Glycolic Acid Market Is Set To Reach $604.4 Million by 2030, says P&S Intelligence

NEW YORK, June 30, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, in 2021, the glycolic acid market generated $309.3 million, which is on the path to reaching $604.4 million by 2030, growing at a 7.7% CAGR from 2021 to 2030. This will be a result of glycolic acid's expanding application as a cleaning disinfectant in the oil & gas, electronics, and cosmetics sectors.

In the upcoming years, it is expected that the demand for 99% glycolic acid would increase at an 8.1% compound annual growth rate. This may be due to its many uses, including skin peels, day creams, and skin lightening creams, which assist in reducing fine lines and wrinkles, stimulating the generation of skin cells to rejuvenate sun-damaged skin, and improving skin tone.

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Market Is Dominated by Personal Care and Cosmetics Applications

• The personal care & cosmetics category holds an around 58% share in the glycolic acid market. This is due to the widespread usage of the chemical in cosmetics and skincare items, including toners, moisturizers, wrinkle removal creams and lotions, and anti-aging creams.
• In this regard, the increasing awareness of personal hygiene, as well as a rise in disposable income and a surge in desire among people to improve their appearance, is driving the market.
• Major firms in the personal care & cosmetics industry are investing in cutting-edge technologies to enhance their portfolios of skincare products containing glycolic acid, because this chemical is a proven anti-aging component, which promotes youthful-looking skin.
• The second-largest category in the glycolic acid market is cleaning disinfectants, which generated revenue of $87.0 million in 2021. This is because the chemical has a number of advantages when used for cleaning industrial, institutional, and domestic spaces.
• Moreover, it is also widely utilized in the electronics, oil & gas, and dying and tanning sectors. It is used to clean dairy farm tanks and boilers and also as a concrete remover. This is due to its tiny size, powerful acidic property, an affinity for chelating calcium, and natural biodegradability.

Browse detailed report on Global Glycolic Acid Market Analysis and Demand Forecast Report 2022-2030

APAC Market Will Advance at Highest Rate

The APAC glycolic acid market will develop at a rate of 8.1% in the future, due to the region's rapidly increasing demand for cosmetics. The rising number of working women, and their changing lifestyles, as well as the increasing self-awareness, are all contributing to an increase in the need for personal care goods. Moreover, China is the biggest consumer of glycolic acid, and its market is predicted to advance at an 8.3% CAGR in this decade.

Glycolic Acid Market Report Coverage

By Application

• Personal Care & Cosmetics
• Cleaning disinfectant
• Dyeing & Tanning

By Grade

• 99%
• 70%
• 30%

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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About P&S Intelligence

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SOURCE P&S Intelligence