 42

7.1.2.    Global Glycolic Acid Market Production Volume, By Region, 2018 – 2023 (Kilo Tons) 42

Chapter No. 8 :………. Price Analysis. 43

8.1.     Price Analysis by Region. 43

8.1.1.    Global Glycolic Acid Market Price, By Region, 2018 – 2023  43

8.1.2.    Global Type Market Price, By Region, 2018 – 2023. 43

8.2.     Price Analysis by Type. 44

8.2.1.    Global Glycolic Acid Market Price, By Type, 2018 – 2023  44

8.2.2.    Global Type Market Price, By Type, 2018 – 2023. 44

Chapter No. 9 :………. Raw Materials Analysis. 45

9.1.     Key Raw Materials and Suppliers. 45

9.2.     Key Raw Materials Price Trend. 45

Chapter No. 10 :…….. Manufacturing Cost Analysis. 46

10.1.   Manufacturing Cost Analysis. 46

10.1.1.  Manufacturing Cost Analysis. 46

10.2.   Manufacturing Process. 46

10.2.1.  Manufacturing Process. 46

Chapter No. 11 :…….. Analysis Competitive Landscape. 47

11.1.   Company Market Share Analysis – 2023. 47

11.1.1.  Global Glycolic Acid Market: Company Market Share, by Volume, 2023. 47

11.1.2.  Global Glycolic Acid Market: Company Market Share, by Revenue, 2023. 47

11.1.3.  Global Glycolic Acid Market: Top 6 Company Market Share, by Revenue, 2023. 48

11.1.4.  Global Glycolic Acid Market: Top 3 Company Market Share, by Revenue, 2023. 48

11.1.   Global Glycolic Acid Market Company Volume Market Share, 2023. 49

11.2.   Global Glycolic Acid Market Company Revenue Market Share, 2023. 50

11.3.   Company Assessment Metrics, 2022. 51

11.3.1.  Stars  51

11.3.2.  Emerging Leaders. 51

11.3.3.  Pervasive Players. 51

11.3.4.  Participants. 51

11.4.   Start-ups /SMEs Assessment Metrics, 2022. 51

11.4.1.  Progressive Companies. 51

11.4.2.  Responsive Companies. 51

11.4.3.  Dynamic Companies. 51

11.4.4.  Starting Blocks. 51

11.5.   Strategic Developments. 52

11.5.1.  Acquisitions & Mergers. 52

11.5.2.  New Product Launch. 52

11.5.3.  Regional Expansion. 52

11.6.   Key Players Product Matrix. 53

Chapter No. 12 :…….. PESTEL & Adjacent Market Analysis. 54

12.1.   PESTEL  54

12.1.1.  Political Factors. 54

12.1.2.  Economic Factors. 54

12.1.3.  Social Factors. 54

12.1.4.  Technological Factors. 54

12.1.5.  Environmental Factors. 54

12.1.6.  Legal Factors. 54

12.2.   Adjacent Market Analysis. 54

Chapter No. 13 :…….. Glycolic Acid Market – By Type Segment Analysis. 55

13.1.   Glycolic Acid Market Overview, by Type Segment. 55

13.1.1.  Glycolic Acid Market Volume Share, By Type, 2023 & 2032  56

13.1.2.  Glycolic Acid Market Revenue Share, By Type, 2023 & 2032  56

13.1.3.  Glycolic Acid Market Attractiveness Analysis, By Type  57

13.1.4.  Incremental Revenue Growth Opportunity, by Type, 2024 – 2032. 57

13.1.5.  Glycolic Acid Market Revenue, By Type, 2018, 2023, 2027 & 2032. 58

13.2.   Liquid Form    59

13.2.1.  Global Liquid Form Glycolic Acid Market Volume & Revenue, By Region, 2018 – 2023 (Kilo Tons) (USD Million) 60

13.2.2.  Global Liquid Form Glycolic Acid Market Volume & Revenue, By Region, 2024 – 2032 (Kilo Tons) (USD Million) 60

13.3.   Powder/Crystal Form.. 61

13.3.1.  Global Powder/Crystal Form Glycolic Acid Market Volume & Revenue, By Region, 2018 – 2023 (Kilo Tons) (USD Million) 62

13.3.2.  Global Powder/Crystal Form Glycolic Acid Market Volume & Revenue, By Region, 2024 – 2032 (Kilo Tons) (USD Million) 62

