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.
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.
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.
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.