The global glycolic acid market size is expected to reach USD 542.35 million by 2030, according to a new study by Polaris Market Research. The report “Glycolic Acid Market Share, Size, Trends, Industry Analysis Report, By Grade (Cosmetic Grade, Technical Grade); By Purity (99%, 70%, 30%, Others); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for glycolic acid has increased in skincare and wellness products. Increase in awareness regarding personal care, greater application in cleaning products, and increasing disposable income of consumers support the industry growth. However, the industry has been affected by the pandemic due to disruption of supply chain, operational challenges, restrictions on import and export activities, and travel restrictions.
Based on application, the global market has been segmented into personal care & cosmetics, household, pharmaceutical, textile, industrial, and others. The personal care and cosmetics segment dominated the global market in 2021. Glycolic acid is widely used in skin care products.
It offers skin benefits such as anti-aging, hydration, enhanced complexion, exfoliation, and prevention from sun damage and acne. Rising trend of natural ingredients, changes in consumer lifestyle, and increasing awareness boosts the demand for glycolic acid.
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Asia Pacific accounted for a significant share of the market in 2021. Rising population, greater demand for skincare products and cosmetics, and increasing disposable income of consumers supports the growth in the region.
Rise in application of glycolic acid in cleaning products, textile, and pharmaceutical sectors have been observed in the region. Increasing wellness concerns among consumers and growth in e-commerce platforms are factors expected to provide growth opportunities in the coming years.
The outbreak of the COVID-19 restricted the growth of the industry on account of factors such as regulations on supply and distribution of products and raw materials. Decline in demand for cosmetics was observed during the pandemic due to closure of retail shops across the globe. Disturbed supply chain, limited availability of raw materials, and transportation restrictions further hampered the growth of the industry during the pandemic.
Glycolic Acid Market Report Highlights
Polaris Market Research has segmented the glycolic acid market report based on grade, purity, application, and region:
Glycolic Acid, Grade Outlook (Revenue - USD Million, 2018 - 2030)
Glycolic Acid, Purity Outlook (Revenue - USD Million, 2018 - 2030)
Glycolic Acid, Application Outlook (Revenue - USD Million, 2018 - 2030)
Glycolic Acid, Regional Outlook (Revenue - USD Million, 2018 - 2030)