The global glycolic acid market is anticipated to reach US$ 576.2 million in 2024 and grow at a CAGR of 7% through 2034, according to recent analysis by Fact.MR, with projections placing the market at US$ 1.13 billion by 2034.

Rising demand for glycolic acid-based skin and hair care products is expected to drive this growth, as the compound is widely used in emulsion polymers, ink, and paint additives. Naturally found in sources like beets, pineapples, and unripe grapes, glycolic acid is gaining attention due to its role in formaldehyde production and advancements in manufacturing. The growing focus on skincare has increased demand for products offering exfoliation and rejuvenation benefits. Known for promoting cell turnover and enhancing skin texture, glycolic acid is now a preferred ingredient in facial cleansers, toners, serums, and peels. As consumers seek solutions for aging, hyperpigmentation, and acne, the demand for glycolic acid-based products is projected to continue rising.

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Key Takeaways from Market Study

The North American glycolic acid market is projected to grow at a 4.7% CAGR, expected to capture 17.5% of global market share by 2034. East Asia, however, is anticipated to hold a larger share, reaching 24.6% by the same year, with China’s market forecasted to hit US$ 159.8 million by 2034. Polyglycolic acid (PGA) production is expected to account for 16.8% of the market share by 2034, and East Asia is set to experience robust growth at an 8% CAGR from 2024 to 2034.

“Glycolic acid's application in emulsion polymers and paint additives is driving market growth, and its benefits for cell turnover and skin texture are increasing its popularity in skincare,” notes a Fact.MR analyst.

Market Developments

Leading players in the glycolic acid market include Avid Organics, CABB Group GmbH, China Petroleum & Chemical Corporation (SINOPEC), CrossChem LP, and Hebei Chengxin Co., Ltd.

In 2023, The Chemours Company, known for its expertise in performance materials and thermal solutions, announced plans to sell its glycolic acid business. This acquisition aligns with PureTech Scientific’s strategy to become a global leader in the high-purity production of alpha hydroxy acids for the specialty chemicals and life sciences sectors. The transaction, expected to close in Q3 2023, is subject to regulatory approvals and customary closing conditions.

Read More: https://www.factmr.com/report/glycolic-acid-market

Key Companies Profiled-

Avid Organics; CABB Group GmbH; China Petroleum & Chemical Corporation (SINOPEC); CrossChem LP; Hebei Chengxin Co., Ltd.; Hefei TNJ Chemical Industry Co. Ltd.; Phibro Animal Health Corporation; Saanvi Corp.; Shandong Xinhua Pharmaceutical Co. Ltd.; The Chemours Company; Water Chemical Co., Ltd.; Zhonglan Industry Co., Ltd.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the glycolic acid market for 2019 to 2023 and forecast market statistics for 2024 to 2034.

The study divulges essential insights into the market based on grade (≤68%, 70%, ≥99%) and application (personal care & cosmetics, plant growth stimulation, food flavoring & preservation, polyglycolic acid [PGA] manufacturing, cleaning agents, oil & gas, electronics, leather dyeing & tanning), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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