Chapter No. 14 :…….. Glycolic Acid Market – By Application Segment Analysis. 63

14.1.   Glycolic Acid Market Overview, by Application Segment. 63

14.1.1.  Glycolic Acid Market Volume Share, By Application, 2023 & 2032. 64

14.1.2.  Glycolic Acid Market Revenue Share, By Application, 2023 & 2032. 64

14.1.3.  Glycolic Acid Market Attractiveness Analysis, By Application. 65

14.1.4.  Incremental Revenue Growth Opportunity, by Application, 2024 – 2032. 65

14.1.5.  Glycolic Acid Market Revenue, By Application, 2018, 2023, 2027 & 2032. 66

14.2.   Personal Care  67

14.2.1.  Global Personal Care Glycolic Acid Market Volume & Revenue, By Region, 2018 – 2023 (Kilo Tons) (USD Million) 68

14.2.2.  Global Personal Care Glycolic Acid Market Volume & Revenue, By Region, 2024 – 2032 (Kilo Tons) (USD Million) 68

14.3.   Household  69

14.3.1.  Global Household Glycolic Acid Market Volume & Revenue, By Region, 2018 – 2023 (Kilo Tons) (USD Million) 70

14.3.2.  Global Household Glycolic Acid Market Volume & Revenue, By Region, 2024 – 2032 (Kilo Tons) (USD Million) 70

14.4.   Industrial 71

14.4.1.  Global Industrial Glycolic Acid Market Volume & Revenue, By Region, 2018 – 2023 (Kilo Tons) (USD Million) 72

14.4.2.  Global Industrial Glycolic Acid Market Volume & Revenue, By Region, 2024 – 2032 (Kilo Tons) (USD Million) 72

Chapter No. 15 :…….. Glycolic Acid Market – Regional Analysis. 73

15.1.   Glycolic Acid Market Overview, by Regional Segments. 73

15.2.   Region  74

15.2.1.  Global Glycolic Acid Market Volume Share, By Region, 2023 & 2032. 74

15.2.2.  Global Glycolic Acid Market Revenue Share, By Region, 2023 & 2032. 74

15.2.3.  Glycolic Acid Market Attractiveness Analysis, By Region  75

15.2.4.  Incremental Revenue Growth Opportunity, by Region, 2024 – 2032. 75

15.2.5.  Glycolic Acid Market Revenue, By Region, 2018, 2023, 2027 & 2032. 76

15.2.6.  Global Glycolic Acid Market Volume & Revenue, By Region, 2018 – 2023 (Kilo Tons) (USD Million) 77

15.2.7.  Global Glycolic Acid Market Volume & Revenue, By Region, 2024 – 2032 (Kilo Tons) (USD Million) 77

15.3.   Type  78

15.3.1.  Global Glycolic Acid Market Volume & Revenue, By Type, 2018 – 2023 (Kilo Tons) (USD Million) 78

15.3.2.  Global Glycolic Acid Market Volume & Revenue, By Type, 2024 – 2032 (Kilo Tons) (USD Million) 78

15.4.   Application  79

15.4.1.  Global Glycolic Acid Market Volume & Revenue, By Application, 2018 – 2023 (Kilo Tons) (USD Million) 79

15.4.2.  Global Glycolic Acid Market Volume & Revenue, By Application, 2024 – 2032 (Kilo Tons) (USD Million) 79

Chapter No. 16 :…….. Glycolic Acid Market – North America.. 80

16.1.   North America  80

16.1.   Key Highlights  80

16.1.1.  North America Glycolic Acid Market Volume, By Country, 2018 – 2032 (Kilo Tons) 81

16.1.2.  North America Glycolic Acid Market Revenue, By Country, 2018 – 2023 (USD Million) 82

16.1.3.  North America Glycolic Acid Market Volume, By Type, 2018 – 2023 (Kilo Tons) 83

16.1.4.  North America Glycolic Acid Market Revenue, By Type, 2018 – 2023 (USD Million) 84

16.1.5.  North America Glycolic Acid Market Volume, By Application, 2018 – 2023 (Kilo Tons) 85

16.1.6.  North America Glycolic Acid Market Revenue, By Application, 2018 – 2023 (USD Million) 86

16.1.7.  U.S. 87

16.1.8.  Canada  87

16.1.9.  Mexico  87

Chapter No. 17 :…….. Glycolic Acid Market – Europe. 88

17.1.   Europe  88

17.2.   Key Highlights  88

17.2.1.  Europe Glycolic Acid Market Volume, By Country, 2018 – 2023 (Kilo Tons) 89

17.2.2.  Europe Glycolic Acid Market Revenue, By Country, 2018 – 2023 (USD Million) 90

17.2.3.  Europe Glycolic Acid Market Volume, By Type, 2018 – 2023 (Kilo Tons) 91

