DUBAI, United Arab Emirates, Jan. 22, 2023 (GLOBE NEWSWIRE) — According to the most recent Future Market Insights report, the worldwide glycolic acid market dimension is set to enhance from US$ 456.4 million in 2022 to US$ 764.8 million by 2032. Total glycolic acid gross sales are projected to surge at 5.3% CAGR between 2022 and 2032.
Burgeoning demand from varied end-use industries corresponding to textile, pharmaceutical, private care, and chemical compounds, is augmenting progress within the glycolic acid market. Over the years, glycolic acid has turn out to be a generally used substance throughout varied industries due to its multifunctional options.
For occasion, within the meals trade, glycolic acid is used as a flavoring agent and preservative, within the textile trade as a dye and tanning agent, and within the pharmaceutical sector as a skincare product. It is usually utilized in solvents, emulsion polymers, and components for paints and ink to enhance movement qualities and impart gloss.
Glycolic acid is additionally utilized in plastics and adhesives. It is a part of merchandise used for treating surfaces that elevate the coefficient of friction on tile flooring. It is additionally the first part of the family cleansing answer known as Pine-Sol. Hence, rising software space of glycolic acid will proceed to elevate demand within the world market.
Growing consciousness of the benefits of glycolic acid in contrast to options, growing spending by quite a few firms on analysis and growth, and accelerating industrialization are anticipated to enhance the worldwide market.
Subsequently, rising utilization of glycolic acid in skincare merchandise to deal with varied pores and skin issues and growing deal with technological development and modernization of manufacturing methods will additional assist within the growth of the worldwide glycolic acid trade.
“Consistently rising demand from varied end-use industries, significantly from the textile, and pharmaceutical industries, are anticipated to enhance glycolic acid market over the projection interval,” says a lead FMI analyst.
Key Takeaways from Glycolic Acid Market Study
- The world market of glycolic acid is estimated to witness a CAGR of 5.3% on a worth foundation in the course of the forecast interval.
- By supply, pure glycolic acid section is doubtless to generate most revenues all through the forecast interval.
- Based on finish use, the chemical compounds section is estimated to create an incremental $ alternative of about US$ 143.4 million between 2022 and 2032.
- Europe and North America are anticipated to cumulatively maintain round 48.8% of the general market share.
- The USA is a distinguished importer of glycolic acid with an estimated import quantity of 6,156 tons of glycolic acid.
- Japan’s glycolic acid market is forecast to speed up at 4.6% CAGR between 2022 and 2032.
Who is Winning?
The market of glycolic acid is estimated to be a consolidated market, the place key gamers are anticipated to account for a key share of the market. Some of the highest producers embody The Chemours Company, Zhonglan Industry Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Siddharth Chlorochem Pvt. Ltd., Penta International Corporation, Connect Chemicals, Charkit Chemical Company LLC, Beijing LYS Chemicals Co., Ltd., Haihang Industry Co., Ltd., CrossChem LP, and Spectrum Chemical Manufacturing Corp.
Key gamers are specializing in growing their manufacturing capability to improve their market footprint all around the globe and to achieve traction available in the market. Further sure key gamers are specializing in investing in glycolic acid manufacturing owing to a big enhance within the demand from the assorted end-use industries.
Glycolic Acid Industry Segmentation
By Product Grade:
- Technical Grade
- Pharma Grade
- Industrial Grade
By End Use:
- Personal Care
- Oil & Gas
More Insights into the Glycolic Acid Market Report
In its newest report, Future Market Insights presents an unbiased evaluation of the worldwide Glycolic acid market, offering historic knowledge from 2017 to 2021 and forecast statistics for the interval 2022 to 2032. To perceive the worldwide market potential, progress, and scope, the market is segmented based mostly on product grade, supply, finish use, and area.
Table of Content
1. Executive Summary | Glycolic Acid Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USP’s / Features
4.3. Strategic Promotional Strategies
5. Global Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032
5.1. Historical Market Volume (Tons) Analysis, 2017 to 2021
5.2. Current and Future Market Volume (Tons) Projections, 2022 to 2032
5.3. Y-o-Y Growth Trend Analysis
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