The global glycolic acid market size is estimated at USD 280 million in 2019 and is projected to reach USD 395 million by 2024, at a CAGR of 7.2%, between 2019 and 2024. Glycolic acid is the most harmless acid-derived either naturally or synthetically through sugarcane juice or catalyzed reaction of formaldehyde with synthesis gas respectively.
APAC is projected to be the largest glycolic acid market during the forecast period. The boosting cosmetics industry of the region owing to the increasing population, improving standards of living, and rising e-commerce activities are expected to drive the glycolic acid demand. Further, the anticipated increase in the industrial application with the growth of the region’s economy will escalate the demand for glycolic acid in industrial cleaning application. The presence of major glycolic acid manufacturers such as Zhonglan Industry Co., Ltd. (China), Water Chemical Co., Ltd (China), Xinhua Pharm (China), and Hebei Chengxin Co., Ltd. (China) is also expected to drive the glycolic acid market in the region.
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Manufacturers such as CABB group GmbH and Avid Organics also uses MCA or monochloroacetic acid route for the production of glycolic acid. Glycolic acid highly preferred to be used in the cosmetics industry, owing to its great exfoliation and hydration properties. The major applications of glycolic acid include personal care & dermatology, and industrial and household cleaning.
The key players in the glycolic acid market are The Chemours Company (US), China Petrochemical Corporation (China), CABB Group (Germany), Zhonglan Industry Co., Ltd. (China), Water Chemical Co., Ltd (China), Xinhua Pharm (China), Phibro Animal Health Corporation (US), Avid Organics (India), Hebei Chengxin Co., Ltd. (China), and Hefei TNJ Chemical Industry Co., Ltd. (China). The glycolic acid market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2019, which include expansions and new product development.
The Chemours Company (US) is one of the major players of the glycolic acid market. The Chemours Company is a major chemical company which has been created from DuPont’s performance chemical’s businesses. The company operates through three business segments, namely, titanium technologies, fluoroproducts, and chemical solutions. The company provides glycolic acid through chemical solutions business segment. The company manufactures glycolic acid of different grades which is used in various applications such as household & cleaning, industrial and medical sutures. The company manufactures its glycolic acid at its Belle, West Virginia site.
CABB Group (Germany) is one of the leading players in the glycolic acid market. The company is one of the major players of intermediate and finished chemical product market. The company operates through two business segments, namely Custom Manufacturing and Acetyls. It offers products for the glycolic acid market through its Acetyls business segment by the brand name Glycos and Glytech. The company has a strong foothold in the European market along with five production sites situated in Europe and Asia region. The company also has sales offices in the USA and China.
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