17.2.4.  Europe Glycolic Acid Market Revenue, By Type, 2018 – 2023 (USD Million) 92

17.2.5.  Europe Glycolic Acid Market Volume, By Application, 2018 – 2023 (Kilo Tons) 93

17.2.6.  Europe Glycolic Acid Market Revenue, By Application, 2018 – 2023 (USD Million) 94

17.2.7.  UK  95

17.2.8.  France  95

17.2.9.  Germany. 95

17.2.10.          Italy. 95

17.2.11.          Spain. 95

17.2.12.          Russia. 95

17.2.13.          BENELUX. 95

17.2.14.          Sweden. 95

17.2.15.          Denmark. 95

17.2.16.          Poland. 95

17.2.17.          Austria. 95

17.2.18.          Rest of Europe. 95

Chapter No. 18 :…….. Glycolic Acid Market – Asia Pacific. 96

18.1.   Asia Pacific  96

18.2.   Key Highlights  96

18.2.1.  Asia Pacific Glycolic Acid Market Volume, By Country, 2018 – 2023 (Kilo Tons) 97

18.2.2.  Asia Pacific Glycolic Acid Market Revenue, By Country, 2018 – 2023 (USD Million) 98

18.2.3.  Asia Pacific Glycolic Acid Market Volume, By Type, 2018 – 2023 (Kilo Tons) 99

18.2.4.  Asia Pacific Glycolic Acid Market Revenue, By Type, 2018 – 2023 (USD Million) 100

18.2.5.  Asia Pacific Glycolic Acid Market Volume, By Application, 2018 – 2023 (Kilo Tons) 101

18.2.6.  Asia Pacific Glycolic Acid Market Revenue, By Application, 2018 – 2023 (USD Million) 102

18.2.7.  China  103

18.2.8.  Japan  103

18.2.9.  South Korea. 103

18.2.10.          India. 103

18.2.11.          Thailand. 103

18.2.12.          Indonesia. 103

18.2.13.          Vietnam.. 103

18.2.14.          Malaysia. 103

18.2.15.          Philippines. 103

18.2.16.          Taiwan. 103

18.2.17.          Rest of Asia Pacific. 103

Chapter No. 19 :…….. Glycolic Acid Market – Latin America.. 104

19.1.   Latin America  104

19.2.   Key Highlights  104

19.2.1.  Latin America Glycolic Acid Market Volume, By Country, 2018 – 2023 (Kilo Tons) 105

19.2.2.  Latin America Glycolic Acid Market Revenue, By Country, 2018 – 2023 (USD Million) 106

19.2.3.  Latin America Glycolic Acid Market Volume, By Type, 2018 – 2023 (Kilo Tons) 107

19.2.4.  Latin America Glycolic Acid Market Revenue, By Type, 2018 – 2023 (USD Million) 108

19.2.5.  Latin America Glycolic Acid Market Volume, By Application, 2018 – 2023 (Kilo Tons) 109

19.2.6.  Latin America Glycolic Acid Market Revenue, By Application, 2018 – 2023 (USD Million) 110

19.2.7.  Brazil 111

19.2.8.  Argentina. 111

19.2.9.  Colombia. 111

19.2.10.          Chile. 111

19.2.11.          Peru. 111

19.2.12.          Rest of Latin America. 111

Chapter No. 20 :…….. Glycolic Acid Market – Middle East. 112

20.1.   The Middle-East. 112

20.2.   Key Highlights  112

20.2.1.  Middle East Glycolic Acid Market Volume, By Country, 2018 – 2023 (Kilo Tons) 113

20.2.2.  Middle East Glycolic Acid Market Revenue, By Country, 2018 – 2023 (USD Million) 114

20.2.3.  Middle East Glycolic Acid Market Volume, By Type, 2018 – 2023 (Kilo Tons) 115

20.2.4.  Middle East Glycolic Acid Market Revenue, By Type, 2018 – 2023 (USD Million) 116

20.2.5.  Middle East Glycolic Acid Market Volume, By Application, 2018 – 2023 (Kilo Tons) 117

20.2.6.  Middle East Glycolic Acid Market Revenue, By Application, 2018 – 2023 (USD Million) 118

20.2.7.  GCC Countries. 119

20.2.8.  Israel 119

20.2.9.  Turkey  119

20.2.10.          Iran. 119

20.2.11.          Rest of Middle East & Africa. 119

Chapter No. 21 :…….. Glycolic Acid Market – Africa.. 120

21.1.   Africa  120

21.2.   Key Highlights  120

21.2.1.  Africa Glycolic Acid Market Volume, By Country, 2018 – 2023 (Kilo Tons) 121

21.2.2.  Africa Glycolic Acid Market Revenue, By Country, 2018 – 2023 (USD Million) 122

