Glycolic Acid Market by Application and Geography — Forecast and Analysis 2020–2024
The glycolic acid market size has the potential to grow by USD 194.72 million during 2020–2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (personal care and cosmetics, household cleaner, industrial, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including CABB Group GmbH, China Petrochemical Corp., Crosschem LP, Kureha Corp., Merck KGaA, Phibro Animal Health Corp., Saanvi Corp., The Chemours Co., Velocity Chemicals Ltd., and Zhonglan Industry Co. Ltd.
Manufacturers produce polyglycolic acid using glycolic acid through polycondensation or ring-opening polymerization. The rising demand for glycolic acid from the polyglycolic acid industry will be one of the major factors that will drive market growth. The low molecular polyglycolic acid that is produced from the polycondensation of glycolic acid is widely used in the extraction of shale gas. The ring-opening polymerization method is biodegradable and yields high molecular polyglycolic acid. The adoption of glycolic acid is increasing due to its use in medical applications, packaging, shale gas extraction, civil engineering resins, agriculture, and filters. The need for glycolic and polyglycolic acid will continue to increase due to the rising demand from emerging countries such as China and India.
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Key glycolic acid market trends, such as the increasing use of microdermabrasion, will also drive market growth during the forecast period. The preference of consumers towards microdermabrasion is increasing due to the rising awareness about the health benefits of glycolic acid. Microdermabrasion and glycolic acid are used in exfoliating treatments. It helps in the improvement of skin tone and is used for sun damage, age spots, and acne-prone skin. This, in turn, will drive the demand for products such as glycolic acid peel, glycolic acid cream, glycolic acid lotion, and glycolic acid toner, fueling the glycolic acid market growth. As a result of such factors, the market will register a CAGR of over 12% during the forecast period.
