A recent study by Transparency Market Research (TMR) forecasts that the global glycolic acid market will grow at a CAGR of 11.8% between the years 2012 to 2018. TMR, a market intelligence firm based in the United States, in its report says that the glycolic acid market which was valued at US$93.30 million in 2011 will report a market value worth US$203.34 million by 2018. The report is titled ‘Glycolic Acid Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018’.
The global glycolic acid market is basically driven by the market for personal care products. Glycolic acid is used extensively in personal care products like moisturizers, face peels, creams, lotions, and others. Glycolic acid is basically a crystalline, odorless, and a colorless solid and is by far the smallest Alpha Hydroxy Acid (AHA). It is naturally found in vegetables and fruits like unripe grapes, sugarcane, sugar beets, pineapple, and others. On a commercial scale, glycolic acid is synthesized artificially via several chemical reactions. Due to its moisturizing and exfoliating properties, glycolic acid is mostly used in the manufacturing of hair shampoos, face creams and lotion, and other similar products.
The global glycolic acid market is segmented on the basis of applications, and geography. Based on applications, the glycolic acid market is categorized into industrial, personal care, household cleaning, and others. In terms of application, highest share in the global glycolic market is held by the personal care segment. Also, in 2011, the contribution of this application segment in the overall glycolic acid market had exceeded 55%.
The rising demand for anti-ageing products is a major factor driving this market since, glycolic acid helps in reducing marks, facial scars, and age related fine lines. Also, the growth of the global glycolic acid market can also be attributed to greater awareness with regard to greater use of polyglycolic acid in PET bottles, and absorbable medical sutures.
Geographically, the global glycolic acid market is segmented into Europe, North America, the Asia Pacific, and Rest of the World. Owing to the presence and the proliferation of a large number of haircare and skincare markets, the global glycolic acid market is essentially led by Europe, and North America. It is expected that countries like Poland and Russia will witness robust growth in the global glycolic acid market.
The Asia Pacific is also expected to be a rapidly growing market in the global glycolic acid market due to increasing demand for personal care products. The Asia Pacific glycolic acid market is driven by countries like Japan and China that are witnessing rising demand for anti-ageing products because of a growing geriatric population base. Rising demand for anti-ageing products from the young population all across the globe is expected to fuel the global market for glycolic acid. The main challenges facing the glycolic acid market are inhibitions with respect to the ill effects of concentrated glycolic acid, and the development of substitute products like salicylic acid.
Some of the prominent players operating in the global glycolic acid market are Sigma-Aldrich, Phibro Animal Health Corporation, Parchem, DuPont, CrossChem LP, and Chemsolv, Inc.