21.2.3.  Africa Glycolic Acid Market Volume, By Type, 2018 – 2023 (Kilo Tons) 123

21.2.4.  Africa Glycolic Acid Market Revenue, By Type, 2018 – 2023 (USD Million) 124

21.2.5.  Africa Glycolic Acid Market Volume, By Application, 2018 – 2023 (Kilo Tons) 125

21.2.6.  Africa Glycolic Acid Market Revenue, By Application, 2018 – 2023 (USD Million) 126

21.2.7.  South Africa. 127

21.2.8.  Egypt 127

21.2.9.  Nigeria  127

21.2.10.          Algeria. 127

21.2.11.          Morocco. 127

21.2.12.          Rest of Africa. 127

Chapter No. 22 :…….. Company Profiles. 128

22.1.   Merck KGaA   128

22.1.1.  Company Overview.. 128

22.1.2.  Product Portfolio. 128

22.1.3.  Swot Analysis. 128

22.1.4.  Business Strategy. 129

22.1.5.  Financial Overview.. 129

22.2.   DuPont  130

22.3.   CrossChem Limited. 130

22.4.   Parchem fine & specialty chemicals. 130

22.5.   Phibro Animal Health Corporation. 130

22.6.   Chemsolv, Inc. 130

22.7.   Griffin International 130

22.8.   Mehul Dye Chem Industries. 130

22.9.   The Chemours Company. 130

22.10. Vytrus Biotech  130

22.11. Zhonglan Industry Co., Ltd. 130

22.12. Water Chemical Co., Ltd. 130

22.13. Hefei TNJ Chemical Industry Co., Ltd. 130

22.14. Sarex Chemicals. 130

22.15. Shandong Xinhua Pharmaceutical Company. 130

22.16. Chemsafe Sdn Bhd. 130

22.17. Aurora Fine Chemicals LLC. 130

Chapter No. 23 :…….. Research Methodology. 131

23.1.   Research Methodology. 131

23.2.   Phase I – Secondary Research. 132

23.3.   Phase II – Data Modeling. 132

23.3.1.  Company Share Analysis Model 133

23.3.2.  Revenue Based Modeling. 133

23.4.   Phase III – Primary Research. 134

23.5.   Research Limitations. 135

23.5.1.  Assumptions. 135

What is the market size and projected growth of the glycolic acid market?

The global glycolic acid market was valued at USD 307.94 million in 2023. It is projected to grow at a CAGR of 9.08% from 2023 to 2032, reaching over USD 676.01 million by 2030. This growth is primarily driven by increasing demand from various industries, including skincare, pharmaceuticals, and electronics.

Which region dominates the glycolic acid market, and what are the reasons for its dominance?

The Asia Pacific region dominated the glycolic acid market in 2022, accounting for a significant share of 35.3%. This dominance is attributed to the increasing use of glycolic acid in industrial, cosmeceutical, and household applications, spurred by rising population, urbanization, and growing disposable income in countries like China, India, and Japan.

What are some key strategies adopted by players in the glycolic acid market?

Key players in the glycolic acid market, such as CrossChem LP, Phibro Animal Health Corporation, and Griffin International, adopt various strategies to enhance their market position. These include focusing on product innovation, engaging in mergers and acquisitions, expanding into new markets, and enhancing production capabilities.

What are the main applications and benefits of glycolic acid in various industries?

Glycolic acid is widely used in several industries due to its effectiveness as an exfoliant and its ability to improve skin health. In skincare, it is used in products like anti-aging creams and facial washes. Additionally, it finds applications in the pharmaceutical industry, especially in the production of polyglycolic acid for medical applications, and in the electronics and chemical industries. Its ability to reduce signs of aging and improve skin texture makes it a popular ingredient in personal care products.

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