USA, Rockville, MD, May 16, 2022 (GLOBE NEWSWIRE) — According to a newly revamped Fact.MR study, the glycolic acid market is poised to boom at a 7% CAGR from 2022 to 2032, is expected to reach US$988.3 million at the end of said forecast period. From 2022, the industry is expected to produce a valuation worth 500 million US dollars. Extensive applications in a myriad of end-use industries are expected to increase growth prospects.
Over the historical period from 2015 to 2021, glycolic acid sales have documented a CAGR of 5%, with the market finding a valuation of US$475 million. Over the past half-decade, per capita spending on personal care and cosmetic products that improve skin texture has doubled. In addition, brands offering OTC products based on skin treatment have also penetrated beyond the metropolises into high-potential countries.
Producers, wholesalers and importers responded to the increased demand for glycolic acid and ensured a steady supply to the market. In order to maintain a steady supply, companies have also increased their production capacity or optimized existing production. Glycolic acid is widely used in applications where low levels of metallic impurities are required. It is used in electronics to clean copper substrates. Glycolic acid has strong metal ion complexation properties, low corrosion rates, a rapid pH adjustment profile and excellent environmental, protective and handling properties.
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Key insights from market research
- Global Glycolic Acid Market to See 2X Growth from 2022 to 2032
- Asia-Pacific will be an opportunistic market, bringing in US$183 million in 2022 and capturing 40% of revenue
- Europe will be the 2n/a most opportunistic market, which should accumulate on 1/3rd market share
- By application, personal skincare dominates, thriving at a CAGR of 6.3%
- Depending on the rank, the >99% glycolic acid category to capture 55% revenue share
“the excellent environmental protection, handlingas well as strong metal ion complexation properties, low corrosion ratesa rapid pH adjustment profile are factors who should drive glycolic acid fromduring the forecast period,” said Done.MR analyst.
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The aforementioned players rely on a combination of organic and inorganic strategies to expand their presence in lucrative markets. Product launches, collaborations with key players, partnerships, acquisitions and the strengthening of regional and global distribution networks are examples of these strategies.
- In January 2019, Skinceuticals launched Glycolic 10 Renew Overnight, a new glycolic acid cream that improves skin radiance by 36% while remaining tolerable. The cream effectively treats dullness, fine lines and uneven skin texture. It promotes cell regeneration, which improves skin tone, texture and a brighter complexion.
- In November 2021, CABB Group, a global leader in contract development and manufacturing (CDMO) for plant and life sciences, today announced a change in corporate structure.
Key segments covered in the Glycolic Acid industry report
- Glycolic acid by Grade :
- Glycolic acid ≤68%
- Glycolic acid 70%
- Glycolic acid ≥99%
- Glycolic acid by Application :
- Personal care and cosmetics
- Skin care
- Hair care
- Other (including nail care and dental care)
- Stimulation of plant growth
- Food flavoring and preservation
- Manufacture of polyglycolic acid (PGA)
- Cleaning agent
- petroleum gas
- Leather dyeing and tanning
- Other applications (including biomedical and drug delivery and gas barrier packaging)
- Personal care and cosmetics
- Glycolic Acid Market By Region :
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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Fact.MR, in its new offering, presents an unbiased analysis of the global glycolic market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period 2022-2032.
The study reveals essential information based on the rating ( 68%, 70% and >99%), and application (personal care and cosmetics, plant growth stimulation, food flavoring and presentation, polyglycolic acid (PGA) manufacturing, cleaning agent, oil and gas, electronics, leather dyeing and tanning, and others) in five major regions (North America, Latin America, Europe, Asia-Pacific and Middle East and Africa).
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